DBS Group Research’s Ling Lee Keng has maintained her “buy” call and raised her target price for UMS Holdings to $1.83 from $1.57. 

In a May 11 report, Ling noted “a strong start to the year” for UMS, pointing out that the company has recorded 1QFY2021 revenue of $49.6 million, which is up 42% y-o-y, and 13% higher q-o-q. 

This was driven by the sustained increase in semiconductor demand. Furthermore, 1QFY2021 net profit of $15.4 million was up 44% y-o-y, and accounts for 31% of DBS’s FY2021 forecast, which is above expectations. 

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