Panmure Gordon reiterated its "buy" recommendation for Dragon-Ukrainian Properties and Development (DUPD), with a 122p target price. Following the recent stock market volatility, the broker notes that with a forecasted full-year NAV of 169p, the shares are trading at a 72.1% discount. Panmure also says the company has a strong balance sheet with 38.4 million dollars (23.6 million pounds) of net cash as of 30th June and no debt
Aloysius Wilhelmus Johannes van der Heijden, non-executive Chairman of the Company commented:
"We are pleased to have reported a positive net income of USD1.8 million for the first time since 2007. We remain focused on our key objectives and look forward to delivering further progress in 2011."
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