Stock Name: UEMLAND
Company Name: UEM LAND HOLDINGS BHD
Company Name: UEM LAND HOLDINGS BHD
| Research House: ECMLIBRA | Price Call: HOLD | Target Price: 2.25 |
Maintain HOLD, TP: RM2.25
UEM Land (UEML) delivered FY11results which were above consensus estimates. FY11 revenue and net profit camein at RM1.7bn (+263% y-o-y) and RM301.7m (+55% y-o-y), respectively. This wasmainly on contribution from the Group's property developments inMont'Kiara, as well as Southern Industrial and Logistics Clusters (SiLC)and East Ledang, in Nusajaya. There were nodividends recommended for the year. The Group also announced its headline KPIsfor 2012 which includes (i) revenue growth of 50%, (ii) net profit growth of40%, and (iii) ROE of 10%. Maintain our earnings forecasts and HOLD call withRNAV-based target price of RM2.25.
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