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Author: StockFanatic   |   Latest post: Wed, 15 Aug 2018, 11:33 AM

 

UMS Holdings Ltd - Never hurts to be cautious

Author:   |    Publish date:   |  >> Read article in Blog website


■ We deem 1Q18 sales, at 21% of our full-year forecast, to be below expectations. In FY17, 1Q accounted for 26% of its full-year revenue.

■ However, 1Q18 core net profit at 20% of our full-year expectation was roughly in line with the historical pattern of FY17 (1Q17: 22% of full-year core net profit).

■ Declared 1 Scts DPS. In a net cash position of S$23.8m at end-1Q18.

■ We are concerned over the 10% yoy revenue decline in 1Q which could suggest the start of a slowdown in customer demand for FY18F.

Cut TP to S$1.21, based on a lower 2.81x P/BV multiple (previously 2.95x).
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Labels: UMS

Related Stocks

Chart Stock Name Last Change Volume 
UMS 0.78 -0.01 (1.27%) 6,949,700 

Market Buzz

Date Type Subject
14-Aug-2018 Announcement Financial Statements and Related Announcement::Second Quarter and/ or Half Yearly Results
14-Aug-2018 Announcement Cash Dividend/ Distribution::Mandatory
13-Aug-2018 Announcement Asset Acquisitions and Disposals

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