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NewsMaybank Investment ups UMW to 'buy'
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Maybank Investment ups UMW to 'buy'
by hlk Mon 23 Apr 2012, 14:09
Maybank IB Research upgraded Malaysia's conglomerate UMW Holdings Bhd to buy with a higher target price of RM8.35 per share as it saw potential recoveries at the latter's automotive and oil and gas sectors.
"With market already absorbing the anticipated weak first quarter of this year and its 2011 kitchen-sinking exercise, UM now offers a recovery play angle with modest growth and undemanding valuations, supported by a decent dividend yield of six percent," the broker said in a research note today.
Maybank lifted its net earnings forecast on UM by 10-11 per cent in 2012-2013, while it also upped UMW's dividend per share forecast to 41 sen in 2012 and 46 sen in 2013.
By 0210 GMT, UM shares rose 0.40 per cent, outperforming the Malaysian benchmark stock index that dropped 0.54 per cent. -- Reuters
"With market already absorbing the anticipated weak first quarter of this year and its 2011 kitchen-sinking exercise, UM now offers a recovery play angle with modest growth and undemanding valuations, supported by a decent dividend yield of six percent," the broker said in a research note today.
Maybank lifted its net earnings forecast on UM by 10-11 per cent in 2012-2013, while it also upped UMW's dividend per share forecast to 41 sen in 2012 and 46 sen in 2013.
By 0210 GMT, UM shares rose 0.40 per cent, outperforming the Malaysian benchmark stock index that dropped 0.54 per cent. -- Reuters
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