Equity Analysis /

MY : Unisem - Record sales and net profit in Mar quarter

    Mohd Shanaz Noor Azam
    Mohd Shanaz Noor Azam

    Technology Analyst

    27 April 2022
    Published by

    1Q22 net profit was in line at 20%/21% of our/consensus FY22F forecasts. The group expects 8-10% qoq US$ sales growth in 2Q22F, driven by higher shipment volume from longer working days and higher ASP at Unisem Ipoh. However, we cut FY22-24F EPS by 6-9% to account for higher utilities and labour cost in the coming quarters. Reiterate Add with a lower RM3.70 TP.