# UOL Group (U1O.F)

Canonical: https://gigainvestors.com/s/U1O.F

Analysis as of: 2026-10-16T07:33:38.249Z. Financial observations: FY2016–FY2025.

Listing currency: EUR. Reporting currency: SGD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 5.20 per share; close as of 2026-10-15.

Estimated value: low EUR 5.12 per share, central EUR 5.74 per share, high EUR 6.55 per share. Buy at or below the central value EUR 5.74 per share. Valuation as of 2026-10-16T07:33:38.249Z; scenarios are not confidence intervals.

Expected annual return: 10.9% at the stated quote. About 10.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; SG 10-year bond 2.3% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.18×

- FY2017: 0.19×

- FY2018: 0.25×

- FY2019: 0.25×

- FY2020: 0.27×

- FY2021: 0.21×

- FY2022: 0.22×

- FY2023: 0.24×

- FY2024: 0.25×

- FY2025: 0.25×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 3.5%

- ROIC, second-lowest year: 2.5%

- Typical minus recent gross margin: -1.4 pp

- Typical gross margin (annual median): 38.1%

- Recent gross margin (lower of latest and 3-year median): 39.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.7%

- ROIC including acquisitions, ten-year median: 2.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 2.0%

- FY2017: 2.5%

- FY2018: 3.5%

- FY2019: 3.4%

- FY2020: 3.0%

- FY2021: 3.1%

- FY2022: 4.2%

- FY2023: 4.0%

- FY2024: 3.8%

- FY2025: 4.5%

### economics: pass

- Owner earnings / net income, 5-yr: 0.98×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SGD 2.3B

- Net income, five-year total: SGD 2.3B

- Return on incremental invested capital: 27.5%

- Working capital / revenue, annual change: -4.8 pp

- Working capital / revenue, change between three-year averages: -31.4 pp

- Working capital / revenue, final three-year average: 102.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.99×

- FY2022: 1.00×

- FY2023: 0.90×

- FY2024: 0.99×

- FY2025: 1.04×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 2.5% vs 4.0%

- Per-share earnings: 0.57 to 0.57 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: SGD 398M

- Cumulative retained earnings: SGD 2.1B

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 0.1%

- Per-share value change: SGD 0.00

- Per-share value, starting three-year median: SGD 0.57

- Per-share value, ending three-year median: SGD 0.57

- Buyback history: 0 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: SGD 4.5B

- ROIC, first three-year median: 2.5%

- ROIC, last three-year median: 4.0%

Chart: Earnings per share; fiscal year observations.

- FY2017: SGD 1.06

- FY2018: SGD 0.51

- FY2019: SGD 0.57

- FY2020: SGD 0.02

- FY2021: SGD 0.36

- FY2022: SGD 0.58

- FY2023: SGD 0.84

- FY2024: SGD 0.42

- FY2025: SGD 0.57

### accounting: pass

- Sloan accruals: -3.6%

- Receivables to sales index (DSRI): 0.39×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.68×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.2%

- FY2017: -0.2%

- FY2018: 4.4%

- FY2019: -2.7%

- FY2020: -2.8%

- FY2021: -2.1%

- FY2022: 1.6%

- FY2023: -0.5%

- FY2024: -2.0%

- FY2025: -3.6%

## Holders

## Price story

Down 31% since Feb 2026 · sales +15.7%

Story as of 2026-10-16T09:59:56.373Z; price observation 2026-10-15.

Price needs cash profits to shrink 0.5% a year for ten years

### Sales · FY2024–2025

sales +15.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: SGD 1.4B 

- FY2017: SGD 2.1B 

- FY2018: SGD 2.4B 

- FY2019: SGD 2.2B 

- FY2020: SGD 2.0B 

- FY2021: SGD 2.5B 

- FY2022: SGD 3.2B 

- FY2023: SGD 2.7B 

- FY2024: SGD 2.8B 

- FY2025: SGD 3.2B 

### Gross margin · FY2025

gross margin 39.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 33.7% 

- FY2017: 33.3% 

- FY2018: 41.2% 

- FY2019: 44.4% 

- FY2020: 36.8% 

- FY2021: 32.2% 

- FY2022: 33.5% 

- FY2023: 39.4% 

- FY2024: 39.9% 

- FY2025: 39.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Annual sales are SGD 3.2 billion.

