UMS: Reported 2Q10 net profit of $7.48m, against a net loss of $22.9m last year due to the sharp turnaround in global demand for semicon equipment. Notably, its semiconductor sales rose 438% yoy to $30.8m in 2Q10, accounting for 87% of the total revenue. Meanwhile, sales from its Contract Equipment Manufacturing trebled to $4.5m mainly attributed to increased shipments from its O&G customers.
Looking ahead, mgtm continues to stay positive on the industry outlook with orders from key customers remain strong for the next two quarters. Underpinned by solid cash flows, UMS has also announced an interim dividend of 1 cts per share. The stock is currently trading at an undemanding valuation of 6x forward PER and supported with yield of 7%.
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