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Results Note – UMW (ADD, maintain) - A record year, DPS exceeds expectations




Affin Hwang Investment Bank Bhd


26 Feb 2013





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FY12 core net profit of RM954m is inline with Affin and street estimates Against a backdrop of heavy Toyota promotional activities and unfavourable US$ exchange rate, 4QFY12 core net profit fell 21.2% qoq to RM214.3m (-26.7% yoy). Underpinned by the strong 2QFY12 and 3QFY12 earnings traction, the Group has nonetheless manage to grow FY12 core net profit by 18% yoy to RM954m. Headline FY12 net profit doubled from RM485.8m (FY11) to RM951m (FY12) because of heavy O&G and Equipment provisions booked in 4QFY11. The results are inline with Affin and street estimates. The Group declared a final net DPS of 25 sen, bringing full year FY12 net DPS to 50 sen (4.1% net yield).

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