Friday, August 31, 2012


UE E&C: Our in-house issues a bullish unrated note on co. Highlights that it has net cash position of 81% of its current mkt cap and trades at ex-cash PER of 2.2x and P/B 0.95x. Although co does not have a dividend policy, if based on last yr's payout, div yield would approximate 11%. UE is also 20% owned by OCBC which appears to be in divestment mode. Report appears to be moving counter which is up 4.5% currently

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