Sharp increase in price of UOADB on Bursa Malaysia this week on the back of an upgrade by broker CIMB. CIMB have increased their profit expectation and price target on the basis that UOADB have surpassed expected annual revenue in the first seven months of the year. They had forecast that UOADB would book revenue of MYR1b, but they have already booked MYR1.1b and are now expected to book between MYR1.5b and MYR2b for the year. Estimated margins of 40-50%.
UOS's 67% of UOADB is starting to look much more attractive - almost back to the issue price.
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