KUALA LUMPUR (May 18): UEM Sunrise Bhd rose as much as seven sen or 5% after the property developer said first quarter net profit rose 1,929% from a year earlier.

UEM Sunrise shares rose to their highest so far today at RM1.36.

At 10:35am, the stock was traded at RM1.33 for a market value of RM6.08 billion.

UEM Sunrise saw some 30 million shares traded, making the stock Bursa Malaysia's sixth most-active entity.

Yesterday, UEM Sunrise said net profit rose to RM61.27 million in the first quarter ended March 31, 2017 (1QFY17) from RM3.02 million. Revenue was higher at RM541.76 million compared to RM257.75 million.

UEM Sunrise's latest reported net assets per share stood at RM1.52.

Today, CIMB Investment Bank Bhd analyst Saw Xiao Jun said UEM Sunrise's 1QFY17 core net profit at RM56 million accounted for 30% and 26% of CIMB's and consensus full-year forecast respectively.

He said UEM Sunrise's 1QFY17 core net profit met expectations and CIMB had upgraded UEM Sunrise shares.

"We raise our revalued net asset value (RNAV) by 18% to reflect the higher Johor land value based on recent transacted prices. This lifts our target price (TP) to RM1.32, still based on 60% discount to RNAV," Saw said. He said CIMB raised its UEM Sunrise TP to RM1.32 from RM1.12. — theedgemarkets.com

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