Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>UMS Holdings' stock price has been oversold in the past several weeks. It posted excellent results in 4Q 2021 and its valuations have become more attractive. </li>
<li>If the global semiconductor cycle undergoes a major downtrend, UMS Holdings would not be immune from such downturn and the company is likely to experience lower sales and profit growth.</li>
<li>We believe that UMS Holdings has 20% to 40%+ upside from current levels over the next one year, based on historical valuation multiples in the past three years. </li>
</ul>


UMS Holdings' stock price has been oversold in the past several weeks. It posted excellent results in 4Q 2021 and its valuations have become more attractive. 
If the global semiconductor cycle undergoes a major downtrend, UMS Holdings would not be immune from such downturn and the company is likely to experience lower sales and profit growth.
We believe that UMS Holdings has 20% to 40%+ upside from current levels over the next one year, based on historical valuation multiples in the past three years. 


UMS Holdings: Excellent Results in 2021 & Valuation Has Become More Attractive After Recent Sell-Off

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Capital Markets

Applied Materials / Equity Capital Markets

<ul><li>Applied Materials is in a unique position today as the demand for semiconductors has never been higher or wider, and the supply chain's ability to meet it in the short term is limited.</li><li>The company’s orders have been at an all-time high and general macro-economic factors indicate that the demand for semiconductors is not expected to slow in 2022.</li><li>The team expects semiconductor and wafer fab equipment to grow much faster than the economy, providing Applied Materials with significant opportunities.</li></ul>

Applied Materials is in a unique position today as the demand for semiconductors has never been higher or wider, and the supply chain's ability to meet it in the short term is limited.The company’s orders have been at an all-time high and general macro-economic factors indicate that the demand for semiconductors is not expected to slow in 2022.The team expects semiconductor and wafer fab equipment to grow much faster than the economy, providing Applied Materials with significant opportunities.

Applied Materials: Financial & Price Forecasts

<ul><li>Despite navigating a rather dynamic market, Applied Materials managed to deliver a strong quarterly result.</li><li>The company operates in almost every key supply fabrication equipment market and has strong relationships with all chipmakers across the globe.</li><li>The management anticipates that if these supply restrictions had not ensued, Applied Materials' Q4 revenues would have been at least $300 million higher.</li></ul>

Despite navigating a rather dynamic market, Applied Materials managed to deliver a strong quarterly result.The company operates in almost every key supply fabrication equipment market and has strong relationships with all chipmakers across the globe.The management anticipates that if these supply restrictions had not ensued, Applied Materials' Q4 revenues would have been at least $300 million higher.

Applied Materials Inc. - Investment Thesis

<ul>
<li>UMS Holdings is a beneficiary of continued strong global demand for semiconductor chips and equipment. </li>
<li>The company had excellent results in 3Q 2021. Its total sales rose by 50% YoY to SGD 67.6 million net profit also increased by 17% YoY in 3Q 2021.</li>
<li>There has been an increasing bullish sentiment on the global aerospace sector and the company's tuck-in acquisitions in the aerospace sector in the past several years now appear more attractive.</li>
</ul>


UMS Holdings is a beneficiary of continued strong global demand for semiconductor chips and equipment. 
The company had excellent results in 3Q 2021. Its total sales rose by 50% YoY to SGD 67.6 million net profit also increased by 17% YoY in 3Q 2021.
There has been an increasing bullish sentiment on the global aerospace sector and the company's tuck-in acquisitions in the aerospace sector in the past several years now appear more attractive.


UMS Holdings: Attractive Valuations & Continued Strong Global Demand for Semiconductor Equipment

<ul><li>Applied Materials delivered record performance in their third quarter, capitalizing on strong, broad-based demand for their semiconductor products and services while navigating a challenging supply environment.</li><li>Applied Materials delivered the highest-ever operating profit, operating margin, and earnings per share with a record free cash flow generation of $1.5 billion.</li><li>The company also repurchased $1.5 billion of stock during the third quarter and returned 111% of free cash flow to stockholders, including dividends.</li></ul>

Applied Materials delivered record performance in their third quarter, capitalizing on strong, broad-based demand for their semiconductor products and services while navigating a challenging supply environment.Applied Materials delivered the highest-ever operating profit, operating margin, and earnings per share with a record free cash flow generation of $1.5 billion.The company also repurchased $1.5 billion of stock during the third quarter and returned 111% of free cash flow to stockholders, including dividends.

United States

Applied Materials, Inc. develops, manufactures, markets, and services semiconductor wafer fabrication equipment and related spare parts for the worldwide semiconductor industry.  The Company's customers include semiconductor wafer and integrated circuit manufacturers, flat panel liquid crystal displays, solar photovoltaic cells and modules and other electronic devices manufacturers.

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Applied Materials (AMAT US)

UMS Holdings: Excellent Results in 2021 & Valuation Has Become More Attractive After Recent Sell-Off

UMS Holdings' stock price has been oversold in the past several weeks. It posted excellent results in 4Q 2021 and its valuations have become more...

Douglas Kim

Applied Materials: Financial & Price Forecasts

Applied Materials is in a unique position today as the demand for semiconductors has never been higher or wider, and the supply chain's ability to...

Baptista Research

Applied Materials Inc. - Investment Thesis

Despite navigating a rather dynamic market, Applied Materials managed to deliver a strong quarterly result. The company operates in almost every...

Baptista Research

UMS Holdings: Attractive Valuations & Continued Strong Global Demand for Semiconductor Equipment

Three key catalysts of UMS Holdings include continued strong global demand for semiconductor chips, bullish sentiment on the global aerospace...

Douglas Kim

Applied Materials Inc. - Investment Thesis

Applied Materials delivered record performance in their third quarter, capitalizing on strong, broad-based demand for their semiconductor products...

Baptista Research

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