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Author: StockFanatic   |   Latest post: Mon, 21 May 2018, 12:34 PM


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

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UMS 0.90 -0.075 (7.69%) 23,704,000 

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