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Maybank IB Research upgraded Malaysia's conglomerate UMW Holdings Bhd to buy with a higher target price of 8.35 ringgit per share as it saw potential recoveries at the latter's automotive and oil and gas sectors.

"With market already absorbing the anticipated weak first quarter of this year and its 2011 kitchen-sinking exercise, UM now offers a recovery play angle with modest growth and undemanding valuations, supported by a decent dividend yield of six percent," the broker said in a research note on Monday.

Maybank lifted its net earnings forecast on UM by 10-11 percent in 2012-2013, while it also upped UMW's dividend per share forecast to 41 sen in 2012 and 46 sen in 2013.

By 0210 GMT, UM shares rose 0.40 percent, outperforming the Malaysian benchmark stock index that dropped 0.54 percent.

(Reporting by Yantoultra Ngui in Kuala Lumpur; yantoultra.ngui@thomsonreuters.com) ****************************************************************

STOCKS NEWS MALAYSIA-Hong Leong ups Digi.com to hold

Hong Leong Investment Bank Research upgraded Digi.com Bhd to hold and raised its target price to 3.77 ringgit per share from 3.17 ringgit previously, citing positive outlook ahead for the country's No.3 telco.

"Mobile internet growth, margin improvements from its network sharing with Celcom and further capital management could see additional returns to shareholders," the broker said in a research note on Monday.

Hong Leong said Digi's network sharing with Celcom was executed well and the cost savings from the collaboration was expected to materialise more significantly in the second half of this year.

By 0147 GMT, Digi's shares rose 0.26 percent, outperforming the Malaysia's benchmark stock index that shed 0.32 percent.

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STOCKS NEWS MALAYSIA-Maybank raises UMW to buy