UMS Holdings Ltd - Time to Add | I3investor

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UMS Holdings Ltd - Time to Add

StockFanatic

Publish date: Mon, 11 May 2015, 01:49 PM

We deem UMS's 1Q15 core net profit, at 24% of our full-year estimates, to be in line with historical trends. Earnings benefited from the stronger US$. The usual first quarter 1 Scts DPS was declared. UMS expects its business to "remain stable in the coming quarters" and that "2015 will continue to be a profitable year". We leave our forecasts unchanged. We believe UMS is once again on track for yoy earnings recovery in 2H, hence our upgrade to Add, based on 1.38x CY15 P/BV. Re-rating catalysts are earnings momentum, M&A and new customers.

At the current share price, the highly sustainable 5Scts base case DPS (9.8% yield in FY15-17) with limited downside supports our upgrade. A key risk is further share sale by major shareholder.

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