Singapore Stock Market News
UE E & C - Solid foundations
StockFanatic
Publish date: Fri, 28 Feb 2014, 11:17 AM
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UE E&C's FY13 net profit beat expectations, at 126% of our estimate. The variance was mainly due to margin expansion and contributions from its engineering division. We expect the strong performance to continue, driven by a robust order book of S$750m (as at 13 Feb) and an earnings boost from the completion of Austville Residences. We raise our FY14-15 EPS by 19-21% after factoring in higher margins, and introduce FY16 numbers.
We maintain our Add rating and raise our target price to S$1.29, based on 4.6x CY15 P/E (in line with the sector historical mean). Catalysts could come from more construction order wins.
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