Quick Note - UMS Integration (UMSINT MK) (Buy) - 1Q26: Higher component sales q-q and y-y

研报英文原文证据摘录

Quick Note - UMS Integration (UMSINT MK) (Buy) - 1Q26: Higher component sales q-q and y-y

Global Markets Research

UMS Integration UMSI.KL UMSINT MK 11 May 2026

EQUITY: TECHNOLOGY

Rating1Q26: Higher component sales q-q and y-y Remains Buy

Target price MYR 7.81 RemainsQuick Note

Closing price MYR 7.12 11 May 20261Q26 results: Strong semi segment drives topline; aerospace rebounds

UMS’ 1Q26 core profit at SGD12.5mn accounted for 22% of our and Bloomberg

consensus full-year estimates, which we deem within our expectations. 1Q26 revenue at

SGD69.4mn was up 4% q-q and 20% y-y underscored by robust performance in the Research Analysts

semiconductor segment (+4% q-q, +21% y-y). In its official Bursa release, management Malaysia Technology

attributed the strong semi segment performance to higher demand across both component Heng Siong Kong - NSM

and integrated system (IS) sales. Component sales revenue in 1Q at SGD36.5mn hengsiong.kong@nomura.com

increased 14% q-q and 26% y-y supported by improved demand from its new customer L, +603 2027 6894

whereas IS sales revenue at SGD22.4mn was up 14% on a y-y basis. Meanwhile, Research Associates

aerospace’s 1Q26 revenue at SGD7.7mn climbed 14% q-q and 25% y-y, riding on a

Malaysia Technologyrobust global aviation demand recovery, as per UMS. From a geographical standpoint, in

Shubham Kejriwal - NSFSPL1Q26 on a y-y basis, growth was observed across Taiwan (+63% y-y), Malaysia (+28% y-

y) and Others (+256% y-y) markets against the backdrop of higher component shipment

sales to the new customer L’s sites in Korea and Taiwan, alongside the continued ramp-

up in production for the same customer at its Malaysia facility. Meanwhile, Singapore

revenue grew 10% y-y (-8% q-q), mainly attributable to higher IS shipments. In contrast,