Historical Investment Data for UMW (7.6.2010)
http://spreadsheets.google.com/pub?key=tOedmb48POVTSD45xSQHWpQ&output=html
Showing posts with label UMW. Show all posts
Showing posts with label UMW. Show all posts
Monday 7 June 2010
Friday 21 May 2010
A quick look at UMW (21.5.2010)
A quick look at UMW (21.5.2010)
http://spreadsheets.google.com/pub?key=tQhf3FL0inyTABbF4g8_jdw&output=html
Sunday 2 May 2010
A quick look at UMW (2.5.2010)
UMW Holdings Berhad Company
Business Description:
UMW Holdings Berhad. The Group's principal activities are the importing, assembling and marketing passenger and commercial vehicles and related spares and manufacturing original and replacement of automotive parts. Other activities include manufacturing and trading oil pipes and providing various oil and gas services including drilling and pipe coating, trading wide range of light and heavy equipment ,marketing of established agency lines, rebuilding and repair of heavy equipment and diesel engines, manufacturing engine, treading of tubings and casings and manufacturing of couplings for oil and gas industry, vehicle exhaust systems, kangaroo bars, filters and seats, manufacture and assembly of power steering pumps and shock absorbers, blending, packaging, marketing and distribution of lubricants and provision of support services, provision of information technology services, property development and investment holding. Operations of the Group are carried out in Malaysia and Overseas.
Wright Quality Rating: BBB1
A quick look at UMW (2.5.2010)
http://spreadsheets.google.com/pub?key=tzdm-V8ZSvV8pv_fn-UQOlg&output=html
Business Description:
UMW Holdings Berhad. The Group's principal activities are the importing, assembling and marketing passenger and commercial vehicles and related spares and manufacturing original and replacement of automotive parts. Other activities include manufacturing and trading oil pipes and providing various oil and gas services including drilling and pipe coating, trading wide range of light and heavy equipment ,marketing of established agency lines, rebuilding and repair of heavy equipment and diesel engines, manufacturing engine, treading of tubings and casings and manufacturing of couplings for oil and gas industry, vehicle exhaust systems, kangaroo bars, filters and seats, manufacture and assembly of power steering pumps and shock absorbers, blending, packaging, marketing and distribution of lubricants and provision of support services, provision of information technology services, property development and investment holding. Operations of the Group are carried out in Malaysia and Overseas.
Wright Quality Rating: BBB1
A quick look at UMW (2.5.2010)
http://spreadsheets.google.com/pub?key=tzdm-V8ZSvV8pv_fn-UQOlg&output=html
Tuesday 5 January 2010
UMW Hldgs raised to 'outperform'
Published: 2010/01/05
UMW Holdings Bhd, a Malaysian assembler of Toyota cars, was upgraded to “outperform” from “neutral” at CIMB Investment Bank Bhd which sees auto sales gradually recovering in the country.
Its share price forecast was raised to RM8.10 from RM7.25, the research house said in a report today. -- Bloomberg
UMW Holdings Bhd, a Malaysian assembler of Toyota cars, was upgraded to “outperform” from “neutral” at CIMB Investment Bank Bhd which sees auto sales gradually recovering in the country.
Its share price forecast was raised to RM8.10 from RM7.25, the research house said in a report today. -- Bloomberg
Tuesday 24 November 2009
Hong Leong raises EPS forecast for UMW
Hong Leong raises EPS forecast for UMW
Written by Chong Jin Hun
Monday, 23 November 2009 14:55
KUALA LUMPUR: Hong Leong Investment Bank Bhd has raised its earnings per share forecast for UMW HOLDINGS BHD [] by up to 6% in financial years ending December 2009 and 2010. This is in anticipation that a recovering economic landscape will result in better car sales for the company.
The franchise holder of Toyota cars in Malaysia is also expected to register better financials against the backdrop of a weakening US dollar, besides lower advertising and promotion expenses.
"Higher consumer spending will lift auto earnings and UMW will see margin expansion from depreciating USD," Hong Leong analyst Jason Saw Koon Khim wrote in a note to clients today.
