Bursa Malaysia Stock Watch

Bursa Malaysia Stock Watch

kltrader
Publish date: Thu, 01 Mar 2012, 06:19 PM
kltrader
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UMLand (BUY)
Time for Puteri Harbour to contribute
  • FY11: net profit rose11% yoy to RM57.2m, which was 10% ahead of HLIB and consensus estimates. 
  • This was due to srongmargins from Suasana Bukit Ceylon.
  • However, 4Q:net profit declined 28.7% yoy, indicative of a soft patch of earnings ahead dueto lower contribution from the high-rise segment.
  • UMLand needs tolaunch Sommerset @ Puteri Harbour, to sustain earnings growth. We believe itwill finally happen in 2012.
  • FY12-14 earningsraised by 16-17% to reflect Puteri Harbour. We raise our TPfrom RM1.61 to RM2.06 (reduce discount to RNAV from 65% to 55%). BUY

 Source: HLIB Research 1 March 2012
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