Company Description UEM Land Holdings Berhad is a Malaysia-based investment holding company. Through its subsidiaries, the Company is engaged in property development and construction activities. The Company’s project portfolio include Kota Iskandar, Puteri Harbour, the Southern Industrial and Logistics Clusters (SiLC) and Nusajaya Residences, which comprise of East Ledang, Horizon Hills, Ledang Heights and Nusa Idaman. Its operations are carried out principally in Malaysia. As of December 31, 2009, the Company had two direct subsidiaries: Nusajaya Resort Sdn. Bhd., and UEM Land Berhad, which is engaged in project procurement and management and strategic investment holding. During the year ended December 31, 2009, the Company’s projects in Nusajaya span a total of 23,875 acres of freehold land zoned for residential, commercial and industrial development. On February 16, 2011, the Company announced that it has acquired the remaining offer shares of Sunrise Berhad, making Sunrise its wholly owned subsidiary.
Company Info
Listing Date 2008-11-15 IPO Price 0.55 Market Capital (Capital Size) 8,482,250,367 (Very Large) Par Value RM 0.50 Board Main Sector Properties Major Industry Property Development Sub Industry Construction & Project Management Website http://www.uemland.com/
My Analysis
Forecast P/E now 1.96/0.102 = 19.22 (Moderate) Target Price 0.102*23.0 = 2.35 (PE 23.0, EPS 0.102) Decision BUY if stock price sustain above 2 and got very strong buy volume than sell or wait stock price below Bolinger lower band Comment Revenue decreased 49.2% but higher than preceding year corresponding quarter 61.8%, eps decreased 59.7% but higher than preceding year corresponding quarter 227.3%, cash receipts from customers not enough to cover operating expenses hence increased borrowings and spent 11% of Group cash to cover all other expenses, higher gross margin, stronger liquidity ratio at strong level now, lower gearing ratio at moderate level now, lower debt ratio and is getting far from historical high, higher property development cost can indicate on-going grwoth
First Support Price 1.9 Second Support Price 1.8 Risk Rating MODERATE
Research House
Credit Suisse Target Price 3.8 (2011-08-05) UOB Target Price 2.68 (2011-11-09) RHB Target Price 2.38 (2011-11-14) CIMB Target Price 2.56 (2012-02-29) HwangDBS Target Price 2.3 (2012-02-29) Maybank Target Price 2.05 (2012-02-29) MIDF Target Price 2.5 (2012-02-29) OSK Target Price 3.17 (2012-02-29) Kenanga Target Price 2.65 (2012-03-28) Public Target Price 2.8 (2012-04-03) ECM Target Price 2.25 (2012-04-10) HLG Target Price 2.35 (2012-04-10) Jupiter Target Price 2.35 (2012-05-07)
Accounting Ratio
Return on Equity 9.27% Dividend Yield - Gross Profit Margin 36.37% Operating Profit Margin 24.91% Net Profit Margin 22.84% Tax Rate 24.96% Asset Turnover 0.231 Net Asset Value Per Share 1.02 Net Tangible Asset per share 0.89 Price/Net Tangible Asset Per Share 2.2 Cash Per Share 0.12 Liquidity Current Ratio 4.1251 Liquidity Quick Ratio 2.4102 Liquidity Cash Ratio 0.7935 Gearing Debt to Equity Ratio 0.5136 Gearing Debt to Asset Ratio 0.3195 Working capital per thousand Ringgit sale 120.9% Days to sell the inventory 351 Days to collect the receivables 228 Days to pay the payables 142
Technical Analysis
SMA 20 1.996 (Downtrend 41 days) SMA 50 2.119 (Downtrend) SMA 100 2.213 (Downtrend) SMA 200 2.106 (Downtrend) MACD (26d/12d) -0.049722 ( 0.003368 ) Signal (9) -0.052757 ( 0.000759 ) MACD Histogram 0.003035 (Bullish trend 2 days)Bolinger Upper Band 2.15 Bolinger Lower Band 1.842
