KUALA LUMPUR (Feb 29): CIMB Equities Research said UEM Land’s final results were way ahead of expectations and its share price target was RM2.56.
It said on Wednesday the RM2.2 billion new sales notched up in FY11 were also impressive.
“The group has set the bar high for 2012 with headline KPIs of 50% revenue growth, 40% profit growth and 10% ROE. In view of the strong finals and high KPIs, we upgrade UEM Land from neutral to Trading Buy,” it said.
CIMB Research, which has a trading buy, also raised RNAV and EPS for the more ambitious KPIs and balance sheet adjustments.
“Our target price rises because of the higher RNAV and a halving of our RNAV discount to 5%,” it said.
It said on Wednesday the RM2.2 billion new sales notched up in FY11 were also impressive.
“The group has set the bar high for 2012 with headline KPIs of 50% revenue growth, 40% profit growth and 10% ROE. In view of the strong finals and high KPIs, we upgrade UEM Land from neutral to Trading Buy,” it said.
CIMB Research, which has a trading buy, also raised RNAV and EPS for the more ambitious KPIs and balance sheet adjustments.
“Our target price rises because of the higher RNAV and a halving of our RNAV discount to 5%,” it said.
