United Overseas Australia Ltd (ASX:UOS): fund manager commentary

Position history by manager 1 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

20252026

31 Mar 2024 to today

Commentary 2 comments

DateManagerActionSummary

31 Aug 2024EGP CapitalHeldEGP Capital continues to hold United Overseas Australia as its largest position because the Malaysia-based property developer's operational performance has kept generating outsized returns despite the share price trading persistently below net tangible asset value. The manager notes that after entering during the 2008 financial crisis at roughly 12.5 cents per share, the position has since paid 34.6 cents in dividends and now trades near 55 cents, delivering an approximate 20% annual pre-tax IRR over 16 years. EGP Capital believes attributable equity has grown more than sevenfold and operating earnings more than fourfold since then, and highlights unbilled sales growth, the upcoming Bamboo Hills megadevelopment launch, and a 77% rise in recurring rental and hospitality income as catalysts for accelerating future earnings, even though founders' disregard for the share price remains a persistent criticism.

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31 Mar 2024EGP CapitalHeldEGP Capital continues to hold United Overseas Australia following media coverage of the company's joint ventures, including its partnership with Capitaland on the Sycamore development's higher-density elements and a second directly owned Vietnam project set to commence in 2024. The manager highlights the newly announced 2,517-unit Bamboo Hills Residences project, with a stated gross development value of roughly AU$454 million, as confirming expectations that 2024 will be the company's biggest year for project launches in a decade. EGP Capital also points to growing recurring cash flows from parking, rental and hotel operations as supporting an accelerating earnings profile, and expects the market to eventually recognize the value creation underway.

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 1 managers first commented on UOS.

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Position history by manager 1 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

20252026

31 Mar 2024 to today

Commentary 2 comments

DateManagerActionSummary

31 Aug 2024EGP CapitalHeldEGP Capital continues to hold United Overseas Australia as its largest position because the Malaysia-based property developer's operational performance has kept generating outsized returns despite the share price trading persistently below net tangible asset value. The manager notes that after entering during the 2008 financial crisis at roughly 12.5 cents per share, the position has since paid 34.6 cents in dividends and now trades near 55 cents, delivering an approximate 20% annual pre-tax IRR over 16 years. EGP Capital believes attributable equity has grown more than sevenfold and operating earnings more than fourfold since then, and highlights unbilled sales growth, the upcoming Bamboo Hills megadevelopment launch, and a 77% rise in recurring rental and hospitality income as catalysts for accelerating future earnings, even though founders' disregard for the share price remains a persistent criticism.

Monthly Report

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31 Mar 2024EGP CapitalHeldEGP Capital continues to hold United Overseas Australia following media coverage of the company's joint ventures, including its partnership with Capitaland on the Sycamore development's higher-density elements and a second directly owned Vietnam project set to commence in 2024. The manager highlights the newly announced 2,517-unit Bamboo Hills Residences project, with a stated gross development value of roughly AU$454 million, as confirming expectations that 2024 will be the company's biggest year for project launches in a decade. EGP Capital also points to growing recurring cash flows from parking, rental and hotel operations as supporting an accelerating earnings profile, and expects the market to eventually recognize the value creation underway.

Monthly Report

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 1 managers first commented on UOS.

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About United Overseas Australia Ltd

Real Estate, Real Estate Management and Development

United Overseas Australia (ASX:UOS), a Malaysian property developer, has been EGP Capital's largest holding. In August 2024, EGP said the investment case for UOS can be distilled to two elements: what will eventually unlock the substantial value of its property holdings and when, given the large discount to its asset backing. In March 2024, EGP highlighted media coverage of UOS' joint ventures and developments. United Overseas Australia operates in the Financials sector within the Real Estate Management and Development industry, and Thesis Tracker has captured 2 comments from 1 fund manager, EGP Capital. United Overseas Australia is an investment holding company specialising in property development, investment, management and construction, primarily in Kuala Lumpur, Malaysia, through its majority-owned UOA Development and other subsidiaries, holding large portfolios of commercial and residential property and substantial cash.

Market cap: $217m
Price to earnings: 8.0x
Return on equity: 7.3%
Dividend yield: 3.9%
Price to book: 0.57x
Net margin: 51.2%
52-week range: $0.61 to $0.79

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in United Overseas Australia Ltd (ASX:UOS)?

Fund managers including EGP Capital have invested in United Overseas Australia Ltd (ASX:UOS).

What opportunities or catalysts do fund managers highlight for United Overseas Australia Ltd?

EGP highlights a large discount to UOS' asset backing, offering significant upside if a catalyst unlocks value.

What are the key risks to the United Overseas Australia Ltd investment thesis, according to fund managers?

EGP acknowledges uncertainty over what will unlock value and when, as the shares have long traded below asset value.

What does United Overseas Australia Ltd (ASX:UOS) do?

United Overseas Australia Ltd. is an investment holding company specializing in property development, investment, management, and construction. Operations are structured into three segments: Investments (holding investment properties for rental income and capital appreciation), Land Development & Sale (developing, constructing, and selling residential and commercial properties), and Others (hotel and F&B operations, support services, carpark operations, moneylending, and management services). Founded by Chong Soon Kong and Pak Lim Kong in 1987, the company is headquartered in Leederville, Australia.

United Overseas Australia Ltd ASX:UOS

Position history by manager 1 managersSelect a point to see the comment

Commentary 2 comments

First mention by manager

About United Overseas Australia Ltd

Questions

United Overseas Australia Ltd ASX:UOS

Position history by manager 1 managersSelect a point to see the comment

Commentary 2 comments

First mention by manager

United Overseas Australia Ltd ASX:UOS

Position history by manager 1 managersSelect a point to see the comment

Commentary 2 comments

First mention by manager

About United Overseas Australia Ltd

Questions

United Overseas Australia Ltd ASX:UOS

Position history by manager 1 managersSelect a point to see the comment

Commentary 2 comments

First mention by manager