United Engineers

[SLC81]

15 cents dividend declared
Just passed by UE Buz hub (Completed) at Changi Bu Part today. The whole area is transforming with new shopping malls (Chamgi City Points) , new MRT station and the 4th university. This will give UE very good rental income for this brand new property

[crabcrab]

UE E&C LTD ($0.61) - Today's breakout of a pennant signals that the 2 weeks consolidation phase of between $0.565 - $0.59 is finally over. Resistance of $0.605 has now turn support. With such heavy volume and venturing into uncharted territory, there is a high possibility that UE E&C is likely to achieve follow through effect and emerge higher price in the days to come....Good Luck.....

[LionFlyer]

http://info.sgx.com/webcoranncatth.nsf/V...F008197EB/$file/PressRelease_UESH_EnvContract.3July2012.pdf?openelement

Two contracts from Public Utilities Board worth a total of
S$56.3 Million for projects at the Changi Water Reclamation
Plant
• One contract worth US$11.0 million (approx. S$14.0 million)
for a waste-to-energy project at a poultry farm in Singapore
• Environmental Engineering’s order book boosted to over
S$94 million

[mrEngineer]

I thought FRS 115 is only applicable for overseas properties?

[LionFlyer]

I thought FRS 115 is only applicable for overseas properties?

See previous page.

http://www.asc.gov.sg/news_int_frs_115_agreements.htm

[ngcheeki]

Kim Eng analyst report on U.E. this morning.

United Engineers
Change is in the Air

Initiate with BUY and TP of SGD4.18. With an investment property
portfolio worth SGD1.7 billion, United Engineers Limited (UEL), a long
undervalued company, is on the brink of a major transformation to
unlock value. The catalyst for change could come from its major
shareholder, OCBC. But we think more can be done to help UEL realise
its value. For one, its portfolio of commercial assets, anchored by UE
Square, can be redeveloped. Its hospitality assets also could be sold.
We initiate coverage on UEL with a BUY rating and target price of
SGD4.18, suggesting 43.6% upside from current levels.

Shareholders could push for change. OCBC owns a 24.5% stake in
UEL and we believe that it holds the key to UEL’s quest to unlock value.
In recent months, OCBC shareholders have given the nod for the sale
of the group’s two long-term investments, Fraser & Neave (F&N) and
Asia Pacific Breweries (APB). On WBL Corporation, another of its
investment, OCBC stood aside in the hope that Straits Trading
Company and its partners could hasten the unlocking of its value. All
eyes are now on UEL, the last remaining piece of the OCBC jigsaw.

How UEL can unlock value. The Urban Redevelopment Authority will be reviewing the master plan for Singapore next year, which could
mean an increase in plot ratio. We think this offers UEL a unique
opportunity to redevelop UE Square, its key commercial asset in the
area. In addition, with potential buyers in acquisitive mode, we do not
rule out a sale of its hospitality assets – at the right price.
Deeply undervalued diamond. On book value alone, UEL is worth
SGD3.96/share. But this figure is still understated as it excludes assets
like UE BizHub Central which alone is worth SGD0.40/share. We value
UEL’s group RNAV (after debt) at SGD5.30/share. Our target price of
SGD4.18 is based on a 25% discount to RNAV. With the current share
price reflecting just 54% of the stock’s real worth, UEL is truly a
diamond in the rough. Initiate with BUY.

http://www.maybank-keresearch.com.sg/Dow...171212.pdf


This morning UE purchase of CPF building for $410 million which is below valuation of $430 million by Colliers International (Singapore)
Pte Ltd, as at 9 December 2012 to have a market value of $430 million.

http://info.sgx.com/webcoranncatth.nsf/V...6007EA9DF/$file/AnnFinal_17Dec.pdf?openelement

[nitro]

UE halted today........

hope to hear some good news

[LionFlyer]

http://info.sgx.com/webcoranncatth.nsf/V...2007EE208/$file/Ann.UE_Centennial.pdf?openelement

This one?

United Engineers Limited (the “Company”) wishes to announce that it has incorporated a
wholly-owned subsidiary in Singapore known as UE Centennial Venture Pte. Ltd. (“UE
Centennial”) with an initial issued and paid-up capital of S$1.
UE Centennial was established as an investment holding company.
None of the Directors or controlling shareholders of the Company has any interest, direct
or indirect, in the incorporation of UE Centennial.

[egghead]

This type of announcement is normally done without trading halt. I expect follow up announcement relating to this new company.

[valuenewb]

yah agreed.. there must be a part 2