UnitedEngrg

UnitedEngrg: 1Q rev at $229.6m +17.2% and net profit at $29.9m +6.2%. Increase was attributed to sale of remaining 58 units in UE Print Media Hub. Property Rental and Services segment rev increased 4% to $36.9m from UE BizHub Central. Future dev includes recent site win at Bendemeer for $543m which co intends to dev into a waterfront condo project and govt projected construction demand of $22b to $28b in 2011. Co trades at current 3.3x P/E and 0.65 P/B.