- Our last published note on UMS (SGX:558) was on 14 Nov 2022: UMS - 3Q22 A New Record. In this note, we update our view, revise our FY23-24F forecasts and introduce our FY25F forecast for the company.
- - Read this at SGinvestors.io -
UMS’s results commentary suggests a 2Q23 bottom
- In its 1H23 results release, UMS guided that:
- - Read this at SGinvestors.io -
- it has renewed its Integrated System contract with this key customer till end-FY25;
- it has received an in-principle agreement with a new semicon customer for a 3-year contract with a renewal option;
- its expansion plans are on track with its new Penang facilities scheduled to start volume production in Sep 2023;
- its new customer could provide at least US$30m in revenue for FY24F.
- it has also reported better revenue performance in its aerospace segment (1H23: +45% y-o-y to S$10.1m) and is optimistic that there will be growth opportunities as the global aviation industry recovers following the return of air travel post the COVID-19 pandemic.
Reiterate ADD
- Read more at SGinvestors.io.
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
William TNG CFA CGS-CIMB Research | https://www.cgs-cimb.com 2023-08-17
Read also CGS-CIMB's most recent report:
2024-02-05 UMS Holdings - A Timely Placement.
Previous report by CGS-CIMB:
2023-11-13 UMS - Remains Optimistic On FY24 Outlook.
Price targets by 3 other brokers at UMS Target Prices.
Listing of research reports at UMS Analyst Reports.
Relevant links:
UMS Share Price History,
UMS Announcements,
UMS Dividends & Corporate Actions,
UMS News Articles