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Hot Stock Unisem gains 2.06% on firm 1Q15 results
by Cals Thu 30 Apr 2015, 01:00
Hot Stock
Unisem gains 2.06% on firm 1Q15 results
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By Surin Murugiah / theedgemarkets.com | April 29, 2015 : 9:20 AM MYT
KUALA LUMPUR (April 29): Shares of [size=14]Unisem (M) Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) rose in early trade today after the company posted a firm set of 1Q15 results.
At 9.07am, Unisem was up 2.06% or five sen to RM2.48 with 190,000 shares done.
CIMB Research has maintained its “Add” rating on Unisem at RM2.43 with a higher target price of RM2.65 (from RM2.50) and said Unisem’s 1Q15 core net profit was slightly ahead of house expectation at 25% of its full-year estimate, but in line with consensus at 21%.
In a note today, the research house said Unisem posted a RM21.5 million core net profit in 1Q15 versus RM100,000 core net loss in 1Q14 on the back of a higher utilisation rate and improving product mix from advanced packages.
“Management’s guidance of a 10-15% sequential revenue growth for 2Q15 due to robust demand from wafer-level chip scale package (WLCSP) and bumping services for the communication segment was a positive surprise for us.
“As such, we raise our FY15-17 EPS forecasts by 6-20% and increase our target price to RM2.65, based on 17x CY16 P/E, 1 s.d. above its historical mean.
“Sustainable margin improvements and a higher dividend payout are potential catalysts that support our Add rating,” it said.
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Unisem gains 2.06% on firm 1Q15 results
[You must be registered and logged in to see this image.]
By Surin Murugiah / theedgemarkets.com | April 29, 2015 : 9:20 AM MYT
KUALA LUMPUR (April 29): Shares of [size=14]Unisem (M) Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) rose in early trade today after the company posted a firm set of 1Q15 results.
At 9.07am, Unisem was up 2.06% or five sen to RM2.48 with 190,000 shares done.
CIMB Research has maintained its “Add” rating on Unisem at RM2.43 with a higher target price of RM2.65 (from RM2.50) and said Unisem’s 1Q15 core net profit was slightly ahead of house expectation at 25% of its full-year estimate, but in line with consensus at 21%.
In a note today, the research house said Unisem posted a RM21.5 million core net profit in 1Q15 versus RM100,000 core net loss in 1Q14 on the back of a higher utilisation rate and improving product mix from advanced packages.
“Management’s guidance of a 10-15% sequential revenue growth for 2Q15 due to robust demand from wafer-level chip scale package (WLCSP) and bumping services for the communication segment was a positive surprise for us.
“As such, we raise our FY15-17 EPS forecasts by 6-20% and increase our target price to RM2.65, based on 17x CY16 P/E, 1 s.d. above its historical mean.
“Sustainable margin improvements and a higher dividend payout are potential catalysts that support our Add rating,” it said.
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