KUALA LUMPUR (March 16) : Hong Leong Investment Bank Bhd has initiated coverage on UEM LAND HOLDINGS BHD [] with a Hold recommendation and a target price of RM2.35.
In a note on Friday, Hong Leong said it expects UEM Land to post earnings growth of 14% to 33% during the FY12 to FY14 period. This takes into account the developer’s unbilled sales of RM1.85 billion and income contribution from its key projects.
Hong Leong said there is improvement in the quality of UEM Land’s earnings fundamentals, as the developer continues to increase its focus on property sales instead of land disposal as the main source of its income.
UEM Land shares fell one sen to RM2.23 on Thursday.
In a note on Friday, Hong Leong said it expects UEM Land to post earnings growth of 14% to 33% during the FY12 to FY14 period. This takes into account the developer’s unbilled sales of RM1.85 billion and income contribution from its key projects.
Hong Leong said there is improvement in the quality of UEM Land’s earnings fundamentals, as the developer continues to increase its focus on property sales instead of land disposal as the main source of its income.
UEM Land shares fell one sen to RM2.23 on Thursday.
