UMS giving good results

UMS will pay a final dividend of SGD0.035 per share, bringing full-year
dividends to SGD0.065 per share and a yield of around 10%. 

Cash flow remained healthy, though slightly lower due to increased working capital caused by higher business volume. 

Given its healthy cash flow and
increased profitability, we expect FY14 dividends to hit SGD0.07 or a
10.7% yield. 

As UMS pays quarterly dividends, this makes it an attractive dividend proxy to AMAT and the recovering semiconductor industry.