United Engineers

United Engineers (UE): 67.6% owned subsidiary WBL will sell its car distribution and retail businesses to StarChase Motorsports for $455m on a debt-free, cash-free basis. UE expects to realize a net disposable gain of ~$17.1m from the net proceeds of ~$292.1m. Based on FY13 numbers, UE’s EPS would have risen 20% to 29.3¢, and NTA would have grown 3¢ to $2.63. The WBL Automotive Division retails, imports and distributes a premium vehicles in Singapore, Malaysia, Greater China, Thailand, Indonesia and Vietnam. Its portfolio boasts brands like Bentley, Jaguar, Land Rover, McLaren and Volvo. United Engineer was last trading at 1x P/B