USM’ 4Q2020 sales were up 9% y-o-y at $44.1 million, bringing FY2020 sales up 24.6% y-o-y at $164.4 million. Gross margins were up 40 basis points y-o-y to 53.3%.
KGI Securities Research has maintained its ‘outperform’ on UMS Holdings with a higher target price of $1.43 from $1.22 previously following its 4Q2020 results ended December 2020.
The higher target price is underpinned by a slightly higher P/E of 15 times, on better than expected associate contributions, improved margins, and further clarity on UMS’s expansion initiatives.
