Broker: UOB Kay Hian
Date of Report: Wednesday, 18 March 2026

Excerpt from UOB Kay Hian report.

Report Summary

• UltraGreen.ai (UGAI SP) is expected to benefit from multiple positive developments, including increased demand for its ICG vials due to a cyberattack on a major competitor, Stryker, and continued expansion in APAC with new regulatory approvals.
• The company boasts strong financials with a robust net cash position, high margins, and is trading at a substantial discount to peers, making it an attractive BUY with a target price of US\$1.95 and an upside potential of 27%.

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