UMW – better performance with a hold target RM 12.00

3rd quarter results indicated 10% improved revenue and net profit almost doubled. For its industry, a PE of 12-15 times are fair to the market. 3 quarters earnings push potential PE back to 10. Thus, we upgrade its new value to RM 12.00

We like new Camry launching and the recovery of oil and gas industry. Especially its oil and gas arm pending listing. We recommended a hold or buy when dip as long term hold.