1QFY12/10 results.
Unisem’s 1Q net profit of RM41.6m (+18.6% qoq, +280.3% yoy) accounted for 30.9% and 29.6% of our full-year net profit forecast and market consensus respectively. Revenue grew 3.9% qoq and 82.2% yoy to RM329.3m mainly due to stronger sales for broad-based packages on the back of stronger-than-expected demand for technology based products (i.e. smartphones and consumer electronics) from China. Furthermore, EBITDA margin increase 1.3%-pts qoq and 15%-pts yoy to 26.7% due to higher contribution from its higher-margin chip packages as well as lower operating costs.
Unisem Berhad : Strong Start to the Year - 6/5/2010
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