Above expectations. UEML's RM301.7m 2011 net profit (+55% YoY) was 18%
and 23% higher than our and consensus estimates respectively. The
earnings gap was largely due to higher-than-expected strategic land
sales. UEML sets a RM3b sales target for 2012 (+36% YoY). We adjust our
2012-13 earnings forecasts by 0.2-7%. Our new target price is RM2.05 (+3
sen; 40% discount to RNAV). Hold.
Maybank Research 29 Feb 2012
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