Below expectations. UEML's 1Q12 net profit of MYR54.2m (+208% YoY,-62%
QoQ) only accounted for 15-16% of our and consensus full-year estimates.
The earnings gap was mainly due to slower-than-expected progress
billings. We maintain our forecasts as we expect earnings to pick up in
2H supported by potential strategic land sales. Our target price is
MYR2.05 (40% discount to our MYR3.40 RNAV).
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Source: Maybank Research - 28 May 2012
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