Semiconductor Sales Remained Robust in 1H22
The Semiconductor Industry Association (SIA) announced another upbeat global semiconductor performance following sales that grew by 13% YoY in June 2022 to USD50.8bn thanks to strong sales across all major regional markets and product categories. On a MoM basis, the global semiconductor sales pulled back slightly after it dropped by 2% no thanks to weaker sales across all major markets. Overall, the global semiconductor sales remained robust in 1H22, an increase of 21% YoY to USD305bn which made up 47% of the World Semiconductor Trade Statistics (WSTS) full year 2022 forecast.
June 2022 Semiconductor Sales Powered by the US Market
The US market recorded the strongest sales growth in June following an increase of 29% YoY, followed by Japan (+16% YoY), Europe (+12% YoY). China’s semiconductor sales remained uninspiring after recording only a 5% YoY growth as output was dampened by rampant closure following its zero-COVID policy.
Remain Optimistic on Semiconductor Outlook
We remain optimistic on semiconductor outlook given aggressive network migration to 5G and therefore, 5G smartphone sales, higher adoption of internet of Things (IoT), augmented reality (AR), artificial intelligence (AI) – a combination of driver that will boost demand for semiconductor. This will be added by an expected recovery in automotive segment, growing demand for electrical vehicles (EV), and data centre – additional impetus for semiconductor industry in 2022 and likely into 2023.
OVERWEIGHT Call on the Sector
We maintain an OVERWEIGHT call on the semiconductor, Technology sub-sector with a BUY call on Inari (TP: RM3.75) and MPI (TP: RM44.20).
Source: BIMB Securities Research - 3 Aug 2022
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INARICreated by kltrader | Sep 11, 2024
Created by kltrader | Sep 09, 2024
Created by kltrader | Sep 09, 2024
Created by kltrader | Sep 09, 2024