Singapore Stock Market News
United Engineers - Positives fully valued
StockFanatic
Publish date: Thu, 07 Aug 2014, 12:42 PM
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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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