WOOD Flash – ONE United Properties: FY21 – a milestone year; can 2022E meet the elevated expectations?
Last year was transformational for ONE United Properties. The company launched a number of new residential projects, increased its apartment sales substantially and ramped up its portfolio of standing assets, through developments and acquisitions. Still, revaluation gains remain the key driver of earnings. The share price seems to be pricing in a very bullish outlook ahead. It appears crucial that the company manages to deliver on its ambitious earnings and sales guidance, while continuing to source new projects and land plots. We see cost pressures, rate hikes, and a general economic slowdown (a result of the fallout from the war in Ukraine) as the key risks. Continued strong demand for ONE’s apartments, stellar margins, launches of new projects and yield compression could trigger further upside, but we note that the current share price levels are setting a very high bar already.
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