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Research by Maybank
Sell – TP RM1.00

“Selling stake in Kulai land to KLK"

We are neutral on UEMS’ latest sale of its remaining 40% stake in AMSB (which owns 2,500 acres of land in Kulai) to KLK. The sale proceeds will be used to lower UEMS’ debt. We maintain our earnings forecasts. Our TP is unchanged at MYR1.00, based on 0.75x FY25E P/B. Reiterate SELL. For exposure in the property space, we prefer SPSB MK (BUY, CP: MYR1.42, TP: MYR1.66) and ECW MK (BUY, CP: MYR1.65, TP: MYR1.83).

Analyst:
Wong Wei Sum, CFA
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$KLSE-UEMS
Research by Maybank
Sell – TP RM1.00

“Selling stake in Kulai land to KLK"

We are neutral on UEMS’ latest sale of its remaining 40% stake in AMSB (which owns 2,500 acres of land in Kulai) to KLK. The sale proceeds will be used to lower UEMS’ debt. We maintain our earnings forecasts. Our TP is unchanged at MYR1.00, based on 0.75x FY25E P/B. Reiterate SELL. For exposure in the property space, we prefer SPSB MK (BUY, CP: MYR1.42, TP: MYR1.66) and ECW MK (BUY, CP: MYR1.65, TP: MYR1.83).

Analyst:
Wong Wei Sum, CFA
weisum@maybank-ib.com