United Engineers

United Engineers: Lim & Tan believes there is "speculative" appeal for UE, and that TCC remains in discussion with OCBC and GE regarding an offer for UE. UE has been disposing its other divisions (ie. UE E&C, auto division, MFS printed circuit board business), leaving its property assets comprising office (UE Square, UE Bizhub Tower, 450 Alexandra Road) , retail (UE Square, Rochester Mall, Seletar Mall), serviced suits (Park Avenue Clemenceau, Park Avenue Rochester and Park Avenue Robertson) and provides a strategic fit to Charoen's (TCC's owner) FCT, FCOT and FHT. Using consensus estimates , L&T tips a valuation range for UE at between $3.30 and $3.55, which translates to 1.17x - 1.27x P/B.