KUALA LUMPUR: Shares of Unisem (M) Bhd
dropped marginally as the corporate reported a 21% dip in internet revenue for the third quarter ended Sept 30.
The semiconductor group declined 0.48%, or two sen to RM4.12. It has risen about 30% thus far this 12 months.
Unisem’s internet revenue fell 20.63% to RM40.27mil within the third quarter ended Sept 30, towards RM50.74mil within the earlier corresponding quarter on the again of decrease income at its Ipoh operations.
Its income stood at RM366.36mil, up 2.4% from RM357.68mil in the identical quarter final 12 months.
The group additionally declared a dividend of two sen per share for the monetary 12 months ending Dec 31, 2021 (FY21), which will likely be paid on Nov 26.
For the nine-month interval ended Sept 30, 2021, Unisem posted a internet revenue of RM140.32mil on income of RM1.14bil.
MIDF Analysis stated Unisem’s 9MFY21 monetary efficiency missed expectations, representing 60.7% and 64.9% of the home and consensus full 12 months forecasts.
“With the reopening of the economic system, we imagine Unisem will seemingly ramp-up its output in 4QFY21 because the manufacturing exercise of the manufacturing sector and staff availability normalised.
“We made no adjustments to our earnings estimates as we predict it was a brief setback for the group as a result of MCO,” it stated.
MIDF believed the group’s outlook would stay strong on robust demand throughout the services and products particularly on wafer degree packaging and micro-electro-mechanical techniques (MEMs) bump.
“The ex-bonus goal worth is pegged to FY22 EPS of 18.2sen and PER of 27.4x which represents a slight premium to the corporate’s 2-year common rolling PER of 23.3x.
“We predict robust demand throughout the services and products particularly on wafer degree packaging and micro-electro-mechanical techniques (MEMs) justifies the valuation premium,” it stated.
MIDF has maintained its “purchase” name on Unisem with an unchanged goal worth of RM5.
TA Securities stated Unisem’s 9MFY21 internet revenue of RM141 got here under the home and consensus full-year estimates at 61.5% and 64.6%, respectively.
“We’ve got lower our FY21 earnings estimates by 12.7% to RM199.9mil upon reducing gross sales for the interval by 4.7% to replicate precise 3QFY21 outcomes,” it stated.
TA Securities has maintained its “purchase” name on Unisem however lowered its goal worth to RM5.85 from RM5.90 beforehand, based mostly on a PE a number of of 35.0x towards CY22 EPS.
“We view the sequential weak spot in 3QFY21 as only a momentary blip. We stay sanguine on Unisem’s development prospects, which we count on to be underpinned by its robust order visibility, growth plans to capitalise on strong chip demand, in addition to a longtime and strategic presence in China,” it added.
