MY : UMW Holdings - Shifting into top gear

1Q21 core net profit was in line, at 28%/27% of our/consensus’ FY forecasts. We expect UMW to sustain its healthy auto sales volume in 2H21F, driven by robust order visibility from new launches and Toyota EZ Beli financial plan. Reiterate Add and RM4.20 TP, still based on 14x CY22F P/E.

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