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News(4588) Kenanga raises UMW to ’outperform’
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(4588) Kenanga raises UMW to ’outperform’
by JF Fri 17 Aug 2012, 11:52
KUALA LUMPUR: Kenanga Research raised auto-to-oil and gas conglomerate UMW Holdings Bhd to ’outperform’ on the back of an expected upside surprise from its automotive and oil and gas divisions.
The upgrade comes after UMW announced strong first-half results where net profit jumped 57 per cent y-o-y to RM444.3 million on the back of a buoyant 23 per cent revenue growth, Kenanga said in a note today.
“Moving forward, 2H2012 remains vibrant for the group as we expect better sales on its automotive segment as the demand for its newly launched Perodua Myvi remains strong,” Kenanga added.
The research house raised its target price to RM11.17 per share from RM7.98 on the back of a positive growth outlook.
As of 0259 GMT, shares in UMW were up 0.7 per cent against the Malaysian benchmark stock index which gained 0.1 per cent. -- Reuters
Read more: Kenanga raises UMW to ’outperform’ [You must be registered and logged in to see this link.]
The upgrade comes after UMW announced strong first-half results where net profit jumped 57 per cent y-o-y to RM444.3 million on the back of a buoyant 23 per cent revenue growth, Kenanga said in a note today.
“Moving forward, 2H2012 remains vibrant for the group as we expect better sales on its automotive segment as the demand for its newly launched Perodua Myvi remains strong,” Kenanga added.
The research house raised its target price to RM11.17 per share from RM7.98 on the back of a positive growth outlook.
As of 0259 GMT, shares in UMW were up 0.7 per cent against the Malaysian benchmark stock index which gained 0.1 per cent. -- Reuters
Read more: Kenanga raises UMW to ’outperform’ [You must be registered and logged in to see this link.]
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