My notes based on 2012 quarter 1 report (number in '000):- UEMLAND latest news (English) UEMLAND latest news (Chinese) Financial Quarter Summary
a_date year qrt h_price l_price div roe c_roe rev c_rev pbt c_pbt prof c_prof eps c_eps asset liab mino equi cfo cfi cff cash fcf net final share c_share m_cap date gros_m oper_m prof_m vat asset_t pe navps ntaps p/ntaps cps l_cur l_qui l_cash g_de g_da avg_w inv_d rec_d pay_d 2012-05-25 2012 1 N/A N/A - 0.98% 0.98% 303717 303717 69358 69358 51906 51906 0.0108 0.0108 7874556 2515933 460389 5358623 111815 1446 41330 626825 110369 69039 557786 4823398 4823398 9453860 2012-03-31 36.37% 24.91% 22.84% 24.96% 0.231 - 1.02 0.89 2.2 0.12 4.1251 2.4102 0.7935 0.5136 0.3195 120.9% 351 228 142 2012-02-28 2011 4 2.38 1.91 - 4.11% 8.77% 597802 1703172 144157 329179 129251 275645 0.0268 0.0590 7793757 2497144 460186 5296613 181568 424202 429123 443509 242634 186489 629998 4826096 4672449 10713933 2011-12-31 29.13% 25.05% 24.11% 9.74% 0.2185 37.6311 1.04 0.9 2.47 0.13 3.9225 2.2794 0.8722 0.5163 0.3204 124.4% 367 219 159 2011-11-24 2011 3 2.47 2.08 - 1.50% 4.66% 408282 1105370 59836 185022 47016 146394 0.0101 0.0317 7773453 2616036 459329 5157417 115179 17868 609055 443717 133047 742102 1185819 4676942 4620716 9774808 2011-09-30 29.08% 16.15% 14.66% 20.56% 0.1777 - 1.02 0.88 2.37 0.28 4.7795 3.1311 1.8093 0.5568 0.3365 197.8% 487 252 178 2011-08-25 2011 2 2.29 1.54 - 2.68% 3.16% 509403 697088 101213 125186 84116 99378 0.0177 0.0213 7417876 2678161 458813 4739715 21109 134096 389250 439079 112987 502237 941316 4745087 4668994 9964682 2011-06-30 31.66% 22.87% 19.87% 17.03% 0.1401 - 0.92 0.78 2.69 0.2 4.7751 2.8514 1.4975 0.6256 0.361 232.1% 693 304 199 2011-05-25 2011 1 2.91 2.0 - 0.49% 0.49% 187685 187685 23973 23973 15262 15262 0.0033 0.0033 7021704 2690978 454454 4330726 135451 142853 282168 440975 7402 289570 730545 4609523 4609523 12860569 2011-03-31 34.35% 17.03% 12.77% 36.35% 0.088 - 0.84 0.69 4.04 0.16 4.796 2.6142 1.247 0.6942 0.3832 370.3% 1349 487 402 2011-02-25 2010 4 3.01 2.58 - 5.83% 8.55% 276337 469713 126239 180210 115331 169240 0.0311 0.0510 3971133 829183 454456 3141950 119502 215 421718 135888 119717 302001 437889 3712362 3319862 10246119 2010-12-31 52.38% 47.85% 45.68% 8.61% 0.1183 54.141 0.81 0.8 3.45 0.12 6.8598 3.7374 1.6851 0.3085 0.2088 324.2% 1141 414 317 2010-11-29 2010 3 3.4 2.08 - 0.63% 2.72% 65674 193376 10786 53971 12472 53909 0.0034 0.0169 3724434 718330 454423 3006104 68413 1929 283094 135838 66484 216610 352448 3712362 3187591 7758836 2010-09-30 32.97% 8.79% 16.42% - 0.1083 - 0.8 0.79 2.65 0.09 5.8103 2.9924 1.2927 0.2815 0.1929 324.4% 1171 388 377 2010-08-27 2010 2 2.52 1.66 - 1.95% 2.09% 88003 127702 39614 43185 38692 41437 0.0116 0.0142 3741737 751734 453613 2990003 171148 13951 346299 135838 157197 189102 324940 3338797 2920857 5475627 2010-06-30 35.31% 44.83% 45.01% 2.32% 0.1097 - 0.87 0.85 1.93 0.1 5.7242 3.3439 1.1732 0.2964 0.2009 320.8% 997 508 377 2010-05-25 2010 1 1.82 1.32 - 0.14% 0.14% 39699 39699 3571 3571 2745 2745 0.0011 0.0011 3493668 1509682 453611 1983986 61664 12297 13938 135875 73961 60023 75852 2498274 2498274 3247756 2010-03-31 32.23% 5.08% 9.00% 14.59% 0.1119 - 0.61 0.6 2.17 0.03 1.0363 0.537 0.0616 0.9865 0.4321 11.9% 978 534 946 2010-02-22 2009 4 1.73 1.21 - 5.05% 5.72% 209924 407913 93734 112326 85968 97441 0.0344 0.0390 3533012 1553800 453306 1979212 21553 39516 171221 25732 61069 110152 