Saw has also upgraded his recommendation for UMW shares from Sell to Hold with a new target price of RM6.90 based on a higher price to earnings ratio (PER) of 15 times FY10 earnings.
The stock currently trades at a PER of 14 times FY10 earnings compared to FBM KLCI's 15 times, and pure auto stocks's seven times to 12 times.
The valuation premium of UMW compared to pure auto stocks is deemed justified by virtue of UMW's status as a big-cap entity, and the company's diversified operations.
"We think (UMW's) share price has fully priced in the earnings recovery as the stock’s PER valuation has expanded from 11 times to 14 times FY10 earnings."
http://www.theedgemalaysia.com/business-news/154252-hong-leong-raises-eps-forecast-for-umw.html
Written by Chong Jin Hun
Monday, 23 November 2009 14:55
KUALA LUMPUR: Hong Leong Investment Bank Bhd has raised its earnings per share forecast for UMW HOLDINGS BHD [] by up to 6% in financial years ending December 2009 and 2010. This is in anticipation that a recovering economic landscape will result in better car sales for the company.
The franchise holder of Toyota cars in Malaysia is also expected to register better financials against the backdrop of a weakening US dollar, besides lower advertising and promotion expenses.
"Higher consumer spending will lift auto earnings and UMW will see margin expansion from depreciating USD," Hong Leong analyst Jason Saw Koon Khim wrote in a note to clients today.
Saw has also upgraded his recommendation for UMW shares from Sell to Hold with a new target price of RM6.90 based on a higher price to earnings ratio (PER) of 15 times FY10 earnings.
The stock currently trades at a PER of 14 times FY10 earnings compared to FBM KLCI's 15 times, and pure auto stocks's seven times to 12 times.
The valuation premium of UMW compared to pure auto stocks is deemed justified by virtue of UMW's status as a big-cap entity, and the company's diversified operations.
"We think (UMW's) share price has fully priced in the earnings recovery as the stock’s PER valuation has expanded from 11 times to 14 times FY10 earnings."
http://www.theedgemalaysia.com/business-news/154252-hong-leong-raises-eps-forecast-for-umw.html
Tuesday 17 November 2009
A steadier ride for UMW in 3Q
A steadier ride for UMW in 3Q
Tags: Brokers Call | UMW Holdings (M) Bhd | UOB Kay Hian research
Written by Financial Daily
Tuesday, 17 November 2009 11:02
UMW Holdings (M) Bhd
(Nov 16, RM6.32)
Hold at RM6.30: We expect UMW to post sequentially stronger 3Q09 results, with core pre-tax profit rising by over 10% quarter-on-quarter (q-o-q), lifted by the gradual recovery of auto sales volumes.
We expect to see continued improvement in the overall total industry volume (TIV) as consumer sentiment and spending gradually recover after the steep contractions experienced in Jan-Apr 2009.
Toyota’s unit sales rose 8.9% q-o-q in 3Q09 to just over 22,000 units with a recovery in sales of the Vios and Altis models (although Toyota’s overall 3Q09 sales were still down 15.5% year-on-year).
Year to date, sales are down 24.8% y-o-y after an exceptionally strong 2008.
UMW’s 38%-owned associate Perodua’s upcoming entry into the multi-purpose vehicle (MPV) segment on Nov 23 should mildly lift its contributions to UMW’s bottom line. Perodua commands a 31% market share of the overall auto industry and accounted for just under 5% of UMW’s pre-tax profit in 2008.
Priced at RM56,000 to RM64,000 for a 1.5-litre engine, the MPV marks Perodua’s entry into the fast-growing segment, which already accounts for almost 12% of TIV, year to date.
Perodua’s entry into the MPV segment will also mitigate market share losses experienced by Toyota’s models in the segment following the launch of Proton’s Exora in April 2009.
We expect 22%-owned associate WSP Holdings Ltd to also post a better 2H09 as improving prospects of the oil equipment industry in China should mitigate any weakness in the North American OCTG (oil country tubular goods) market.
