Maybank Kim Eng has maintained its “buy” call on UMS Holdings with an unchanged target price of $1.36. 

In a note on Oct 1, analyst Lai Gene Lih said UMS did not incur any significant environmental fines in 2019, and had zero reported incidences of discrimination or corruption. He added that related-party transactions were carried out “at arm’s length”. 

Lai cited transactions the UMS made with Sure Achieve Consultant (where the wife of the founder Andy Luong is a director), as well as with Kalf Engineering, where Luong and Stanley Loh (group financial controller) have an interest. 

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