UMS - UOB Kay Hian 2024-02-20: Revenue Recovery & Positive Outlook Of Key Customer; Raise Target Price By 19%

• We expect UMS to report S$16m in 4Q23 earnings (+0% y-o-y/+7%qoq), its first q-o-q earnings recovery since the semiconductor industry went into a downcycle in 1Q23.
• In AMAT’s 1QFY24 results, its semiconductor segment recorded its second consecutive q-o-q revenue growth since it started declining three quarters ago. AMAT also sees improving market dynamics in the semiconductor industry. These trends bode well for UMS.
• - Read this at SGinvestors.io -

Key customer reported positive trends in the latest 1QFY24 results.

• UMS (SGX:558)’s key customer, Applied Materials (AMAT), reported its 1QFY24 results in Feb 24, with its semiconductor segment recording its second consecutive q-o-q revenue growth since it started declining three quarters ago.
• - Read this at SGinvestors.io -

AMAT is seeing improvement across the semiconductor industry.

• 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/.

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.

Price targets by other brokers at UMS Target Prices.

Listing of research reports at UMS Analyst Reports.

Relevant links:
UMS Share Price History,
UMS Announcements,
UMS Dividend Payout Dates & Corporate Actions,
UMS News