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CIMB Research maintains Outperform on UEM Land
by hlk Wed 29 May 2013, 08:59
KUALA LUMPUR: CIMB Equities Research is maintaining its Outperform recommendation on UEM Land and increased the target price from RM3.64 to RM4.28.
It
said on Wednesday UEM Land remains one of its preferred picks in the
property space. The factors were that it provides investors the best and
largest exposure to the booming Iskandar Malaysia while it is the only
property stock large and liquid enough to be included in the KLCI.
The
other factors were that UEM Land is off to a strong start with first
quarter new sales and profit ahead of its 2013 key performance
indicators.
“Rerating catalysts for the stock include: 1) this
set of results, 2) strong newsflow on Iskandar, and 3) newsflow on mega
projects such as MRT and high-speed rail which is positive on the
property sector in the Klang Valley and Johor,” said CIMB Research.
It
said on Wednesday UEM Land remains one of its preferred picks in the
property space. The factors were that it provides investors the best and
largest exposure to the booming Iskandar Malaysia while it is the only
property stock large and liquid enough to be included in the KLCI.
The
other factors were that UEM Land is off to a strong start with first
quarter new sales and profit ahead of its 2013 key performance
indicators.
“Rerating catalysts for the stock include: 1) this
set of results, 2) strong newsflow on Iskandar, and 3) newsflow on mega
projects such as MRT and high-speed rail which is positive on the
property sector in the Klang Valley and Johor,” said CIMB Research.
hlk- Moderator
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