Customer DependencyHistorically, around 80% of UMS’s revenue on average has been attributed to Applied Materials (AMAT). Disruptions to the relationship or weakness in AMAT’s end-demand could significantly weigh.
Lack Of Near Term CatalystsNear term catalysts for UMS are lacking as the recovery from its key customer is only expected from 4Q24 onwards, while the order momentum from its new customer is still slow.
Weak DemandWeak demand from its key customer is expected to continue affecting the group, with volume production for its new customer still low.