Stock Name: UEMLAND
Company Name: UEM LAND HOLDINGS BHD
KUALA LUMPUR: RHB Research Institute has raised the fair value for UEM Land to RM1.65 from RM1.40 but maintains its underperform rating.
It said on Thursday, Oct 27 that due to the growing presence of more 'Singapore Inc.' in Johor in the midst of uncertain global economic environment, its optimism on the Iskandar development is revived slightly.
'We therefore narrow our discount to RNAV to 35% (from 45%) to derive our revised fair value of RM1.65 (from RM1.40),' it said.
On Tuesday, UEM Land announced that its 50:50 JV company with UM Land ' Nusajaya Consolidated Sdn Bhd had inked two agreements with The Ascott Limited (under Capitaland).
The agreements were for Ascott to provide technical advisory services as well as manage and operate 204 units of service residences to be known as 'Somerset Puteri Harbour' in Nusajaya upon its expected completion.
'We believe the strategic tie-up is via UM Land as Capitaland has a 21% stake in the company. This new Somerset will be Ascott first presence in Johor,' it said.
Company Name: UEM LAND HOLDINGS BHD
| Research House: RHB | Price Call: SELL | Target Price: 1.65 |
KUALA LUMPUR: RHB Research Institute has raised the fair value for UEM Land to RM1.65 from RM1.40 but maintains its underperform rating.
It said on Thursday, Oct 27 that due to the growing presence of more 'Singapore Inc.' in Johor in the midst of uncertain global economic environment, its optimism on the Iskandar development is revived slightly.
'We therefore narrow our discount to RNAV to 35% (from 45%) to derive our revised fair value of RM1.65 (from RM1.40),' it said.
On Tuesday, UEM Land announced that its 50:50 JV company with UM Land ' Nusajaya Consolidated Sdn Bhd had inked two agreements with The Ascott Limited (under Capitaland).
The agreements were for Ascott to provide technical advisory services as well as manage and operate 204 units of service residences to be known as 'Somerset Puteri Harbour' in Nusajaya upon its expected completion.
'We believe the strategic tie-up is via UM Land as Capitaland has a 21% stake in the company. This new Somerset will be Ascott first presence in Johor,' it said.
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