Stock Name: UE
Company Name: UNITED ENGINEERS LTD ORD
Research House: CIMB
CIMB in a May 11 research report says: "1Q11 core net profit of $29 million met our expectation and consensus, at 26% of our FY2011 forecast. Revenue growth was driven mainly by the sale of Print Media Hub while development revenue was flat on lower recognition, with the completion of both Rochester and Park Central @ AMK expected in 2011.
"Incorporating its recent Bendemeer site win, we raise our FY11-13 earnings estimates by 2-4%. Target price rises from $3.21 to $3.26, still pegged at a 15% discount to RNAV.
"Valuations remain compelling at 0.6x P/BV, underpinned by investment properties (both completed and under construction) which should contribute more than 60% to UE's GAV even after the Bendemeer site acquisition. MAINTAIN OUTPERFORM."
Company Name: UNITED ENGINEERS LTD ORD
Research House: CIMB
CIMB in a May 11 research report says: "1Q11 core net profit of $29 million met our expectation and consensus, at 26% of our FY2011 forecast. Revenue growth was driven mainly by the sale of Print Media Hub while development revenue was flat on lower recognition, with the completion of both Rochester and Park Central @ AMK expected in 2011.
"Incorporating its recent Bendemeer site win, we raise our FY11-13 earnings estimates by 2-4%. Target price rises from $3.21 to $3.26, still pegged at a 15% discount to RNAV.
"Valuations remain compelling at 0.6x P/BV, underpinned by investment properties (both completed and under construction) which should contribute more than 60% to UE's GAV even after the Bendemeer site acquisition. MAINTAIN OUTPERFORM."
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