Singapore Stock Market News
United Engineers - Operationally stronger
StockFanatic
Publish date: Sun, 16 Nov 2014, 02:34 PM
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UEM's 9M14 results were in line, at 77% of our full-year estimate, but this quarter was really about its potential takeover by Charoen. We view its recent proposed divestments positively, and believe that the risks to our RNAV and pave way for a potential takeover. Instead of speculating on the potential offer, we asked ourselves what discount the asset should trade at individually and arrived at a blended discount of 15%. This values UEM at S$3.02 and leaves ~5% upside.
We maintain our Hold rating. Potential divestment of its China development or MFLEX could be potential re-rating catalysts.
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