Friday, 6 April 2012

CIMB Research maintains Trading Buy on UOA Development Bhd, target price RM1.84

KUALA LUMPUR (April 6): CIMB Research has maintained its Trading Buy recommendation on UOA Development Bhd at RM1.4 with a target price of RM1.84, and said its visit and showroom tour of the company reaffirmed its positive view on UOA Development.

The research in a note Friay said UOA Development’s 1Q new sales of over RM300 million put the company firmly on the path to meet, if not exceed, its full-year target of RM1 billion.

Due to the depressed share price, UOA Dev’s valuations are among the cheapest in our property coverage.

“Its P/Es are the lowest while its dividend yields are the highest. We maintain our Trading Buy call and target basis of 30% discount to RNAV,” it said.

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