[%Locu%]
Research by MIDF
Buy – TP RM2.06

“Visit to Bamboo Hills"

Upgrade to BUY with a revised TP of RM2.06. Post visit, we maintain our earnings forecast for FY24F/25F/26F. We revise our TP for UOA Development to RM2.06 from RM1.93 as we narrow our RNAV discount to 25% from 30% in view of the better new sales prospect. We upgrade UOA Development to BUY from NEUTRAL as we see better outlook for UOA Development following pick up in project launches. Earnings from its investment properties are expected to remain stable going forward mainly due to recovery in hospitality and retail industries. Besides, dividend yield of UOA Development is attractive at 5.3%.

Analyst:
Jessica Low Jze Tieng
[%JEFT%]

$KLSE-UOADEV
Research by MIDF
Buy – TP RM2.06

“Visit to Bamboo Hills"

Upgrade to BUY with a revised TP of RM2.06. Post visit, we maintain our earnings forecast for FY24F/25F/26F. We revise our TP for UOA Development to RM2.06 from RM1.93 as we narrow our RNAV discount to 25% from 30% in view of the better new sales prospect. We upgrade UOA Development to BUY from NEUTRAL as we see better outlook for UOA Development following pick up in project launches. Earnings from its investment properties are expected to remain stable going forward mainly due to recovery in hospitality and retail industries. Besides, dividend yield of UOA Development is attractive at 5.3%.

Analyst:
Jessica Low Jze Tieng
jessica.low@midf.com.my