KUALA LUMPUR: CIMB Equities Research said higher-than-expected land sale gains pushed UM Land's FY09 net profit 22% past its and consensus estimates.
It said on Thursday,Feb 25 that it is raising its FY10-11 earnings for UM Land by 4%-12% for a more aggressive launch schedule.
"Our RNAV estimate rises from RM4.11 to RM4.21 as we adjust for balance sheet items. This raises our target price from RM2.06 to RM2.11, based on an unchanged 50% discount to RNAV," it said.
It maintains its BUY recommendation in view of the potential re-rating catalysts of 1) the strong finals and higher-than-expected dividend yield of 7%, and 2) further landbank acquisitions and new project launches.
About Me
- Nuang
- Ibrahim bin Ramli@Nuang started his career with CIMB Wealth Advisors Berhad as Agency Manager in April, 2008.Previously he was an Internal Auditors and Accounts Executive with Perodua Sales Sdn Bhd since 17 August, 1994. His background:- 1.Certified of Achievement for Master Sales Leadership from Dr Lawrence Walter Ng of President of The Art Of Learning and International Of Learning Without Learning 2.Certified for eXtra Ordinary Performance of Lawrence Walter Award Certificate for One Million Ringgit Club 2007 3. Certified Life & General insurances 4. Conferred with Diploma in Business Studiess & Bachelor of Business Admin(Hons)Finance from UiTM, Terengganu Branch & Shah Alam respectively;
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