Bursa Malaysia Stock Watch
UMW Holdings: Maintain Buy - Expands Drilling Rig Fleet
kltrader
Publish date: Wed, 27 Jun 2012, 09:25 AM
kltrader
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Reiterate BUY; TP has upside bias with this development. UMW's move to purchase 1+1 rigs from Standard Drilling is to capitalise on the rising demand for locally-owned rigs in Malaysia and Asia. The acquisitions could add up to MYR42m p.a. a rig to our FY14 earnings estimates. We have not incorporated this into our forecasts pending clarification on returns from these two rigs. We also maintain our TP, based on 12x FY13 EPS. We continue to like UMW for an exposure to both the auto and O&G sectors.
Click here for full report
Source: Maybank Research - 27 June 2012
Click here for full report
Source: Maybank Research - 27 June 2012
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