A Brief Look at UMW

UMW Holdings Berhad

Business Description:
UMW Holdings Berhad (UMW) is a Malaysia-based company. UMW operates in four segments:

1. automotive; 
2. equipment, which supplies marine engine, material handling and compressed air equipment; 
3. manufacturing and engineering, which provides engineering solutions to automotive components, transportation, petrochemicals, oleochemicals, and oil and gas industries; 
4. oil and gas, and others. 

Its oil and gas segment includes five upstream activities: manufacture of oil country tubular goods and line pipes; oil and gas exploration operations; fabrication of oil and gas structures; provision of oilfield services, and supply of oilfield products. The operations of UMW are carried out in Malaysia, Australia, China, Hong Kong, India, Indonesia, Myanmar, Oman, Papua New Guinea, Singapore, Taiwan, Thailand, Turkmenistan and Vietnam. During the year ended December 31, 2009, UMW sold 248,521 units of Toyota and Perodua vehicles.

Current Price (7/1/2011): 7.61
2009 Sales 10,720,861,000
Employees: 10,000
Market Cap: 8,758,836,040
Shares Outstanding: 1,150,964,000
Closely Held Shares: 17,000

2004 DPS 7.2 EPS 16.5
2005 DPS 9.9 EPS 28.0
2006 DPS 13.7 EPS 30.0
2007 DPS 15.9 EPS 43.6
2008 DPS 30.3 EPS 51.8
2009 DPS 24.7 EPS 34.2
9M10 DPS 23.50 EPS 43.55 NTA 3.5939

Recent Financial Results

Announcement Date		Financial Yr. End		Qtr	Period End		Revenue RM '000		Profit/Lost RM'000		EPS		Amended
22-Nov-10		31-Dec-10		3	30-Sep-10		3,087,276		262,199		13.17		-
20-Aug-10		31-Dec-10		2	30-Jun-10		3,282,075		342,994		18.74		-
20-May-10		31-Dec-10		1	31-Mar-10		3,033,157		232,268		11.81		-
23-Feb-10		31-Dec-09		4	31-Dec-09		2,969,431		169,967		9.04		-

Estimated EPS for 2010 = 43.55*4/3 = 58.07 sen
Projected PE for 2010 = 7.61 / 0.5807 = 13.1 x

Historical
5 Yr
PE range 10.4 - 15.4
DY range 5.1% - 3.5%

10 Yr
PE range 9.9 - 14.2
DY range 4.0% - 2.8%

Capital Changes

2003  2/3 Bonus

2008  1 to 2 Share Split