UMS - UOB Kay Hian 2023-11-15: 3Q23 results In Line With Expectations; Outlook Remains Buoyant

• UMS's 3Q23 earnings of S$15m (-64% y-o-y/+32% q-o-q) were in line with expectations, with 9M23 earnings of S$44m (-46% y-o-y) forming 73% of our full-year estimate. UMS benefitted from improved material margins which grew 0.7ppt y-o-y due to higher US$/S$ exchange rates and renewal of its integrated system contract with its key customer.
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3Q23 earnings in line with expectations, margins expanded due to forex and new contract terms.

• UMS Holdings (SGX:558) reported 3Q23 earnings of S$15m (-64% y-o-y/+32% q-o-q), with 9M23 earnings of S$44m (-46% y-o-y) being in line, forming 73% of our full-year estimate.
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Revenue continued to show signs of stabilisation

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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/.

Read also UOB's most recent report:
2024-08-14 UMS - 2Q24 Earnings Below Expectations Due To Forex; Slow Ramp-up Of New Customer.

Previous report by UOB:
2024-05-14 UMS - 1Q24 Earnings Miss Expectations, Expect Near-Term Softness; Downgrade To SELL.

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