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Analyst Research Report Snapshot


Company Update – UMW (ADD, maintain) - Positives largely priced-in, limited upside from hereon




Affin Hwang Investment Bank Bhd


02 Jan 2013





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Large cap outperformed KLCI by 69% in 2012, catalysts priced-in This initial large cap laggard outperformed KLCI by 69% in 2012. Key drivers were: (1) improving earnings visibility with contribution from the Group’s three rigs and no heavy provisions expected for full year FY12 (c. RM330m kitchen sinking exercise undertaken in FY11); (2) strong Toyota model launches (market share inched up by 2.2ppt to 16.7%); and (3) active capital management – promising 6% net yield at the start of the year. Today, the stock trades at 13.5x CY13 EPS (above its 5- year average PER of 12.0x) but below market valuation. Yields have compressed to 3.8%. We believe prospects are largely priced-in.

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