Monday, 23 April 2012

MIDF Research maintains Neutral on UOA Development, TP RM1.57

KUALA LUMPUR (April 23): MIDF Research has maintained its Neutral rating UOA Development Bhd with an unchanged target price of RM1.57 after the company said it was disposing its investment PROPERTIES [] in Bangsar South.

UOA development (UOA) has offered to sell a 14-storey office building at Bangsar South to DKLS Industries Berhad at a total consideration of RM93.8 milion.

The 14 storey building is currently vacant and is part of The Horizon Phase 2, Bangsar South development.

“Valuation: We have made a slight adjustment to our forecast for FY12 and FY13 due to the one off disposal gain.

“Nevertheless, we are maintaining our NEUTRAL recommendation for UOA with target price of RM1.57. The one off gain will not affect our target price as we are ascribing PER of 7X against FY12 normalised EPS of 22.4sen.” said MIDF Research on Monday.

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