UMS Holdings May Gain From Revenue Recovery, Client's Positive Outlook -- Market Talk

Dow Jones02-22

0217 GMT - UMS Holdings stands to benefit from revenue recovery and the positive outlook of its key client Applied Materials, UOB Kay Hian analyst John Cheong says in a research note. Applied Materials' semiconductor segment posted its second straight on-quarter revenue growth, the analyst notes, adding that the company's positive outlook is consistent with UMS' buoyant outlook. The Singapore-listed precision engineering group should also benefit from an agreement with a new customer for a renewable three-year contract, the analyst adds. The brokerage raises UMS Holdings' target price to S$1.85 from S$1.65 with an unchanged buy rating. Shares are 2.05% higher at S$1.49. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

February 21, 2024 21:17 ET (02:17 GMT)

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