UEM Land: Maintain Hold - 2Q12: Pick-up In Property Sales

• Maintain HOLD. UEML's 1H12 net profit of MYR161.8m (+52% YoY) was within expectations, accounting for 46-47% of our and consensus full-year estimates.
• However, we raise our earnings forecasts by 8-9% in anticipation of a stronger 2H performance supported by MYR3.3b in new launches and potential strategic land sales. Our target price remains intact at MYR2.05 (40% discount to RNAV).

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Source: Maybank Research - 30 August 2012