HAPPY LEAP YEAR ERRBODY!
Highlights of the day
UEM Land (UEML) delivered FY11 results which were above consensus estimates. FY11 revenue and net profit came in at RM1.7bn (+263% y-o-y) and RM301.7m (+55% y-o-y), respectively. This was mainly on contribution from the Group’s property developments in Mont’Kiara, as well as Southern Industrial and Logistics Clusters (SiLC) and East Ledang, in Nusajaya. There were no dividends recommended for the year. The Group also announced its headline KPIs for 2012 which includes (i) revenue growth of 50%, (ii) net profit growth of 40%, and (iii) ROE of 10%. Maintain our earnings forecasts and HOLD call with RNAV-based target price of RM2.25.
Other reports
Other Malaysian news
§ Genting: FY11 results
§ Genting Malaysia: FY11 results
§ Genting: Enters banking sector
§ Axiata: Extends collaboration with Huawei, Celcom to check drop
§ TNB: To perform better in 2Q with RM2bn compensation
§ RHB Capital: To wrap up OSK, Bank Mestika acquisitions
§ Oriental Holdings: No plans for privatisation
§ LPI Capital: Eyes 10% premium rise
§ WellCall: Keen to grow oil and gas operations
§ Emkay Group: Development of Cyberjaya enters phase 3
§ TSM Global: Gets buyout offer from two directors
§ PJI: Secures two contracts worth RM32m
§ Automotive: Perodua wants banks to be ‘considerate’ in new guidelines
§ Power: EC wants IPP to reduce capacity payments
§ Power: Indonesia, Malaysia to begin power trade in 2014
§ Oil & Gas: Upswing likely for industry output in 5 years, Idris Jala
Global news
§ US: Home prices in 20 cities decline 4%, more than forecast
§ US: Durable goods orders slump 4%, most in three years
§ Europe: Euro-area economic confidence rises more than forecast
§ Europe: Ireland to hold referendum on Europe’s fiscal treaty
§ China: Shanghai raises minimum wage 13% as China seeks to boost demand
§ Japan: Retail sales exceed forecasts as economy set to grow
§ South Korea: Industrial output falls 2% from year earlier
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