KUALA LUMPUR (March 27) : UMW HOLDINGS BHD [] shares rose as much as 1.1 % or 8 sen to RM7.29 in morning trade on Tuesday after RHB Research Institute raised its earnings forecast and fair value for the company.
In a note on Tuesday, RHB said it has revised upwards its earnings forecast for UMW by between 0.8% and 1% for financial years ending Dec 31, 2012 to 2014. The research house has raised its target price for the stock from RM6.70 to RM7.30.
“UMW is set for a better year operationally and is unlikely to be encumbered by provisioning that has blighted earnings in the past two years. UMW’s share price is expected to be well supported by a reasonably attractive dividend yield," RHB said.
UMW shares were traded at RM7.23 as at 9.18am.
In a note on Tuesday, RHB said it has revised upwards its earnings forecast for UMW by between 0.8% and 1% for financial years ending Dec 31, 2012 to 2014. The research house has raised its target price for the stock from RM6.70 to RM7.30.
“UMW is set for a better year operationally and is unlikely to be encumbered by provisioning that has blighted earnings in the past two years. UMW’s share price is expected to be well supported by a reasonably attractive dividend yield," RHB said.
UMW shares were traded at RM7.23 as at 9.18am.
