UMS Holdings - CGS-CIMB Research 2024-02-05: A Timely Placement

UMS Holdings - A Timely Placement

UMS (SGX:558) | SGinvestors.ioUMS (SGX:558)
  • On 1 Feb 2024, UMS announced the successful completion of a placement of 40m new shares at S$1.29 per share to institutional investors. Of the S$49.98m net proceeds raised, 60% would be ear-marked for capex, 20% for working capital, and 20% for potential joint ventures or acquisitions.
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  • The placement price of S$1.29 translates into a historical FY22 P/E of 8.8x and 14.4x/11.5x/10.4x our pre-placement FY23-25F EPS forecasts.

4Q23F performance likely similar to 3Q23

  • We think UMS could report 4Q23F revenue of S$85.7m (+20.3% q-o-q, -15.1% y-o-y) as market conditions improved moderately in 4Q23F and higher prices for its system integration business kicked in.
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  • Hence, we think UMS's 4Q23F net profit could be S$15.8m (+3.0% q-o-q, -2.1% y-o-y).

Revenue from new customer could gather pace in FY24-25F.

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Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @

William TNG CFA CGS-CIMB Research | 2024-02-05

Previous report by CGS-CIMB:
2023-11-13 UMS - Remains Optimistic On FY24 Outlook.

Price targets by 2 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


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