Bursa Malaysia Stock Watch
UMW (BUY) - O&G and Equipment Division to Lead in FY12
kltrader
Publish date: Mon, 27 Feb 2012, 02:17 PM
kltrader
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UMW (BUY)
O&G and Equipment Division to Lead in FY12
- Above ' Reported 4Q11 core net profit of RM328.6m, leading to FY11 core profit of RM812.2m, as compare to our forecast ofRM611.1m due to better than expected margins for Automotive, Oil & Gas andEquipment divisions.
- Impairments and provisions of RM322.4m in FY11 for Oil & Gas andEquipment divisions. Management do not expect further impairments andprovisions in FY12, and hence stronger earnings for both divisions.
- Announced final net dividend of 7.5 sen. The total net dividend for FY11will be 31 sen (4.4% net dividend yield).
- Upgrade to BUY with revised Target Price of RM8.25.
Source: HLIB Research 27 Feb 2012
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