Maintain Hold. Rising news-flow on government land development awards
may lift UEML's near-term share price as it is viewed as one of the
frontrunners. Whilst UEML may benefit from these land wins, some of its
existing projects especially in Mont Kiara are facing competition from
the rising RM15b KL Metropolis project. We maintain our earnings
forecasts and RM2.02 TP (40% discount to RM3.37 RNAV). UEML will be the
first property group to be included in FBMKLCI 30 (from 19 Dec).
Maybank research (16 December 2011)
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