UMS's 9M22 earnings of S$82m (+73% y-o-y) are above our expectations, forming 104% of our 2022F estimate as UMS continues to benefit from solid expansion of wafer fabs worldwide.
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We raised our 2022 and 2023 EPS by 27% and 29%. Upgrade UMS to BUY with a 29% higher target price of S$1.38.
UMS's 9M22 earnings benefited from strong expansion of global wafer fabs.
UMS Holdings (SGX:558)’s 9M22 earnings of S$82m (+73% y-o-y) are above our expectations, forming 104% of our full-year estimate as UMS continues to benefit from the strong performances of its Semiconductor Integrated System and component sales.
- Read this at SGinvestors.io -
All of UMS's key geographies experienced growth. Malaysia and the "others" market reported the strongest growth, clocking in triple-digit sales increases. Revenue in Malaysia grew 124% and revenue in the “others” market soared 147% in 9M22. Sales in Singapore went up by 48%, while revenue in Taiwan and the US increased by 28% and 12% respectively.
UMS’s outlook remains robust with a huge order backlog and it is ready to take on more orders from new customers.
Read more at SGinvestors.io.
Above is an excerpt from a report by UOB Kay Hian Research. Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.
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