KUALA LUMPUR (June 14): CIMB Research has maintained its Trading Buy rating on UEM Land Holdings Bhd at RM1,96 with a target price of RM2.56 and said that UEM Land had reiterated its view that Iskandar Malaysia would reach a tipping point this year.
“It gave us a peek at its newest exciting mega project in Nusajaya and explained how the newly acquired Desaru land fits into the wider picture. UEM Land remains the best proxy for Iskandar Malaysia, which is showing signs of truly taking off this year.
“We make no changes to our Trading Buy call or target price basis of 5% discount to RNAV. The stock is not an outperform due to election risks for property stocks. Potential rerating catalysts include positive newsflow on Nusajaya and strong 2H12 sales,” said CIMB Research in a note Thursday.