This is on the backing of UMS Holdings’ key customer, Applied Materials (AMAT), reporting its first 1QFY2024 results in Feb. The firm recorded its second consecutive q-o-q revenue growth since it started declining three quarters ago, notes Cheong.
Ahead of UMS Holdings (SGX:558
) ’ full year results, UOB Kay Hian (UOBKH) has raised its target price by 19% to $1.85 from $1.65 previously, in anticipation of improving market dynamics in the semiconductor industry.
Analyst John Cheong maintains his “buy” call, and expects UMS to report $16 million in its 4QFY2023 ended Deb 31, 2023 earnings, its first q-o-q earnings recovery since the semiconductor industry went into a downcycle in 1Q2023.
