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UMW HOLDINGS BHD UMW (4588)

5.240 0.000 (0.00 %)

High: 5.260     Low: 5.240     Vol: 200,900 Average Vol: 1,998

last updated: 1-Nov-2017 4:56 PM

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[UMW] Will UMW be the next motor stock?

Taken from RHB Invest dated 12/4/10. Tan Chong & Proton has run.

Top Story : Motor - Stronger Rebound in 2010. Overweight.

Tan Chong - Fair Value raised to RM5.26 (from RM3.60 previously) Outperform.
UMW - Fair value increased to RM7.52 (previously RM6.71) based on 16X PER. Outperform
Proton – Fair value is maintained at RM5.48 based on stripped down book value
- With Malaysia’s economic recovery gaining momentum, the motor sector is expected to pick up considerably on the back of: 1) increase in economic activities; 2) better business conditions and 3) improving consumer sentiment.
- Previously, due to the weak economy, we saw consumers’ preference shift towards more economical cars. However, with the economic recovery now gaining traction, we expect consumers to regain their spending power and demand for premium vehicles.
- The weakening US$ and JPY against RM in 2010 will likely lower the imported CKD kits costs given foreign part estimates of 35-40% and 60-70% for Perodua and Toyota cars respectively. YTD, we note that RM has appreciated by 6
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