2010 should be a recovery year with group earnings to recover by 34%, driven particularly by the auto and oil and gas (O&G) division, with the latter’s growth driven by sales and margin recovery at WSP, full impact contribution from 34%-owned Zhongyou BSS (China).
The positive impact of the US dollar’s weakness against the ringgit will begin filtering through to UMW’s bottom line starting 4Q09.
To recap, we estimate that every 1% depreciation of the US dollar theoretically raises net income by 2% (taking into consideration savings from dollar-denominated costs at UMW-Toyota, translation gains from US dollar debt, offset by some dollar-denominated earnings from the O&G division and associate companies).
However, associate Perodua will be hurt by the strengthening yen (which is up around 10% versus the ringgit since this year’s lows). We estimate that every 1% rise in the yen rate would cause a 0.7% decline in UMW’s earnings.
While we are optimistic about the group’s prospects across all divisions, we do not see much near-term upside to valuation, which is already at 14 times 2010F price earnings (PE). This is at par with the peak valuations reached in 2007 when oil prices were at record highs.
We maintain hold and sum-of-the-parts valuation of RM6.56. A good entry price would be at the RM6 level. Meanwhile, the potential listing of the O&G division, which may materialise only in 2H10, is neutral to the stock unless crude oil prices spike significantly higher. — UOB Kay Hian Research, Nov 16
This article appeared in The Edge Financial Daily, November 17, 2009.
Tags: Brokers Call | UMW Holdings (M) Bhd | UOB Kay Hian research
Written by Financial Daily
Tuesday, 17 November 2009 11:02
UMW Holdings (M) Bhd
(Nov 16, RM6.32)
Hold at RM6.30: We expect UMW to post sequentially stronger 3Q09 results, with core pre-tax profit rising by over 10% quarter-on-quarter (q-o-q), lifted by the gradual recovery of auto sales volumes.
We expect to see continued improvement in the overall total industry volume (TIV) as consumer sentiment and spending gradually recover after the steep contractions experienced in Jan-Apr 2009.
Toyota’s unit sales rose 8.9% q-o-q in 3Q09 to just over 22,000 units with a recovery in sales of the Vios and Altis models (although Toyota’s overall 3Q09 sales were still down 15.5% year-on-year).
Year to date, sales are down 24.8% y-o-y after an exceptionally strong 2008.
UMW’s 38%-owned associate Perodua’s upcoming entry into the multi-purpose vehicle (MPV) segment on Nov 23 should mildly lift its contributions to UMW’s bottom line. Perodua commands a 31% market share of the overall auto industry and accounted for just under 5% of UMW’s pre-tax profit in 2008.
Priced at RM56,000 to RM64,000 for a 1.5-litre engine, the MPV marks Perodua’s entry into the fast-growing segment, which already accounts for almost 12% of TIV, year to date.
Perodua’s entry into the MPV segment will also mitigate market share losses experienced by Toyota’s models in the segment following the launch of Proton’s Exora in April 2009.
We expect 22%-owned associate WSP Holdings Ltd to also post a better 2H09 as improving prospects of the oil equipment industry in China should mitigate any weakness in the North American OCTG (oil country tubular goods) market.
2010 should be a recovery year with group earnings to recover by 34%, driven particularly by the auto and oil and gas (O&G) division, with the latter’s growth driven by sales and margin recovery at WSP, full impact contribution from 34%-owned Zhongyou BSS (China).
The positive impact of the US dollar’s weakness against the ringgit will begin filtering through to UMW’s bottom line starting 4Q09.
To recap, we estimate that every 1% depreciation of the US dollar theoretically raises net income by 2% (taking into consideration savings from dollar-denominated costs at UMW-Toyota, translation gains from US dollar debt, offset by some dollar-denominated earnings from the O&G division and associate companies).
However, associate Perodua will be hurt by the strengthening yen (which is up around 10% versus the ringgit since this year’s lows). We estimate that every 1% rise in the yen rate would cause a 0.7% decline in UMW’s earnings.
While we are optimistic about the group’s prospects across all divisions, we do not see much near-term upside to valuation, which is already at 14 times 2010F price earnings (PE). This is at par with the peak valuations reached in 2007 when oil prices were at record highs.
