United Engineers 2013: a year of changes
United Engineers FY13’s EPS exceeded our forecast by 153%, largely due to the consolidation of WBL. Excluding that, FY13 revenue was 81% of our full-year forecast, mainly due to timing issues. We raise our FY14-16 EPS by 128-375% to account for the consolidation. Our RNAV-based target price, still discounted by 40%, decreases to S$1.81. We upgrade United Engineers to Hold from Reduce, largely on valuation grounds as it is currently trading at 0.61…
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