UEM Land Holdings; Hold; RM2.22
Price Target: RM2.30; ULHB MK
4Q11 earnings above expectations. RM1.9bn unbilled sales & RM4.5bn launch pipeline to provide earnings visibility, limited land sales until 2013. Maintain Hold and RM2.30 TP (40% discount to RNAV of RM3.82).
Source: HwangDBS Research 29 Feb 2012
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