We maintain hold and sum-of-the-parts valuation of RM6.56. A good entry price would be at the RM6 level. Meanwhile, the potential listing of the O&G division, which may materialise only in 2H10, is neutral to the stock unless crude oil prices spike significantly higher. — UOB Kay Hian Research, Nov 16
This article appeared in The Edge Financial Daily, November 17, 2009.
Thursday 15 October 2009
UMW may reapply for O&G unit listing
UMW may reapply for O&G unit listing
By Francis Fernandez
Published: 2009/09/09
The assembler of Toyota Motor Corp cars in Malaysia will likely submit a fresh IPO application to the Securities Commission by end-month
UMW Holdings Bhd (4588), the assembler of Toyota Motor Corp cars in Malaysia, will likely submit a fresh initial public offer application to the Securities Commission (SC) by month-end to list its oil and gas (O&G) subsidiary, TA Research said in a report yesterday.
The research house, which held discussions with the UMW management recently, said that the group has to update and make several key amendments to the new application in tandem with the changes seen in the group's O&G division over the past year.
UMW, which started its oil and gas business in 2002 currently has projects in 12 countries including Singapore, Thailand, China, Indonesia and the Middle East.
For the year ended December 31 2008, UMW's O&G division posted RM754.66 million revenue, making the third largest contributor to the group revenue, which was dominated by the automotive division, raking in sales of RM10.03 billion.
UMW have been looking to raise as much as RM425 million by selling shares of its O&G unit to the public. It had announced the listing plans in February last year, but stalled on the floatation plan due to weak market conditions.
"The exercise has since been postponed twice, with the second extension from the SC valid till September 30 2009. Although UMW now has less than 30 days to list its O&G unit, the group has not provided investors with any new updates on the status of the listing," TA said in the report.
It speculates that UMW could bid its time, and possibly list the O&G unit by as early as the second half of next year, when market conditions are expected to be much better than now.
http://www.btimes.com.my/Current_News/BTIMES/articles/umwz/Article/
By Francis Fernandez
Published: 2009/09/09
The assembler of Toyota Motor Corp cars in Malaysia will likely submit a fresh IPO application to the Securities Commission by end-month
UMW Holdings Bhd (4588), the assembler of Toyota Motor Corp cars in Malaysia, will likely submit a fresh initial public offer application to the Securities Commission (SC) by month-end to list its oil and gas (O&G) subsidiary, TA Research said in a report yesterday.
The research house, which held discussions with the UMW management recently, said that the group has to update and make several key amendments to the new application in tandem with the changes seen in the group's O&G division over the past year.
UMW, which started its oil and gas business in 2002 currently has projects in 12 countries including Singapore, Thailand, China, Indonesia and the Middle East.
For the year ended December 31 2008, UMW's O&G division posted RM754.66 million revenue, making the third largest contributor to the group revenue, which was dominated by the automotive division, raking in sales of RM10.03 billion.
UMW have been looking to raise as much as RM425 million by selling shares of its O&G unit to the public. It had announced the listing plans in February last year, but stalled on the floatation plan due to weak market conditions.
"The exercise has since been postponed twice, with the second extension from the SC valid till September 30 2009. Although UMW now has less than 30 days to list its O&G unit, the group has not provided investors with any new updates on the status of the listing," TA said in the report.
It speculates that UMW could bid its time, and possibly list the O&G unit by as early as the second half of next year, when market conditions are expected to be much better than now.
http://www.btimes.com.my/Current_News/BTIMES/articles/umwz/Article/
Sunday 11 October 2009
UMW shares trading at rich valuations
UMW shares trading at rich valuations
Tags: Brokers Call | OSK Research | UMW
Written by Financial Daily
Friday, 09 October 2009 10:39
OSK Research Sdn Bhd has raised its fair value for UMW HOLDINGS BHD [] shares by 12% in anticipation of better performance at the diversified firm’s automotive, and oil and gas (O&G) units.
