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




Affin Hwang Investment Bank Bhd


09 Oct 2012





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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%).

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