Singapore Stock Market News
United Engineers - Positives fully valued
StockFanatic
Publish date: Thu, 07 Aug 2014, 12:42 PM
StockFanatic
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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.
UEM announced the proposed divestment of assets and liabilities of MFS Technology for S$124m, where it has a 57% effective interest. This does not come as a surprise, and we believe more non-core assets will be subsequently divested. While potential divestment gains and a refocus on its core property business will be a positive, we believe the share price of UEM has run ahead of future divestments.
Downgrade from Hold to Reduce, with a higher target price, based on 30% discount to RNAV (previously 40%). We cut our FY14-16 EPS by 18-64%, largely to factor in losses from the technology segment MFlex.
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