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7.20   -0.27 (3.61%)  7.03 - 7.45  1,097,000
4,514 comment(s). Last comment by quahsb at May 11, 2021 1:40 PM
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millionology
197 posts

Posted by millionology > Apr 27, 2021 3:44 PM | Report Abuse

@quahsb - last year april unisem is trading at 1x to 2 only...now 7.9 boss.


ahheng
11 posts

Posted by ahheng > Apr 27, 2021 8:14 PM | Report Abuse

Unisem (M) Bhd today first quarter net profit from continuing operations jumped about ninefold to RM45.79 million from RM5.32 million a year earlier as revenue rose on higher sales volume. Unisem revenue from continuing operations rose to RM373.94 million in the first quarter ended March 31, 2021 (1QFY21) from RM255.16 million a year ago.


apple168
4367 posts

Posted by apple168 > Apr 28, 2021 7:37 PM | Report Abuse

We hv big sharks insider news, goreng to dump…


quahsb
491 posts

Posted by quahsb > Apr 29, 2021 10:05 AM | Report Abuse

Unisem’s 1Q21 core net profit of RM45m (QoQ: -32%, YoY: -RM6m in 1Q20) was in line. Although top line gained sequentially, bottom line was weaker attributable to unfavourable sales mix, higher manpower cost and D&A. 2Q21 revenue outlook is guided to be +5-8% QoQ as order visibility remains robust. Chengdu is expected to see stronger growth ahead and contribute about 55% to the group over Ipoh’s 45%. Reiterate BUY with unchanged TP of RM9.88, pegged to 33x of FY22 EPS.

Within expectations. 1Q21 core earnings of RM45m (QoQ: -32%, YoY: -RM6m in 1Q20) matched our and street full year estimates at 23% and 21%, respectively. This is deemed to be in line considering seasonal weakness. 1Q21 one-off items include inventories write-down (+RM69k), forex gain (-RM445k) and grant income received (- RM275).

Dividend. None (1Q20: None).

QoQ. Despite unfavourable forex (1Q21: RM4.06/USD vs 4Q20: RM4.11/USD), top line gained 2% on the back of higher sales volume achieved. In USD term, sales expanded by 3% to USD92m. However, core earnings shrunk by 32% to RM45m due to (1) unfavourable revenue mix (higher contribution from lower-margin leaded and leadless products); (2) higher payroll costs due to salary increment, bonus and newly hired 250 operators in Chengdu; and (3) higher D&A (+4%).

YoY. While impacted by less favourable forex (1Q20: RM4.17/USD), top line gained 37%, mainly driven by higher sales volume. From continuing operations, sales actually strengthened 47% (50% in USD term). Bottom line turned profitable from 1Q20’ core loss of RM6m as Unisem was impacted by Covid-19 disruptions in Ipoh and Chengdu while winding down Batam plant.

Chengdu. Utilization rates remain high in both wafer bumping, assembly and test. It has awarded contracts for construction of Phase 3 building with target completion in Sept 2022.

Ipoh. Utilization rates are wafer bumping in UAT is low due to wafer shortage. Assembly and test is optimal except wafer level packaging.

Outlook. 2Q21 revenue is expected to be +5% to +8% QoQ (in USD term) with good order visibilities across all market segments. Contribution split between Chengdu and Ipoh in assembly and test is 55:45 and the former is expected to see stronger growth.

Forecast. Unchanged.

Reiterate BUY with unchanged TP of RM9.88, pegged to 33x of FY22 EPS. Despite trade war and Covid-19 risks, Unisem’s prospect has improved with (1) closure of loss-making Batam plant; (2) favourable forex; (3) gradual synergistic relationship with TSHT; and (4) healthy balance sheet.


quahsb
491 posts

Posted by quahsb > Apr 29, 2021 10:07 AM | Report Abuse

1QFY21 CNP of RM45.8m (+761% YoY; -25% QoQ) is in line with our/street expectation at 20/22% of full-year estimate. The QoQ drop is due to hiring costs and new equipment added to cater for overwhelming orders for subsequent quarters. Unisem is optimistic, expecting high single-digit QoQ growth in 2QFY21 on the back of strong demand for wafer bumping in its Chengdu plant and WLCSP which command higher margins than normal leaded/leadless packages. Phase 3 expansion in Chengdu will commence soon with completion expected in 2H 2022. Maintain OUTPERFORM with an unchanged TP of RM10.00.

