United Engineers - Disposing Wearnes | I3investor

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United Engineers - Disposing Wearnes

StockFanatic

Publish date: Tue, 26 Aug 2014, 01:43 PM

The proposed sale of non-core asset automotive business is a positive for UEM. Fundamentally, it reduces gearing and unlocks value for shareholders. From an M&A angle, we believe it also prepares UEM for a potential takeover by Thai tycoon Charoen. However, at 23% discount to RNAV and 1.05x the adjusted NTA, we believe positive impact from the sale has been priced in.

Maintain our Hold rating. Our target price increases (still based on 20% discount to RNAV) and FY14-16 core EPS fall 0.7-2.7% from the disposal.

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