Company Update � UOA Development (BUY,
maintain)
- Dividend play
In 2016, UOA has thus far launched two projects and
plans to launch a third development this year. The total estimated gross
development value (GDV) of these three projects is RM3.2bn. Unbilled sales
remain healthy at RM1.1bn. Given the group�s net cash position, we believe UOA is able to maintain a
generous payout. Based on 55% payout, the stock offers an attractive yield of
5.6%. Maintain BUY with a revised target price of RM2.64 (from RM2.57
previously).
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