Bursa Malaysia Stock Watch

Stock Name: UMLAND
Company Name: UNITED MALAYAN LAND BHD

Research House: HLG

Price Call: BUY

Target Price: 2.06

UMLand (BUY)

Time for Puteri Harbour to contribute

• FY11: net profit rose11% yoy to RM57.2m, which was 10% ahead of HLIB and consensus estimates. 
• This was due to srongmargins from Suasana Bukit Ceylon.
• However, 4Q:net profit declined 28.7% yoy, indicative of a soft patch of earnings ahead dueto lower contribution from the high-rise segment.
• UMLand needs tolaunch Sommerset @ Puteri Harbour, to sustain earnings growth. We believe itwill finally happen in 2012.
• FY12-14 earningsraised by 16-17% to reflect Puteri Harbour. We raise our TPfrom RM1.61 to RM2.06 (reduce discount to RNAV from 65% to 55%). BUY

 Source: HLIB Research 1 March 2012