3QFY6/21 NP of S$34.3m (a 56-fold increase yoy) was in line, despite logistical disruptions which continued to hamper sales volume. Earnings could continue on an uptrend in 4QFY21, as production capacity growth offsets a gradual decline in ASP. UGHC trades at an undemanding valuation of 5.4x CY22F P/E, and backed by net cash of S$50m. Maintain Add, with a DCF-based TP of S$1.20.
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