135884 2498274 2498274 3547549 2009-12-31 47.10% 42.36% 44.65% 8.49% 0.1155 36.4072 0.61 0.6 2.37 0.06 2.0397 1.0971 0.208 1.0183 0.4398 175.2% 930 515 936 2009-11-11 2009 3 1.74 1.39 - 0.34% 0.67% 72792 197989 7928 18540 5802 11421 0.0023 0.0046 3196678 1316365 453498 1880313 86868 7678 98254 25728 94546 3708 29436 2498274 2498274 4222083 2009-09-30 34.10% 9.74% 10.89% 20.96% 0.1189 - 0.57 0.56 3.02 0.01 2.7998 1.1713 0.0683 0.9226 0.4118 253.3% 1066 532 612 2009-08-20 2009 2 1.8 1.51 - 0.25% 0.33% 68686 125197 7350 10613 4309 5620 0.0017 0.0022 3181606 1308955 453034 1872651 48694 5933 48738 25729 54627 5889 19840 2498274 2498274 3947272 2009-06-30 24.10% 11.39% 10.70% 45.33% 0.1212 - 0.57 0.55 2.87 0.01 2.6751 1.1697 0.0489 0.922 0.4114 239.1% 969 550 595 2009-05-25 2009 1 2.01 1.28 - 0.08% 0.08% 56511 56511 3263 3263 1311 1311 0.0005 0.0005 3113777 1252759 453325 1861018 30701 6824 31269 24819 37525 6256 18563 2498274 2498274 4097169 2009-03-31 23.59% 8.33% 5.77% 30.86% 0.1211 - 0.56 0.55 2.98 0.01 2.7979 1.2229 0.0524 0.8899 0.4023 240.7% 943 544 550 2009-02-26 2008 4 1.7 0.635 - 0.20% 3.51% 181980 511647 1522 58982 3208 57471 0.0013 0.0236 3060552 1358017 452380 1702535 52650 85935 117000 46404 138585 21585 24819 2462463 2436795 1859159 2008-12-31 14.95% 0.76% 0.84% - 0.1672 32.0123 0.51 0.5 1.51 0.01 2.1824 0.9813 0.0537 1.0863 0.4437 143.8% 716 391 553 2008-11-13 2008 3 0.9 0.5 - 0.04% 3.20% 78365 329667 2433 55620 731 52423 0.0003 0.0216 2839901 1137564 451500 1702337 64144 81140 112000 48057 145284 33284 14773 2428177 2428177 1335497 2008-09-30 20.90% 6.80% 3.10% 130.05% 0.1945 - 0.52 0.5 1.1 0.01 3.1287 1.214 0.0576 0.9094 0.4006 156.5% 728 285 346 N/A 2008 2 N/A N/A - 0.15% 3.25% 60172 251302 2068 53187 2439 53154 0.0010 0.0219 N/A N/A - N/A 12615 71736 112000 46639 84351 27649 74288 2428177 2428177 N/A 2008-06-30 20.65% 3.68% 3.44% - N/A - N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A - N/A N/A N/A 2008 1 N/A N/A - 3.40% 3.40% 191130 191130 55255 55255 55593 55593 0.0229 0.0229 N/A N/A - N/A 91440 8061 97000 46639 99501 2501 44138 2428177 2428177 N/A 2008-03-31 38.98% 34.72% 28.91% - N/A - N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A - N/A N/A N/A 2007 4 N/A N/A - N/A N/A 222675 1871548 10800 324267 10581 396116 0.0044 0.1850 2717725 1081590 451500 1636135 1348001 18718 1365933 83289 1329283 36650 46639 2428177 2141455 N/A 2007-12-31 26.56% 10.33% 4.85% 2.62% 0.1063 - 0.55 0.53 N/A 0.02 2.7323 1.1427 0.1495 0.913 0.398 226.2% 981 424 539 N/A 2007 3 N/A N/A - N/A N/A 66277 1648873 6894 314794 9078 386862 0.0037 0.1894 N/A N/A - N/A 1403364 15942 1429086 84310 1387422 41664 42646 2428177 2042293 1335497 2007-09-30 10.15% 12.97% 10.40% - N/A - N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A - N/A N/A
Financial Quarter Balance Sheet
year qrt Amount Owing by Joint Venture Partner (A-0) Available-for-sale financial assets (A-0) Deferred tax assets (A-0) Fixed deposits (A-0) Goodwill on consolidation (A-0) Investment in associated companies (A-0) Investment in jointly controlled entity (A-0) Investment properties (A-0) Land held for property development (A-0) Leasehold land use rights (A-0) Other investments (A-0) Property, plant and equipment (A-0) Receivables (A-0) Amount due from associated companies (A-1) Amount due from immediate holding company (A-1) Amount due from jointly controlled entity (A-1) Available-for-sale financial assets (A-1) Cash and cash equivalents (A-1) Current asset classified