KUALA LUMPUR (April 19): CGS-CIMB Research has maintained its "add" rating on UMW Holdings Bhd at RM3.27 with an unchanged target price (TP) of RM4.20 and said the automotive and engineering group stands to benefit from the proposed re-alignment of the East Coast Rail Link (ECRL) Section C towards the northern route via Gombak and Serendah as it has over 700 acres of landbank assets at the Serendah High Value Manufacturing (HVM) Park.
In a note last Friday, CGS-CIMB analyst Mohd Shanaz Noor Azam said UMW Holdings has circa 732.4 acres of vacant land in Serendah HVM Park, with an estimated net book value of RM73 million or RM2.30/sq ft.