InvestIdeas

3Q2013 Result
http://infopub.sgx.com/FileOpen/UEECQ32 ... eID=263325

Notes :

1. Value of contract on hand as of 31/12/2011 is $506m. Value of contract on hand as of 31/12/2012 is $650m. Increased of 30%.

2. 30% stake in Austville Residences EC. Fully sold and will receive TOP by 1Q2014. Will be able to book one lump sum profit.

3. 30% stake in Watercolours EC. Fully sold and will receive TOP in 2014. Will be able to book one lump sum profit.

4. 30% stake in Waterwoods. Appointed main contractor for the project.

5. 20% stake in a residential development on Prince Charles Crescent(named The Crest). Acquired the site at $960psf. Construction around $400psf. Breakeven $1450 psf. Average sale price of nearby Mon Jervois for Sept 2013 is $2152 psf. Appointed main contractor for the project.

Redhill plot 'will send crucial signal to market'
http://www.stproperty.sg/articles-prope ... t/a/147465

behappyalways wrote:Notes :

1. Value of contract on hand as of 31/12/2011 is $506m. Value of contract on hand as of 31/12/2012 is $650m. Increased of 30%.

2. 30% stake in Austville Residences EC. Fully sold and will receive TOP by 1Q2014. Will be able to book one lump sum profit.

3. 30% stake in Watercolours EC. Fully sold and will receive TOP in 2014. Will be able to book one lump sum profit.

4. 30% stake in Waterwoods. Appointed main contractor for the project.

5. 20% stake in a residential development on Prince Charles Crescent(named The Crest). Acquired the site at $960psf. Construction around $400psf. Breakeven $1450 psf. Average sale price of nearby Mon Jervois for Sept 2013 is $2152 psf. Appointed main contractor for the project.

UE E & C - Piling on the cash
UE E&C is a consistently cash-generative company, and has a sizeable regional
presence while maintaining its core strengths in Singapore. It is poised for an
earnings jump as contributions from its property development stakes kick in
from FY14. UE E&C has a strong local franchise and has expanded regionally of
late. Its stakes in property development offer earnings upside in the next three
years as these properties reach completion. We initiate coverage with an Add
rating and a target price of S$1.12, based on 4.7x CY15 P/E (in line with the
sector’s six-year mean). Catalysts could come from more joint venture property
developments and a pick-up in construction order wins.

http://www.remisiers.org/cms_images/res ... ybreak.pdf
(click on the UE E&C on page 1 to read more)

With the addition of this Contract, the Group’s order books stood at approximately S$750 million as at 13 February 2014.

AWARD OF CONTRACT FOR LEE KONG CHIAN SCHOOL OF MEDICINE, NANYANG TECHNOLOGICAL UNIVERSITY
http://infopub.sgx.com/FileOpen/Awardof ... eID=274531

We remain optimistic about our construction and engineering businesses as the construction demand in
2014 could reach between $31 billion and $38 billion based on forecast by the Building and Construction
Authority of Singapore. However, with this high level of construction activities, we expect continued
pressures from rising labour costs due to the current tight labour market. For this, the Group will continue
to strive for productivity enhancement and strategic labour deployment.

EPS 22.3 cents
NTA 90 cents
Dividend 7 cents (5 cents last year)


FY2013
http://infopub.sgx.com/FileOpen/UEECFul ... eID=276562

Solid foundations
http://research.cimb.com/index.php?ch=5 ... 00&bb=file

1. Value of contract on hand as of 31/12/2011 is $506m. Value of contract on hand as of 31/12/2012 is $650m. Value of contract on hand as of Feb 2014 is $750m.

2. 30% stake in Austville Residences EC. Fully sold and will receive TOP by 1H2014. Will be able to book one lump sum profit.


Even at $1.18 PE is 5.3 and dividend yield is 5.9%. Looking at the contracts on hand, the earnings will continue to grow even without including the associate EC Austville earnings. Hence dividend payout should at least be able to be maintained for next year. Here you are paying 5 times PE for a growing company(looking at the contracts on hand) and getting 5.9% yield while holding it.

behappyalways wrote:We remain optimistic about our construction and engineering businesses as the construction demand in
2014 could reach between $31 billion and $38 billion based on forecast by the Building and Construction
Authority of Singapore. However, with this high level of construction activities, we expect continued
pressures from rising labour costs due to the current tight labour market. For this, the Group will continue
to strive for productivity enhancement and strategic labour deployment.

EPS 22.3 cents
NTA 90 cents
Dividend 7 cents (5 cents last year)


FY2013
http://infopub.sgx.com/FileOpen/UEECFul ... eID=276562

ANNOUNCEMENT IN RELATION TO QUERY REGARDING TRADING ACTIVITY
http://infopub.sgx.com/FileOpen/AnntInR ... eID=288172

(UE selling its gem?.....crazy....)

strange to be selling at this price. at $1.27, you are still getting 5.5% dividend yield if there is no buy over. If it does then the offer price must be attractive enough for UE to sell off it's 60%++ stake. So if you weigh the pros and cons, one should be buying and not selling.

My initial thought is that UE is going to delist this company at $1.50 to $1.60. At this price I think it is quite a good deal for UE looking at its potential and dividend. Since they already owned 60%++ stake, they might stand a chance to delist it at $1.50. But now the story is someone is interested in UE's stake. Then in order to persuade UE to sell, I guess they have to offer much higher than $1.50 to $1.60. If UE sells at below $1.50 so as to par down their own debts, then I would deem it to be a silly move.