Thursday, 26 April 2012

UMW advances following upgrade

Tuesday, 24 April 2012 15:59

KUALA LUMPUR (April 24): UMW HOLDINGS BHD [] shares advanced on Tuesday after Maybank Investment Bank Bhd Research upgraded the stock to a Buy from Hold and raised its target price to RM8.35 (from RM6.95).

“The disruption to the regional auto supply chain has abated while its O&G segment is at the cusp of a revival.

UMW now offers a recovery play angle with modest growth (3-year EPS CAGR of 20%) and undemanding valuations, supported by a decent dividend yield (6%),” it said.

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