Stock Name: UEMLAND
Company Name: UEM LAND HOLDINGS BHD
Company Name: UEM LAND HOLDINGS BHD
| Research House: HLG | Price Call: HOLD | Target Price: 2.35 |
UEM Land:
A young behemoth with appetite for landbank
- UEM Land is transitioning to the next stage of their lifecycle, from conceptstock to mature developer.
- Share price has been supported by positive newsflow, which we expect tocontinue given improving bilateral relations between Malaysiaand Singapore.
- Has set an RM3.0bn sales target for FY12 on back of RM4.4bn of launches.
- In our view, upside is capped by its sector-leading 24.9x P/E, vs.mid-teen levels for other large-cap developers.
- We set our target price at RM2.35, based on 25% discount to RNAV. HOLD
Source: HLIB Research - 16 March 2012
No comments:
Post a Comment