Strong quarterly results and CPO boon for UMB

Kenanga Research in its latest report has upgraded the target price (TP) for UMB to RM5.90 from RM5.40 previously, while retaining a “market perform” rating on the stock.

PETALING JAYA: Analysts have raised United Malacca Bhd’s (UMB) earnings projections for the financial year (FY) 2022 to FY24 following the planter’s recent above expectation third quarter of FY22 results and higher crude palm oil (CPO) price forecasts.

Kenanga Research in its latest report has upgraded the target price (TP) for UMB to RM5.90 from RM5.40 previously, while retaining a “market perform” rating on the stock.