Results Note � Uchi Tech (BUY, upgrade) - Smelling the coffee Uchi�s 2Q17 results were above expectations. We raise our 2017-19 EPS forecasts by 14%-30% to account for the improved near-term outlook resulting from better demand for high-end automated coffee machines from its end-customer Jura. With the improved prospects, undemanding valuation (2018E PE of 13x) and attractive 2018E yield of 7.6%, we upgrade Uchi to BUY and with a higher TP of RM2.67.
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