Singapore Stock Market News
United Engineers - Buying 79 Anson
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Publish date: Tue, 18 Dec 2012, 12:02 PM
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Welcome to Stockfanatic Singapore stock market and regional market news. This is a platform to share Singapore stock market and regional news to investors / man in the street. Investors can also look forward to analyst reports and brokers recommendations. Stockfanatic's Singapore stock market and regional news blog, home of investors one stop news station.
| ''United Engineer | ''Outperform |
UE has made its first foray into CBD office assets through the
acquisition of 79 Anson. Though the pricing is steep, we view the
acquisition as a small positive, entrenching its strategy of building a
stable base of recurring income. Restructuring could be in the cards.
We factor in the acquisition and lower
cap rates, raising FY13-14 EPS and
RNAV. Our target price rises because
of the higher RNAV and a cut in our
RNAV discount from 35% to 30% to
factor in its growing investment
property portfolio. We reiterate our
Outperform rating, with potential
restructuring and/or asset
redevelopment as catalysts.
Read more '' Related Stocks
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