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.
Above is an excerpt from a report by Maybank Research. Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.
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