KUALA LUMPUR (Feb 24): CIMB Equities Research said it was retaining its Trading Buy call for UOA Developments Bhd and target basis at RM1.84, which was a 30% discount to its RM2.62 RNAV.
“We are tweaking EPS while hiking up DPS due to the generous payout. Net dividend yield of 7-8% is the highest while P/E is the lowest in our property coverage,” it said on Friday.
CIMB Research said although full-year core net profit missed its forecast by 13%, however, 2011 can still be considered one of UOA Development’s best ever as it achieved record core earnings and new sales.
“The 2011’s RM848 million new sales figure is the group’s highest ever and 2012 should be even better,” it said.
The research house said it was tweaking EPS while hiking up DPS due to the generous payout.
“Net dividend yield of 7%-8% is the highest while P/E is the lowest in our property coverage,” it said.
“We are tweaking EPS while hiking up DPS due to the generous payout. Net dividend yield of 7-8% is the highest while P/E is the lowest in our property coverage,” it said on Friday.
CIMB Research said although full-year core net profit missed its forecast by 13%, however, 2011 can still be considered one of UOA Development’s best ever as it achieved record core earnings and new sales.
“The 2011’s RM848 million new sales figure is the group’s highest ever and 2012 should be even better,” it said.
The research house said it was tweaking EPS while hiking up DPS due to the generous payout.
“Net dividend yield of 7%-8% is the highest while P/E is the lowest in our property coverage,” it said.
