HWANGDBS VICKERS RAISES UEM LAND'S EARNINGS FORECAST
HWANGDBS Vickers Research Sdn Bhd has raised UEM Land Holdings' earnings forecast for the 2012-2013 financial years by 32 per cent and 23 per cent, respectively, given the strong performance from property development and unbilled sales of RM1.85 billion.
It said the recently launched Imperia @ Puteri Harbour and Sommerset @ Puteri Harbour achieved 60 per cent and 100 per cent take-up rates, respectively, despite new price benchmarks.
UEM Land's fourth quarter 2011 financial year revenue came in strongly at RM597.8 million, mainly attributed to higher strategic land sales of RM87 million to the Johor state government, as well as, higher property development revenue of RM482.5 million, the research house said in a note today.
Its earnings before net interest and tax margin for the fourth quarter of last year also improved 25 per cent in tandem with the enhanced performance of its Nusajaya development projects.
HWANGDBS Vickers Research maintained a "hold" on UEM Land with a target price of RM2.30 based on a 40 per cent discount to realisable net asset value of RM3.82 due to the generally weaker sentiment in the property market. -- Bernama
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