Bursa Malaysia Stock Watch
UEM Land - The Sun Also Rises
kltrader
Publish date: Tue, 03 Apr 2012, 10:26 AM
kltrader
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This blog provides consolidated Bursa Malaysia stock market research, analysis, news and blogs from various sources. You can search and find all the past analysis and coverage on stocks and news by searching within this site. While this blog re-publishes contents from other sites, it does not own the rights nor responsible for the accuracy of the contents. If you disagree to your content from being published here, please add a comment, and your article will be removed from this site.
We initiate with an Outperform call and RM2.80 target price (26% upside). We believe larger developers' competitive positions have improved with their sizable landbank and ties with government-linked companies. The property industry is getting consolidated, with the larger developers commanding better margins and higher market share.
Download: Research PDF
- UEM Land, the largest property developer by market capitalization and the only property player included in the KLCI 30 list is in our buy list for its huge landbank in Nusajaya Johor, which is gathering momentum with the opening of theme parks, universities and schools in 2012. Warmer Malaysia-Singapore relationship and recent tightening property policy for foreign property investors could a boon for Iskandar Malaysia.
- The integration with Sunrise should boost UEM Land's earnings profile, leveraging on Sunrise's expertise in luxury highrise and mixed development. We believe the synergy of the combined Group will translate into stronger sales going forward. UEML is launching RM4.5bn worth of properties in 2012 with sales target of RM3.0bn.
- UEML is valued at RM2.80, pegged at 10% discount to RNAV of RM3.10. Balance sheet is healthy with almost zero gearing and RM1bn cash pile. Potential catalyst include 1) larger role in M+S Pte Ltd's SGD11bn Marina South residential development in Singapore 2) meeting its sales target 3) participation in land privatization.
Download: Research PDF
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