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AmInvest Research Reports

Author: AmInvest   |   Latest post: Thu, 23 May 2019, 4:56 PM

 

AmWatch - Stock Focus of The Day

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UEMS: No default on Melbourne’s Aurora and Conservatory, settlement remains on track Buy

We maintained our BUY recommendation on UEM Sunrise (UEMS) with an unchanged fair value of RM1.00 based on a 40% discount to its RNAV (Exhibit 1). We made no changes to our FY18-FY20 earnings forecasts.

The Australian Financial Review on 8 Jan 2018 reported that Malaysia's UEM Sunrise is prepared for as much as a 10% default rate on the settlement of apartments in its A$330mil Melbourne Central Business District (CBD) tower due to tough market conditions and weak prices of Australian properties. It quoted UEM Sunrise managing director/chief executive officer Anwar Syahrin Abdul Ajib as saying that “if we can get more than 90% (on the settlement), we will be more than happy”.

Despite the less-than-rosy outlook in Australia, UEM Sunrise said there are no defaults on its Melbourne apartment projects Aurora and Conservatory, and it is on track to settle the units which have been handed over.

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Source: AmInvest Research - 10 Jan 2019

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