KUALA LUMPUR (Nov 24): CIMB Equities Research is maintaining its Buy recommendation on United Malayan Land (UM Land) at target price of RM2.02.
It said on Thursday that UM Land’s nine-month net profit beat market expectations as it was 82% of consensus estimates.
However, for CIMB Research the net profit was at 74% of its full-year forecast.
“We maintain our earnings projections while noting the slight downside risk in the event of further holdups in the launch of its Puteri Harbour serviced apartments.
“No change to our BUY recommendation or target price of RM2.02, which we continue to base on a 40% discount to its RM3.37 RNAV. Potential share price catalysts include 1) more land acquisitions and 2) strong sales for new launches,” it said.
It said on Thursday that UM Land’s nine-month net profit beat market expectations as it was 82% of consensus estimates.
However, for CIMB Research the net profit was at 74% of its full-year forecast.
“We maintain our earnings projections while noting the slight downside risk in the event of further holdups in the launch of its Puteri Harbour serviced apartments.
“No change to our BUY recommendation or target price of RM2.02, which we continue to base on a 40% discount to its RM3.37 RNAV. Potential share price catalysts include 1) more land acquisitions and 2) strong sales for new launches,” it said.
