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Results Note - Uchi Tech (ADD, maintain) - Tax issue unresolved, 9M13 earnings down 24% yoy




Affin Hwang Investment Bank Bhd


19 Nov 2013





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9M13 net profit declines 24% yoy due to tax Uchi’s 9M13 core net profit declined to 23.6% yoy to RM23.9m largely due to a higher effective tax rate of 27.6% (9M12: 1.7%). 9M13 core net profit was nevertheless within expectations, accounting for 51% and 57% of our and street forecasts respectively, as we remain optimistic that Uchi’s pioneer status would be reinstated. Recall that Uchi’s pioneer status expired in 2012 and management has re-applied for an extension. Management guided that this is still work in progress. While we are optimistic that management will obtain the relevant approvals given Uchi’s newer technology in its current range of microprocessors, any disappointment would however represent the greatest risk to our EPS and DPS forecasts, and hence rating on the stock.

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