- Source: https://eodhd.com/api/fundamentals/U1O.STU.json#2025-12-31 (filed 2026-10-16T07:33:38.249Z); FY2025: revenue 3234085000; grossProfit 1276164000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); U1O.F: UOL Group Limited, together with its subsidiaries, operates as a property and hospitality group in Singapore, Australia, the United Kingdom, Malaysia. Also, the People's Republic of China, Vietnam, Indonesia, Myanmar, and internationally. It operates through Property Development, Property Investments, Hotel Operations, Investments, Technology Operations, and Management Services segments. The company engages in the residential, commercial, and hospitality businesses. It also develops and manages properties; leases commercial properties, serviced suites, and purpose-built student accommodation; operates owned hotels; provides hotel management services under the Pan Pacific, PARKROYAL, and PARKROYAL COLLECTION brands; and invests in quoted and unquoted financial assets. In addition, the company distributes computers and related products; manages and licenses trademarks; manages and operates serviced suites; engages in the trading, hotelier, and business development businesses; and operates health and beauty retreats and facilities. Further, it provides system integration and networking infrastructure services; project management and related services; treasury services; and retail management consultancy services. The company was formerly known as United Overseas Land Limited and changed its name to UOL Group Limited in 2006. UOL Group Limited was incorporated in 1963 and is based in Singapore.

### Why customers stay

Margins ranged from 39.4% to 39.9% during 2023–25; it earns 3.5% on its capital.

- Source: https://eodhd.com/api/fundamentals/U1O.STU.json#2023-12-31 (filed 2026-10-16T07:33:38.249Z); FY2023: grossProfit / revenue = 39.4%.

- Source: https://eodhd.com/api/fundamentals/U1O.STU.json#2024-12-31 (filed 2026-10-16T07:33:38.249Z); FY2024: grossProfit / revenue = 39.9%.

- Source: https://eodhd.com/api/fundamentals/U1O.STU.json#2025-12-31 (filed 2026-10-16T07:33:38.249Z); FY2025: grossProfit / revenue = 39.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.249Z); 10-year return on capital observations [[2016,0.02029621622234918],[2017,0.02528696555410159],[2018,0.03489353493530802],[2019,0.03427660291894633],[2020,0.03002816860719999],[2021,0.03129314472707591],[2022,0.04221469322937397],[2023,0.04031669289475502],[2024,0.03843527963566282],[2025,0.044739130351430345]]; median 0.03458506892712718. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 27.3% of cash earnings; earns 27.5% on new investment.

- Source: https://eodhd.com/api/fundamentals/U1O.STU.json#2016-12-31 (filed 2026-10-16T07:33:38.249Z); FY2016: growth capex 0; upkeep 68623000; owner earnings 285021000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/U1O.STU.json#2017-12-31 (filed 2026-10-16T07:33:38.249Z); FY2017: growth capex 0; upkeep 125041000; owner earnings 811249000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/U1O.STU.json#2019-12-31 (filed 2026-10-16T07:33:38.249Z); FY2019: growth capex 0; upkeep 330476000; owner earnings 335270600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/U1O.STU.json#2021-12-31 (filed 2026-10-16T07:33:38.249Z); FY2021: growth capex 118720000; upkeep 111220000; owner earnings 304001200. Growth capex / owner earnings = 0.3905247742443122.

