UMS Integration (UMSINT MK) (Buy) - 1Q26 earnings call takeaways

研报英文原文证据摘录

UMS Integration (UMSINT MK) (Buy) - 1Q26 earnings call takeaways

Global Markets Research

UMS Integration UMSI.KL UMSINT MK 12 May 2026

EQUITY: TECHNOLOGY

Rating1Q26 earnings call takeaways Remains Buy

Target pricePotential new share issuance could improve trading Increased from MYR 10.42liquidity; maintain Buy at higher TP of MYR10.42 MYR 7.81

Hoping for advanced packaging to take off under key customer A Closing12 May 2026price MYR 8.00

UMS hosted its earnings call today (12 May) post its 1Q26 results announced yesterday (

note). On its existing key semi customer A, management confirmed that demand for its Implied upside +30.3%

current components for deposition and etching machines has improved, with stronger

volume traction progressively over the next few quarters. It also expects the run-rate Market Cap (USD mn) 1,807.1

under its Integrated Systems division to pick up steadily based on the customer’s ADT (USD mn) 0.1

guidance. Management shared that prototype advanced packaging equipment has been

shipped to the end-customer, with the group having passed the qualification. UMS is Relative performance chart

hoping for mass production for this new product come 2027E/2028E.

New semi customer L scaling up; long-term revenue target of ~SGD300mn

On its new semi customer L, management reiterated strong ramp-up visibility, and it

remains confident that it can achieve its 2026E revenue target of SGD70mn from the

customer. In the long term, management reaffirmed its revenue target of SGD300mn from

this customer alone by leveraging the customer’s supply chain localization. The group is

currently working on several new product initiatives with the same customer to expand its

product offerings, while current run-rates on existing projects are also improving.