Title Universal Microwave Technology (3491 TT) D/G Neutral
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Title:Universal Microwave Technology (3491 TT) D/G Neutral
Download File:3491 TT UMT note 210125--sinopac.pdf 
Summary:Downgrade to Neutral: Current headwinds for Universal Microwave Technology (UMT) include 1) GM erosion from stronger TWD vs. USD, 2) the pandemic-delayed certification and ramp-up schedules for a Korean equipment makerí»s tender, and 3) unattractive valuation at 24x 2021F P/E as of the JAN 22 market close. We will revisit the stock when we see signs of conspicuous sales growth fueled by the ramp up of shipment to the Korean client.
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