- Source: https://eodhd.com/api/fundamentals/U1O.STU.json#2022-12-31 (filed 2026-10-16T07:33:38.249Z); FY2022: growth capex 117790000; upkeep 126819000; cash acquisitions 0; owner earnings 489498414.43159. Growth capex plus acquisitions / owner earnings = 0.2406340787370656.

- Source: https://eodhd.com/api/fundamentals/U1O.STU.json#2023-12-31 (filed 2026-10-16T07:33:38.249Z); FY2023: growth capex 0; upkeep 210004000; cash acquisitions 0; owner earnings 637274366.7486403. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/U1O.STU.json#2024-12-31 (filed 2026-10-16T07:33:38.249Z); FY2024: growth capex 16084000; upkeep 131908000; cash acquisitions 0; owner earnings 356150713.8474067. Growth capex plus acquisitions / owner earnings = 0.04516065635878864.

- Source: https://eodhd.com/api/fundamentals/U1O.STU.json#2025-12-31 (filed 2026-10-16T07:33:38.249Z); FY2025: growth capex 0; upkeep 107253000; cash acquisitions 137288000; owner earnings 502184809.08643746. Growth capex plus acquisitions / owner earnings = 0.2733814275460682.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.249Z); Incremental return on capital 0.27481569737053074, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.249Z); Dividend observations: [[2016,64278000],[2017,71947000],[2018,147418000],[2019,147543000],[2020,147626000],[2021,126632000],[2022,126670000],[2023,152073000],[2024,168987000],[2025,152088000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 46.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); U1O.F SharesStats.PercentInsiders = 46.171 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 0.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.249Z); Ten-year compound average after fade. Initial solved rate -0.019915178492550145. Price 5.2; FX 0.6958119292237442; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 3.65 per share

