Equity Analysis /
Malaysia

MY : UMW Holdings - Wheel-y strong start

    Mohd Shanaz Noor Azam
    Mohd Shanaz Noor Azam

    Technology Analyst

    CGS-CIMB
    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.