Broker Name: DBS Bank Ltd
Date of Report: 2 Feb 2026

Excerpt from DBS Bank Ltd report.

Report Summary

• UOL Group and Singapore Land Group (SPLG) are poised for multi-year value unlocking, mainly driven by the redevelopment of Marina Square, potentially increasing asset values by up to 3.5-4.8 times.
• UOL is well-positioned financially to fund the redevelopment, but net debt-to-equity could rise to 0.5x; a securitisation strategy (such as launching a REIT) may be considered to crystallise asset values and maintain balance sheet strength.
• UOL’s revised RNAV is SGD 17.50 per share, with a target price of SGD 13.00; SPLG, trading at around 0.5x P/RNAV, is seen as a cheaper, albeit illiquid, proxy for exposure.
• SPLG could monetise hotel assets or even undergo privatisation, depending on shareholder actions, potentially delivering significant value uplift.
• The next catalyst for further re-rating of UOL stock would be execution of strategic moves such as securitisation or further asset unlocking initiatives.
• DBS maintains a BUY rating on UOL Group and highlights SPLG as a high-optionality, low-liquidity opportunity for investors to watch.

Above is an excerpt from a report by DBS Bank Ltd. Clients of DBS Bank Ltd can be the first to access the full report from the DBS website: https://www.dbs.com/sg