Singapore Stock Market News

UMS - Mind-Blowing Results

StockFanatic
Publish date: Mon, 03 Mar 2014, 10:20 AM
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UMS's 4Q13 results topped our raised expectations, with SGD11.0m profits (+805.8% y-o-y) on the back of SGD34.5m revenue (+59.3% y-oy). Going forward, FY14 looks to be a bright year for the semiconductor industry. Trading at a 7.2x FY14 P/E, UMS offers an extremely attractive forward yield of 10.7%.

Maintain BUY, with our DCF-based TP raised to SGD0.88 (WACC: 12.4%, terminal growth: 0%).
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