Kenanga Research raised its target price for UMW Holdings
Berhad to 12.53 ringgit per share from 12.37 ringgit
after the firm's oil and gas drilling unit won a $157.68 million
Kenanga said in a research note on Thursday that UMW's
earnings for the financial years 2013 through 2015 are likely to
be higher by 1.0-1.3 percent due to the contract win.
UMW Standard Drilling Sdn Bhd won a three-year contract for
the provision of a jack-up drilling rig from Petronas Carigali
Sdn Bhd, a unit of Malaysia's national oil company Petroliam
Shares in UMW Holdings were trading down 0.15 percent at
13.36 ringgit while the benchmark index was up 0.31
percent at 1701.46.
0940 (0140 GMT)
(Reporting by Siva Sithraputhran in Kuala Lumpur; Editing by
siva.sithraputhran.thomsonreuters.com. Reuters Messaging: