- UMS announced 3Q25 revenue y-o-y decline of 9% to S$59.3m while PATMI rose 1% y-o-y to S$10.5m, below consensus and our estimates.
- 4Q25 should improve due to the ramp up of the new customer as more parts are being qualified.
AMAT contribution likely to be lower in 1H26E
- - Read this at SGinvestors.io -
New customer continues to ramp up
- As of 9M25, revenue from Malaysia and others rose by 164% to S$25.2m and 26% y-o-y to 11.7m. We believe about 70% of these revenues can be attributed to the new customer.
- Management remains bullish on the growth trajectory and expects revenues to potentially double in FY26E from its new customer.
1-4 bonus + more dividends
- - Read this at SGinvestors.io -
- 4Q25E should also improve from 3Q25E due to ramp up in new orders for its new customer.
Maintain BUY with an unchanged target price of S$1.59
- Read more at SGinvestors.io.
