KUALA LUMPUR (May 26): Diversified entity UMW Holdings Bhd’s profit in the first quarter ended March 31, 2014 (1QFY14) was in line with market forecast, according to Hong Leong Investment Bank Bhd.
In a note today, Hong Leong analyst Daniel Wong said UMW Holdings’ core net profit of RM211.8 million in 1QFY14 accounted for 26.3% and 22.4% of Hong Leong’s and consensus full-year forecast respectively.
Last Friday, UMW Holdings reported that 1QFY14 net profit rose 7% to RM235.5 million from RM219.7 million a year earlier. Bottom line growth came on higher profit from its automotive besides oil and gas divisions.
UMW Holdings said revenue climbed to RM3.58 billion from RM3.36 billion.
Today, Hong Leong, which maintained its income forecast for UMW Holdings, has also retained its “buy” call for UMW Holdings shares. The recommendation comes with an unchanged target price of RM12.55.
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