Stock Name: UMW
Company Name: UMW HOLDINGS BHD
UMW Holdings Bhd's share price rose today on the back of a US$130 million (US$1=RM3.05) contract extension from Petronas Carigali Sdn Bhd for the provision of a drilling rig.
As at 11am today, UMW share perked eight sen or 0.59 per cent, to
RM13.48, with 249,300 shares traded.
Kenanga Research in a note today viewed the contract extension as positive, given the higher charter rates of US$180,000 per day, as compared to the current US$139,000.
"We have adjusted our earnings forecast accordingly, although the impact is immaterial," it added.
The research firm also expects UMW and its subsidiary, Perodua, to retain their leadership in the non-national and national passenger car segment respectively.
UMW announced yesterday that it has been awarded a contract extension for the NAGA 1 contract for a further period of two years, commencing August 20, 2016.
Kenanga has maintained a "market perform" view on UMW with a higher target price of RM14 from RM12.53 previously.-- Bernama
Company Name: UMW HOLDINGS BHD
| Research House: KENANGA | Price Call: BUY | Target Price: 14.00 |
UMW Holdings Bhd's share price rose today on the back of a US$130 million (US$1=RM3.05) contract extension from Petronas Carigali Sdn Bhd for the provision of a drilling rig.
As at 11am today, UMW share perked eight sen or 0.59 per cent, to
RM13.48, with 249,300 shares traded.
Kenanga Research in a note today viewed the contract extension as positive, given the higher charter rates of US$180,000 per day, as compared to the current US$139,000.
"We have adjusted our earnings forecast accordingly, although the impact is immaterial," it added.
The research firm also expects UMW and its subsidiary, Perodua, to retain their leadership in the non-national and national passenger car segment respectively.
UMW announced yesterday that it has been awarded a contract extension for the NAGA 1 contract for a further period of two years, commencing August 20, 2016.
Kenanga has maintained a "market perform" view on UMW with a higher target price of RM14 from RM12.53 previously.-- Bernama
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