Equity Analysis /
Malaysia

MY : UMW Holdings - Wheel-y strong start to FY22F

    Mohd Shanaz Noor Azam
    Mohd Shanaz Noor Azam

    Technology Analyst

    CGS-CIMB
    25 May 2022
    Published by

    1Q22 results were in line at 38%/35% of our/consensus FY22F core NP. We see a stronger 2Q22F in view of higher auto sales volume ahead of SST holiday expiry,amidst robust order backlog at UMWT and Perodua. Reiterate Add with an unchanged RM4.00 TP, still based on 14x CY23F P/E.