UEM Land rises on Iskandar deal
Shares of Malaysian builder UEM Land Holdings Bhd gained nearly 8 per cent after the company announced a joint venture with Singapore government-linked firm Ascendas on a US$1.2 billion
project.
The stock rose 7.8 per cent to reach an intraday h…
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Shares of Malaysian builder UEM Land Holdings Bhd gained nearly 8 per cent after the company announced a joint venture with Singapore government-linked firm Ascendas on a US$1.2 billion
project.
The stock rose 7.8 per cent to reach an intraday high of RM2.09 today, after announcing it will partner with Ascendas to develop a 519-acre site within the economic region of Iskandar.
Hong Leong Investment Bank Research said the share movement was highly news-driven and maintained its ‘hold’ rating on the stock.
The brokerage said the stock had the highest valuation in the sector, which could be vulnerable to an external slowdown. It retained its target price for UEM at RM2.04. – Reuters
