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.
Equity Analysis /Malaysia
MY : Unisem - Record sales and net profit in Mar quarter
Mohd Shanaz Noor AzamFollow
Technology Analyst @ CGS-CIMB