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NewsCIMB Research ups UOA Develeopment target price to RM2.18 (5200)
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CIMB Research ups UOA Develeopment target price to RM2.18 (5200)
by hlk Thu 26 Jul 2012, 10:38
KUALA LUMPUR: CIMB Equities Research has raised the target price of UOA Development to RM2.18.
It said on Thursday that UOA Development, with year-to-date new sales of over RM1.1bil, it has exceeded its full-year target of RM1bil.
“At this rate, we would not be surprised if it beat its target by 50%-100%. The strong sales will allay concerns over its earnings and dividend sustainability,” said the research house.
CIMB Research said due to the stronger-than-expected new sales, it raised FY12-14 EPS.
“We also up our target price after raising RNAV by 4% to RM2.72 and cutting the target basis from 30% discount to RNAV to 20% due to the company's brighter outlook. UOA Dev remains a Trading Buy and is our new top pick in the sector. The stock is not an outperform because of election risks,” it added.
It said on Thursday that UOA Development, with year-to-date new sales of over RM1.1bil, it has exceeded its full-year target of RM1bil.
“At this rate, we would not be surprised if it beat its target by 50%-100%. The strong sales will allay concerns over its earnings and dividend sustainability,” said the research house.
CIMB Research said due to the stronger-than-expected new sales, it raised FY12-14 EPS.
“We also up our target price after raising RNAV by 4% to RM2.72 and cutting the target basis from 30% discount to RNAV to 20% due to the company's brighter outlook. UOA Dev remains a Trading Buy and is our new top pick in the sector. The stock is not an outperform because of election risks,” it added.
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