SINGAPORE (May 14): CGS CIMB Research is maintaining its “add” call on UOL Group with a target price of $9.65.

This came following the group announcing that its 1Q18 earnings fell 8% to $73.8 million from $80.3 million in 1Q17, mainly due to the $7.6 million amortisation and depreciation of fair value uplifts in 1Q18 under a purchase price allocation exercise when UIC was accounted as a UOL subsidiary from Sept 1, 2017.

Meanwhile, Pan Pacific Orchard took a $6.6 million accelerated depreciation charge following the decision to cease operations in the second quarter of 2018 for redevelopment.

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