UOL: CIMB believes that concerns are overdone
- Exposure to UK is low at 3.5% of total assets and even less on earnings.
- Residential projects seeing higher take up, $750m of attributable locked in sales.
- Large rental income base underpinned by high occupancies and slight positive rental reversion.
- UIC’s residential projects a potential dampener, but only slight.
- CIMB maintains Add rating, with TP of $8.06 (20% discount to RNAV).