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Tuesday, October 23, 2012

UEM Land raised to 'trading buy'

RHB Research has raised its call on Malaysian builder UEM Land Holdings Bhd to "trading buy" from "market perform", citing bright prospects for projects in the economic region of Iskandar.

“We expect the Iskandar region to keep up with its news flow after the opening of Legoland, Lifestyle Mall, Marlborough College as well as other key infrastructure and highways,” said RHB in a report on Tuesday.

RHB expects a Singapore-based industrial company to take part in a 500-acre development in Gerbang Nusajaya, an area within Iskandar with an estimated gross development value of RM18 billion (US$5.90 billion).

“Strong news flow is likely over the next few months, and the announcement of big names shoulf lift the entire Nusajaya to the next level,” said RHB.

UEM Land has indicated that Gerbang Nusajaya will feature retail malls, campus offices, trade centers and residential projects.

The brokerage expects substantial spillovers from the projects into properties located in the rest of Iskandar.

Shares of UEM Land remain unchanged at RM1.87 as of 9.31am. The stock has shed 21 percent since the beginning of the year.

By Reuters

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