The upward revision in UMW’s share price was despite OSK reiterating its sell call for the stock whose valuations are deemed more expensive compared to its peers. UMW shares are also overvalued compared to its net tangible assets (NTA) or book value, according to the research firm.
“Pending further developments from its oil and gas division, we continue to retain our earnings estimates at this juncture,” OSK wrote in a note.
UMW shares are deemed fairly valued at RM5.27, compared with the earlier forecast of RM4.27.
The higher target price for UMW is derived from a higher price-to-earnings ratio (PER) estimates for the automotive and oil and gas divisions. This is in anticipation of UMW, the franchise holder for Toyota vehicles in Malaysia, selling more cars next year.
Meanwhile, the O&G unit is expected to do better on expectation that its earnings would be helped by incoming contracts from oil majors as crude oil demand recovers.
At a PER of 23 times financial year (FY) 2009 earnings, and 16 times FY10 earnings, UMW’s share valuations are deemed costlier than its peers which are trading at 13 times and 10 times, respectively.
“The counter has consistently traded at a premium of 50% to 80% against the auto sector PER, partly due to the oil and gas play since 2007,” OSK said.
UMW’s O&G arm UMW Oil & Gas Bhd will be closely watched as it is expected to seek listing on the Malaysian bourse soon. Its planned flotation, originally scheduled for the third quarter of last year, was postponed twice due to unfavourable market conditions.
The exercise was expected to raise about RM425 million. Following the expiry of authorities’ approval for the initial listing proposal, UMW is now considering submitting a new flotation plan to the Securities Commission.
The proposal has to be revised because the number of operating units under UMW Oil & Gas is expected to more than double to 30 from 14 entities under the original arrangement.
With more operating units on board, UMW Oil & Gas is expected to seek a better value for its initial public offering (IPO).
UMW was traded unchanged at RM6.40 yesterday.
This article appeared in The Edge Financial Daily, October 9, 2009.
Tags: Brokers Call | OSK Research | UMW
Written by Financial Daily
Friday, 09 October 2009 10:39
OSK Research Sdn Bhd has raised its fair value for UMW HOLDINGS BHD [] shares by 12% in anticipation of better performance at the diversified firm’s automotive, and oil and gas (O&G) units.
The upward revision in UMW’s share price was despite OSK reiterating its sell call for the stock whose valuations are deemed more expensive compared to its peers. UMW shares are also overvalued compared to its net tangible assets (NTA) or book value, according to the research firm.
“Pending further developments from its oil and gas division, we continue to retain our earnings estimates at this juncture,” OSK wrote in a note.
UMW shares are deemed fairly valued at RM5.27, compared with the earlier forecast of RM4.27.
The higher target price for UMW is derived from a higher price-to-earnings ratio (PER) estimates for the automotive and oil and gas divisions. This is in anticipation of UMW, the franchise holder for Toyota vehicles in Malaysia, selling more cars next year.
Meanwhile, the O&G unit is expected to do better on expectation that its earnings would be helped by incoming contracts from oil majors as crude oil demand recovers.
At a PER of 23 times financial year (FY) 2009 earnings, and 16 times FY10 earnings, UMW’s share valuations are deemed costlier than its peers which are trading at 13 times and 10 times, respectively.
“The counter has consistently traded at a premium of 50% to 80% against the auto sector PER, partly due to the oil and gas play since 2007,” OSK said.
UMW’s O&G arm UMW Oil & Gas Bhd will be closely watched as it is expected to seek listing on the Malaysian bourse soon. Its planned flotation, originally scheduled for the third quarter of last year, was postponed twice due to unfavourable market conditions.
The exercise was expected to raise about RM425 million. Following the expiry of authorities’ approval for the initial listing proposal, UMW is now considering submitting a new flotation plan to the Securities Commission.
The proposal has to be revised because the number of operating units under UMW Oil & Gas is expected to more than double to 30 from 14 entities under the original arrangement.
With more operating units on board, UMW Oil & Gas is expected to seek a better value for its initial public offering (IPO).
UMW was traded unchanged at RM6.40 yesterday.
This article appeared in The Edge Financial Daily, October 9, 2009.
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