UMS Holdings > Hold (upgraded) CGS-CIMB, Aug 15 Aug 16 close: S$0.60 Target price: S$0.55

UMS Holdings' first half performance is in line with the past nine years' trend. Core net profit accounted for 52 per cent of our full-year forecast compared to the average of 53 per cent in the past nine years.

Despite the 15 per cent year-on-year (yoy) drop in revenue, gross material margin was maintained at 53.1 per cent in Q2.