- 2016-11: EUR 3.80 per share

- 2016-12: EUR 3.92 per share

- 2017-01: EUR 4.10 per share

- 2017-02: EUR 4.34 per share

- 2017-03: EUR 4.61 per share

- 2017-04: EUR 4.74 per share

- 2017-05: EUR 4.45 per share

- 2017-06: EUR 4.84 per share

- 2017-07: EUR 4.87 per share

- 2017-08: EUR 5.00 per share

- 2017-09: EUR 4.95 per share

- 2017-10: EUR 5.54 per share

- 2017-11: EUR 5.38 per share

- 2017-12: EUR 5.40 per share

- 2018-01: EUR 5.52 per share

- 2018-02: EUR 5.17 per share

- 2018-03: EUR 5.20 per share

- 2018-04: EUR 5.41 per share

- 2018-05: EUR 5.17 per share

- 2018-06: EUR 4.70 per share

- 2018-07: EUR 4.47 per share

- 2018-08: EUR 4.27 per share

- 2018-09: EUR 4.30 per share

- 2018-10: EUR 3.77 per share

- 2018-11: EUR 3.92 per share

- 2018-12: EUR 3.85 per share

- 2019-01: EUR 4.21 per share

- 2019-02: EUR 4.30 per share

- 2019-03: EUR 4.44 per share

- 2019-04: EUR 4.95 per share

- 2019-05: EUR 4.34 per share

- 2019-06: EUR 4.83 per share

- 2019-07: EUR 4.79 per share

- 2019-08: EUR 4.69 per share

- 2019-09: EUR 4.84 per share

- 2019-10: EUR 5.13 per share

- 2019-11: EUR 5.07 per share

- 2019-12: EUR 5.38 per share

- 2020-01: EUR 5.20 per share

- 2020-02: EUR 4.73 per share

- 2020-03: EUR 4.11 per share

- 2020-04: EUR 4.38 per share

- 2020-05: EUR 4.15 per share

- 2020-06: EUR 4.22 per share

- 2020-07: EUR 3.93 per share

- 2020-08: EUR 3.94 per share

- 2020-09: EUR 4.04 per share

- 2020-10: EUR 3.82 per share

- 2020-11: EUR 4.45 per share

- 2020-12: EUR 4.60 per share

- 2021-01: EUR 4.43 per share

- 2021-02: EUR 4.44 per share

- 2021-03: EUR 4.99 per share

- 2021-04: EUR 4.74 per share

- 2021-05: EUR 4.54 per share

- 2021-06: EUR 4.52 per share

- 2021-07: EUR 4.53 per share

- 2021-08: EUR 4.33 per share

- 2021-09: EUR 4.36 per share

- 2021-10: EUR 4.58 per share

- 2021-11: EUR 4.43 per share

- 2021-12: EUR 4.58 per share

- 2022-01: EUR 4.75 per share

- 2022-02: EUR 4.57 per share

- 2022-03: EUR 4.64 per share

- 2022-04: EUR 4.94 per share

- 2022-05: EUR 5.04 per share

- 2022-06: EUR 5.00 per share

- 2022-07: EUR 5.31 per share

- 2022-08: EUR 4.97 per share

- 2022-09: EUR 4.59 per share

- 2022-10: EUR 4.38 per share

- 2022-11: EUR 4.58 per share

- 2022-12: EUR 4.67 per share

- 2023-01: EUR 4.86 per share

- 2023-02: EUR 4.80 per share

- 2023-03: EUR 4.73 per share

- 2023-04: EUR 4.66 per share

- 2023-05: EUR 4.41 per share

- 2023-06: EUR 4.28 per share

- 2023-07: EUR 4.69 per share

- 2023-08: EUR 4.44 per share

- 2023-09: EUR 4.36 per share

- 2023-10: EUR 4.00 per share

- 2023-11: EUR 3.99 per share

- 2023-12: EUR 4.27 per share

- 2024-01: EUR 4.23 per share

- 2024-02: EUR 4.03 per share

- 2024-03: EUR 3.86 per share

- 2024-04: EUR 3.95 per share

- 2024-05: EUR 3.64 per share

- 2024-06: EUR 3.49 per share

- 2024-07: EUR 3.62 per share

- 2024-08: EUR 3.63 per share

- 2024-09: EUR 3.90 per share

- 2024-10: EUR 3.68 per share

- 2024-11: EUR 3.67 per share

- 2024-12: EUR 3.65 per share

- 2025-01: EUR 3.58 per share

- 2025-02: EUR 3.81 per share

- 2025-03: EUR 3.98 per share

- 2025-04: EUR 3.86 per share

- 2025-05: EUR 3.88 per share

- 2025-06: EUR 4.18 per share

- 2025-07: EUR 4.59 per share

- 2025-08: EUR 4.87 per share

- 2025-09: EUR 5.10 per share

- 2025-10: EUR 5.19 per share

- 2025-11: EUR 5.52 per share

- 2025-12: EUR 5.71 per share

- 2026-01: EUR 7.16 per share

- 2026-02: EUR 7.55 per share

- 2026-03: EUR 6.53 per share

- 2026-04: EUR 7.06 per share

- 2026-05: EUR 6.75 per share

- 2026-06: EUR 6.35 per share

- 2026-07: EUR 6.56 per share

- 2026-08: EUR 6.04 per share

- 2026-09: EUR 5.56 per share

- 2026-10: EUR 5.21 per share

## Annual estimated value (EUR per share)

- FY2020: low EUR 3.45 per share, central EUR 3.82 per share, high EUR 4.32 per share

- FY2021: low EUR 3.92 per share, central EUR 4.30 per share, high EUR 4.80 per share

- FY2022: low EUR 4.24 per share, central EUR 4.72 per share, high EUR 5.36 per share

- FY2023: low EUR 4.54 per share, central EUR 5.04 per share, high EUR 5.70 per share

- FY2024: low EUR 4.03 per share, central EUR 4.47 per share, high EUR 5.06 per share

- FY2025: low EUR 5.21 per share, central EUR 5.83 per share, high EUR 6.64 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:23.200Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.