Bursa Malaysia Stock Watch
UMW Holdings (Hold): Reduced losses from WSP in 3Q11
kltrader
Publish date: Fri, 23 Dec 2011, 10:05 AM
kltrader
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WSP continues to hurt. WSP, a 23% China-based associate of UMW, continues to be loss making for the last 9 consecutive quarters with net loss of USD17m in 3Q11 and USD50m for 9M11. Against this backdrop, we have trimmed UMW's 2011-12 earnings by 1-3% with a higher net loss assumption at WSP (see Table 1). Coupled with headwinds at the auto division, there are minimal catalysts to re-rate UMW, which is a Hold with an unchanged RM6.10 target price, pegged at 11x 2012 EPS.
Maybank research (23 December 2011)
Click here for full report
Maybank research (23 December 2011)
Click here for full report
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