as held for sales (A-1) Inventories (A-1) Other receivables (A-1) Property development costs (A-1) Deferred tax liabilities (L-0) Liability component of RCPS (L-0) Loans & borrowings (L-0) Long term payables (L-0) Other long-term provisions (L-0) Amount due to immediate holding company (L-1) Current portion of long-term borrowings (L-1) Current tax liabilities (L-1) Liabilities directly associated with assets classified as held for sale (L-1) Loans & borrowings (L-1) Other payables (L-1) Provision for liabilities (L-1) Minority interest (M-1) 2012 1 30742 - 25925 1418 621409 101126 271443 509509 2766060 - 274354 162895 206828 898 - 3265 - 558412 3470 111261 1130053 1095488 258889 390889 1162450 - - - - 15064 - 65654 487652 135335 460389 2011 4 29696 - 26705 1418 621409 104746 265240 511077 2751590 - 272190 162334 204380 898 - 3228 - 632140 - 124494 1015836 1066376 260654 388414 1123291 - - - - 20274 - 51684 515787 137040 460186 2011 3 - - 16031 1418 621409 102324 122526 503036 2572411 317 - 176594 201812 898 - 168680 121107 1187027 - 116564 786079 1075220 263008 384308 1220903 24822 - - - 27926 - 116253 434188 144628 459329 2011 2 - - 20591 1418 621279 93332 212035 507498 2593712 323 - 184497 133206 898 - 78932 8703 947763 - 106572 784989 1122128 278445 524394 1202349 24683 9562 - - 27211 - 111497 353542 146478 458813 2011 1 - - 17392 1418 695803 92070 203349 381072 2498257 323 - 173248 69238 898 - 77880 18248 733070 - 96569 744914 1217955 156063 641547 1256899 24545 9432 - - 16394 - 107550 392083 86465 454454 2010 4 - - - 1418 39223 87063 101383 30615 1797695 324 - 62037 68766 898 - 75484 7 437889 - 42252 456933 769146 136727 - 408185 24407 - 69402 - 11890 - - 155669 22903 454456 2010 3 - 32361 - 1418 39223 39239 67843 30228 1814046 333 - 61600 58019 898 - 74415 7 351535 33820 10508 353120 755821 143414 - 241000 61966 - 91799 - 1313 866 - 154680 23292 454423 2010 2 - 33636 - 1418 39223 35050 62225 29971 1820386 354 - 60085 64223 898 - 79309 7 326929 33820 12457 490886 650860 150196 - 299000 23866 - 91889 - 77 866 2902 159222 23716 453613 2010 1 - 33636 - 1418 39223 45196 58797 28848 1838502 366 - 59150 64223 535 - 79195 7 78713 35214 15582 492595 622468 150142 - 58000 23595 - 339164 632979 302 901 3812 277689 23098 453611 2009 4 - - - 1418 39223 43997 55339 28848 1840256 372 - 56968 64223 535 - 75292 7 142990 35978 53205 499494 594867 150312 - 690979 24960 - 319361 - 1195 917 9141 332620 24315 453306 2009 3 - - - 1418 39223 46243 - - 1534485 372 - 13540 64223 101408 - - 7 36516 35786 24120 452613 846724 144880 - 636736 - - 285120 - 2294 1023 8037 214575 23700 453498 2009 2 - - - 1418 39223 15687 31430 - 1542870 359 - 14048 64223 27022 - 74276 7 26921 35435 27320 480162 801205 147396 - 611159 - - 247576 - 1225 828 8038 260735 31998 453034 2009 1 - 158 - 1418 39223 14879 26515 - 1540494 330 - 14182 64223 27022 - 74377 7 26441 28518 31355 460920 763715 145218 - 602750 - - 220837 - 620 - 7925 242603 32806 453325 2008 4 - 158 - 1418 39223 40292 - - 1544300 334 - 12359 64223 101294 - - 7 33405 28518 35905 447472 711644 144997 - 590661 - - 187872 - 938 - 8633 389546 35370 452380 2008 3 - 157 - - 39223 37446 - - 1415284 411 - 11306 65641 101566 - - 7 23402 38705 26659 329284 750810 151382 - 580120 - - 182435 - 1742 947 9587 186742 24609 451500 2007 4 - 765 - 1418 39223 11563 10586 - 1546824 407 - 10725 65523 28574 419 24442 7 56391 38705 34797 282527 564829 154787 - 549579 - - 68389 - 1378 947 10710 261217 34583 451500
Financial Quarter Income Statement
