Bursa Malaysia Stock Watch

UEM Land: Maintain Hold - A Pale 1Q

kltrader
Publish date: Mon, 28 May 2012, 09:43 AM
kltrader
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Below expectations. UEML's 1Q12 net profit of MYR54.2m (+208% YoY,-62% QoQ) only accounted for 15-16% of our and consensus full-year estimates. The earnings gap was mainly due to slower-than-expected progress billings. We maintain our forecasts as we expect earnings to pick up in 2H supported by potential strategic land sales. Our target price is MYR2.05 (40% discount to our MYR3.40 RNAV).

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Source: Maybank Research - 28 May 2012
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