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Positive 3Q surprise gets UMS Holdings an upgrade; raises expectations of higher special dividend

Broker's Calls

Positive 3Q surprise gets UMS Holdings an upgrade; raises expectations of higher special dividend

Michelle Zhu Published on Mon, Nov 13, 2017 / 12:08 PM GMT+8

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A+

SINGAPORE (Nov 13): CIMB Research is maintaining its “add” call on UMS Holdings while raising its target price to $1.21 from $1.13, as it increases its P/BV multiple to 2.88 times versus 2.8 times previously on higher ROEs.

In a Friday report, CIMB analyst William Tng recalls how the semiconductor equipment manufactuer's recently reported net profit for 3Q17 came in above expectations at 34% of CIMB’s full-year forecast, and is at its highest since the research house initiated coverage on the stock in 2010.

In particular, the group’s gross material margin hit a high of 58.8% in 3Q on better-margin component sales, which accounted for 48% for total turnover during the quarter.

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Positive 3Q surprise gets UMS Holdings an upgrade; raises expectations of higher special dividend

Broker's Calls

Positive 3Q surprise gets UMS Holdings an upgrade; raises expectations of higher special dividend

Primary tabs

Error message

Positive 3Q surprise gets UMS Holdings an upgrade; raises expectations of higher special dividend

Broker's Calls

Positive 3Q surprise gets UMS Holdings an upgrade; raises expectations of higher special dividend

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