KUALA LUMPUR: Maybank Investment Bank Research (Maybank IB) has upgraded UEM Sunrise to a “buy” after the recent decline in its share price while it expects the property developer’s earnings to pick up strongly.

The research house said during its recent site visit that it was impressed by UEM Sunrise’s Melbourne projects - Aurora and Conservatory, for their strategic locations.

“We expect low settlement risk especially for the Aurora project and hence we are keeping our earnings forecasts and 96 sen RNAV-TP (on 0.4 times P/RNAV) unchanged for now.

“The company’s share price has fallen 18% since its April peak and it now presents an upside potential of 20%,” it said.

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