Flood shuts part of earnings. We cut 2012 net profit forecast by 10%.
The prevailing auto parts issue in Thailand and inventory shortfall will
short charge UMW's Toyota sales in 1Q12. We remain less sanguine of the
O&G division, which is unlikely to return to the black in 2012 due
to persistent strong headwinds. UMW remains a Hold with a reduced target
price of RM6.10, based on 11x 2012 EPS (unchanged).
Maybank research (29 November 2011)
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