Equity Analysis /

MY : UMW Holdings - Wheel-y strong start

    Mohd Shanaz Noor Azam
    Mohd Shanaz Noor Azam

    Technology Analyst

    16 April 2021
    Published by

    We forecast solid 1Q21F earnings for UMW due to robust sales volume from UMWT and Perodua, up 61% and 29% yoy, respectively. UMW also stands to benefit from the proposed ECRL re-alignment that could attract more buyers for its landbank assets in Serendah HVM Park. Reiterate Add and RM4.20 TP, still based on 14x CY22F P/E.