Bursa Malaysia Stock Watch

UMW Holdings: Maintain Hold - Kitchen-sinking

kltrader
Publish date: Mon, 27 Feb 2012, 10:58 AM
kltrader
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Dividend yield provides support. 4Q11's provision-hit results missed expectations, but the higher final DPS negated the setback. Medium-term prospects have improved but with the outlook for the current quarter (1Q12) still poor, we stay conservative, especially on the O&G operations. Our adjusted TP incorporates the 2-6% earnings upgrade, and is rolled forward to 2013 on an unchanged PER of 11x. Hold.

Maybank Research 27 Feb 2012
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