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NewsRHB upgrades UMW to 'outperform'
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RHB upgrades UMW to 'outperform'
by hlk Thu 03 May 2012, 13:24
RHB Research upgraded UMW Holdings Bhd to 'outperform' with a higher fair value of RM9.40 per share from RM7.30 previously, citing improving outlook for the auto-to-oil and gas conglomerate going forward.
"We expect UMW first quarter earnings to be respectable that will likely prompt an upgrade in consensus estimates," the broker said in a research note today.
RHB added that the Syariah compliant counter was expected to be well supported by a reasonably attractive dividend yield.
UMW's dividend payout policy was 50 percent of recurring net profit.
"Given the strong earnings recovery forecast for 2012, a 50 per cent payout for 2012 implies a gross dividend per share of 39 sen (4.9 per cent gross yield) offering a healthy absolute year on year increase," the broker said.
By 9.53am, UMW shares remained flat at RM7.93, outperforming the Malaysian benchmark stock index that shed 0.12 per cent. - Reuters
"We expect UMW first quarter earnings to be respectable that will likely prompt an upgrade in consensus estimates," the broker said in a research note today.
RHB added that the Syariah compliant counter was expected to be well supported by a reasonably attractive dividend yield.
UMW's dividend payout policy was 50 percent of recurring net profit.
"Given the strong earnings recovery forecast for 2012, a 50 per cent payout for 2012 implies a gross dividend per share of 39 sen (4.9 per cent gross yield) offering a healthy absolute year on year increase," the broker said.
By 9.53am, UMW shares remained flat at RM7.93, outperforming the Malaysian benchmark stock index that shed 0.12 per cent. - Reuters
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