Analyst Research Report Snapshot

Title:

Results Note – UMW (ADD, maintain) - Record quarterly earnings, 10% above street

Price:

$23.00

Provider:

Affin Investment Bank

Date:

09 Oct 2012

Pages:

3

Type:

AcrobatPDF

Companies referenced:

UMWS.KL

Available for Immediate Download
Summary:

1HFY12 core net profit surged 68% yoy to RM474m, inline with house Strong Toyota sales and superior cost discipline saw the Group doubling 2QFY12 core net profit to RM274.8m (+109.5% yoy; +37.8% qoq). This brings 1HFY12 core net profit to RM474.4m (+67.6% yoy). Annualised, the earnings are inline with house estimates but 10% above street estimates. We expect UMW to chalk up FY12 net profit of RM909.3m (+9.0% yoy) and a 3-year earnings CAGR (FY11-14) of 8.2%. Earnings continue to surprise the market on the upside, likely supporting further share price performance. Maintain ADD with an unchanged RNAV-based RM11.00/share PT. The Group declared a 10 sen net DPS (net yields of 1%) and we project net DPS of 40 sen for FY12 (net yield of 4%).

Why buy analyst research?

  • Institutional quality research
  • Available for Immediate Download
  • Detailed company or industry insight
  • Print or save
  • 24 hour customer support
Return to previous page without adding this item to your cart.
Email Customer Support.

About Analyst Research

Analyst research reports are available for immediate download after purchase. You will have unlimited access to the report for 24 hours after purchase, to download, print or save it as many times as you wish. Analyst Research provided by Reuters does not constitute investment advice, and is not endorsed by Reuters Research. This information is protected by copyright and intellectual property laws. More information on Analyst Research.