UEM Land Holdings; Hold; RM1.94
Price Target: RM2.10 (Prev: RM2.30); ULHB MK
1Q12 result was below expectations. RM1.85bn unbilled sales and RM4.5bn launch pipeline will drive earnings in FY12-13 and beyond. Cut FY12F/13F earnings by 15%/12% on weaker sales and slower revenue recognition. Maintain Hold rating; TP nudged down to RM2.10.
Source: HwangDBS Research - 28 May 2012
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Namoyaki Takarajima
1.85B unbilled?
2012-05-28 11:43