Within expectations. In the quarter that is typically it’s weakest, this best ever 1Q CNP delivery of RM45.8m (+761% YoY; -25% QoQ) met our high expectations representing 20% and 22% of our and street’s full year forecast.

YoY, 1QFY21 revenue surged by 47% to RM373.9m (+50% in USD terms to US$91.9m), as the group registered higher loading volumes for all its packages across the board due to pent-up demand for semiconductor chips.

QoQ, 1QFY21 CNP fell 24.8% to RM45.8m despite a 2.1% increase in revenue to RM373.9m. The larger quantum of decline in CNP could be explained partially by the 4.4% higher depreciation cost as new equipment was added to the facility. In addition, there was an increase in payroll cost with newly added 280 new operators and technicians in Chengdu plant post-Chinese New Year holidays coupled with upward adjustments in salary to retain and incentivise its workforce.

Bright prospects. The group indicated that the margin impact from the newly added staff will be temporary as the extra workforce is well needed to accommodate the overwhelming demand in its Chengdu plant, especially for wafer bumping and wafer-level chip scale packaging (WLCSP). Phase 3 expansion in Chengdu is expected to commence very soon and will be completed by 2HFY22, which will double its current floor space. While Ipoh plant is experiencing strong orders in other packages, its bumping facility utilisation rate is relatively lower than Chengdu as its American customers in Ipoh did not manage to secure enough wafers. That said, the group is optimistic that the roaring demand in Chengdu will be able to offset the temporary shortfall until bumping orders return to Ipoh site strongly in 3Q or 4Q 2021. To capitalise on that, Unisem is also revisiting the idea of building a plant in its 32 acres land in Gopeng.

Maintain FY21E and FY22E CNP of RM235.3m and RM254.6m.

Maintain OUTPERFORM with unchanged Target Price of RM10.00 based on higher FY21E PER of 31x at +1.5SD to 3-year mean.

Risks to our call include: (i) weaker-than-expected USD/MYR, (ii) slower-than-expected adoption of 5G, and (iii) worsening US-China trade war.

Source: Kenanga Research - 28 Apr 2021


MF0001
793 posts

Posted by MF0001 > May 2, 2021 9:24 PM | Report Abuse

UNKER MEET ONE GODDESS IN DREAM TODAY

THE GODDESS TELL UNKER

IF U NOT READY

BETTER WAIT LOWER

SO UNKER SAID WHAT IS LOW?

SHE SAID LOOK DOWN

WHEN UNKER LOOK DOWN

UNISEM REALLY DOWN

:DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD


MF0001
793 posts

Posted by MF0001 > May 2, 2021 9:24 PM | Report Abuse

UNKER JUST JOKING

DONT TAKE UNKER SERIOUSLY

UNKER NO GORENG TIS STOK

SO DONT FIND UNKER

GO FIND KENANGA

:DDDDDDDDDDDDDDDDDDDDDDDDDDDD


quahsb
491 posts

Posted by quahsb > May 3, 2021 12:04 PM | Report Abuse

pressed down for collection eh? 7.00 coming?


wallstreetrookie
2816 posts

Posted by wallstreetrookie > May 11, 2021 7:52 AM | Report Abuse

Buy. Oversold


quahsb
491 posts

Posted by quahsb > May 11, 2021 9:01 AM | Report Abuse

I will let it stabilize around 7.00-7.20 before taking any action. Wait and see.


pang72
43389 posts

Posted by pang72 > May 11, 2021 9:26 AM | Report Abuse

Tech stock crashing now..

Avoid


apple168
4367 posts

Posted by apple168 > May 11, 2021 12:59 PM | Report Abuse

As what we predicted earlier… repeatedly reminding to sell at best price…


apple168
4367 posts

Posted by apple168 > May 11, 2021 1:01 PM | Report Abuse

Those who refuse to listen, face the musics now… we understand your pain… ego and greed kill!


quahsb
491 posts

Posted by quahsb > May 11, 2021 1:40 PM | Report Abuse

come back 7.00 and start to fish

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