Unisem Bhd's share price jumped 57 sen or 12.95% to a 10-year high of RM4.97, driven by bullish sentiment strengthened by its latest quarterly earnings set.
Unisem, which is one of the most profitable counters on Bursa Malaysia, saw its market capitalization increase to RM3.48 billion.
During the break, the stock closed at RM4.97.
Shares of the company jumped 219% from its lowest level of RM1.56 on April 3.
Following that, investment analysts have updated or confirmed their 'buy' proposal against the semiconductor manufacturer after the third quarter earnings ended September 30 (3QFY20) exceeded expectations.
Unisem recently announced its net profit of RM49.45 million for 3QFY20 and its revenue increased to RM357.68 million.
Meanwhile, CGS-CIMB Research analyst, Mohd. Shanaz Noor Azam reiterated the 'add' proposal to Unisem given the company's strong revenue prospects.
CGS-CIMB also increased the target price (TP) to RM5.50 from RM4.25 after predicting net profit for the financial year ended 31 December 2020 (FY20), FY21 and FY22 jumped to RM115.1 million, RM149.7 million and RM183. 3 million.
"We expect Unisem to maintain a high level of capital expenditure exceeding RM200 million in 2020-2021F to support its new program for radio frequencies, energy management chips and microphone sensors," said Mohd. Shanaz in his note today.
