3QFY26: Orderbook improves to MYR270mn: Both front-end and back-end semi momentum remain upbeat; maintain Buy with a higher TP of MYR7.47

研报英文原文证据摘录

3QFY26: Orderbook improves to MYR270mn: Both front-end and back-end semi momentum remain upbeat; maintain Buy with a higher TP of MYR7.47

Global Markets Research

UWC UWCB.KL UWC MK 23 June 2026

EQUITY: TECHNOLOGY

Rating3QFY26: Orderbook improves to MYR270mn Remains Buy

Target priceBoth front-end and back-end semi momentum remain Increased from MYR 7.47upbeat; maintain Buy with a higher TP of MYR7.47 MYR 5.90

3QFY26: Continued semi segment momentum fuels topline growth q-q/y-y Closing23 June price2026 MYR 6.10

UWC’s 9MFY26 core profit of MYR70.8mn was within expectations, at 70%/72% of our/Bloomberg

consensus’ full-year estimates. 3QFY26 revenue at MYR151.5mn increased 11% q-q and 59% y-y Implied upside +22.5%

driven by a strong recovery in the semiconductor segment. The semiconductor segment’s (82% of

overall revenue) revenue at MYR123.4mn was up 18% q-q and 106% y-y, while the life sciences Market Cap (USD mn) 1,626.5

and medical segment’s (6% of overall revenue) revenue at MYR9.5mn declined 23% q-q (-48% y- ADT (USD mn) 5.9

y). UWC will host an earnings briefing on 24 June.

Relative performance chartCurrent orderbook stands at MYR270mn

UWC’s current orderbook stands at MYR270mn (vs MYR250mn at the end of 2QFY26), with the

semiconductor/life sciences & medical segments contributing 92%/7% of the total (vs 88%/12% in

2QFY26). Notably, the front-end semiconductor segment makes up 40% of its total semi orderbook

(vs ~50% in 2QFY26), with the remaining 60% attributable to the back-end semi exposure. In its

official Bursa release, management mentioned that the group continues to expand its presence in

the front-end semi engineering space, having secured several modules from the industry while

working on more project transfers and new product developments.