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Hot Stock Unisem gains 2.75% on upgrade, firmer 1Q earnings
by Cals Thu 28 Apr 2016, 03:11
- Hot Stock
[size=28]Unisem gains 2.75% on upgrade, firmer 1Q earnings
By Surin Murugiah / theedgemarkets.com | April 27, 2016 : 9:45 AM MYTKUALA LUMPUR (April 27): Shares of Unisem (M) Bhd rose 2.75% in thin trade this morning after Hong Leong IB Research upgraded Unisem to “Trading Buy” with a higher target price of RM2.49 (from RM2.39) and said Unisem’s Q16 core net profit was in line with street’s but beat HLIB’s due to stronger-than-expected sales.
At 9.25am, Unisem rose 6 sen to RM2.24 with 167,000 shares done.
In a note today, the research house said diversification of products and market segments (customers) paid off, recording eighth consecutive year-on-year sales growth.
It said capacity utilisation rate was lower mainly due to under-loading situation in Batam.
HLIB Research said 1Q16 CAPEX was slightly higher at RM48.9 million but will not derail its CAPEX budget target.
“2Q16 revenue (in US Dollar) was guided to gain by 5-10% q-o-q while targeting for 6% growth in FY16.
“Upgrade to Trading Buy from Hold as target price was raised by 4.2% from RM2.39 to RM2.49 reflecting our upward revision of EPS.
“Valuation is pegged to lower multiple of 13x of FY16 EPS, down from 15x in consideration of diminishing US Dollar boost,” it said.
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