year qrt Revenue Income tax expense Cost of sales Finance/interest costs Other income Administrative/Operating expenses Minority interest Share of profit/ (loss) of associates Discontinued operation Profit/loss of subsidiaries from continuing operations attributable to minority interest Share of net profit of jointly controlled entity 2012 1 303717 17309 193249 10136 9429 44238 143 1202 - 2265 4898 2011 4 597802 14048 423655 11700 25884 50300 858 12062 - 11311 5375 2011 3 408282 12305 289541 11273 13280 66095 515 10348 - 7594 2429 2011 2 509403 17238 348105 15069 12981 57788 141 2693 - 4818 1916 2011 1 187685 8713 123215 13360 17862 50364 2 1536 - 2344 6173 2010 4 276337 10875 131602 1307 22652 35158 33 13050 - 20030 2297 2010 3 65674 2496 44019 1400 3851 19732 810 5744 - 3216 3884 2010 2 88003 920 56933 2539 29694 21311 2 1312 - 1654 3042 2010 1 39699 521 26903 3043 3594 14373 305 2349 - 397 2645 2009 4 209924 7958 111042 2804 8941 18900 192 15441 - 12524 4698 2009 3 72792 1662 47971 1633 3022 20750 464 1957 127 1738 2376 2009 2 68686 3332 52130 1364 3884 12620 291 1208 - 1598 1284 2009 1 56511 1007 43178 1719 1842 10467 945 698 - 1320 896 2008 4 181980 2566 154783 668 581 26394 880 4262 - 5429 637 2008 3 78365 3164 61990 3287 878 11925 - 47 - 1839 2278 2008 2 60172 365 47749 2111 97 14736 6 1114 - 534 1679 2008 1 191130 332 116637 1637 1121 9251 6 412 - 10756 873 2007 4 222675 283 163538 552 965 37108 64 1612 - 13421 167 2007 3 66277 1937 59548 31 1568 16896 247 883 - 1327 474
Short form reference a_date = announcement date, yr = financial year end, qrt = quarterh_price = stock highest price during the quarter, l_price = stock lowest price during the quarterdiv = dividend recommend or declare in the quarter, roe = return on equityc_roe = cumulative of return on equity during the financial yearrev = revenue in the current quarter, c_rev = cumulative of revenue during the financial yearpbt = profit before tax in the current quarter, c_pbt = cumulative of profit before tax during the financial yeareps = earnings per share in the current quarter, c_eps = cumulative of earnings per share during the financial yearasset = total asset, liab = total liability, mino = minority interest, equi = total equitycfo = net cash flow from operating activities, cfi = net cash flow from investing activitiescff = net cash flow from financing activities, cash = cash and cash equivalents as at beginning of financial yearfinal = cash and cash equivalents as at current financial period endedshare = diluted/basic weighted average number of ordinary sharesc_share = cumulative of diluted/basic weighted average number of ordinary shares during the financial yearm_cap = market capital at announcement date of quarterly report, date = current financial period ended dateprof_m = profit margin, vat = income tax rate, pe = price earning per share ratio of recent four quarternavps = net asset value per share, ntaps = net tangible asset per share, cps = cash per sharel_cur = liquidity current ratio, l_qui = liquidity quick ratio, l_cash = liquidity cash ratiog_de = gearing debt to equity ratio, g_da = gearing debt to assets ratioavg_w = working capital per thousand Ringgit saleinv_d = days to sell the inventory, rec_d = days to collect the receivablespay_d = days to pay the payablesCURRENT ● CHANGES IN SHAREHOLDING ● ANNUAL REPORTS HISTORICAL ● CHANGES IN SHAREHOLDING ARCHIVES ● CHANGES IN SHAREHOLDING 
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