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12-11-2008, 12:04 AM

cheongtk

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Join Date: May 2008

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United Engineers - By Singapore Company Focus

Lacking catalysts

Story: UE’s 3Q08 results were below expectations, with net profit plunging 75% y-o-y to S$1.9m, primarily on the back of a large provision made for compensation cost relating to the Fusionopolis project. Excluding this, we estimate core earnings to be c. S$16m.

Relevance: Singapore Company Focus FY08-10 net profit estimates have been reduced by 25-50% as they factor in weaker margins on UE’s
E&C division, softening rents and higher construction costs going forward.
Downgrading UE to Fully Valued, TP S$1.09 (prev S$2.48, Hold).

Price Target : 12-Month S$1.09 (Prev S$ 2.48)
Reason for Report : 3Q08 Results
Potential Catalyst: Divestment of assets

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