Bursa Malaysia Stock Watch
RHB Sector Update - Semiconductor
kltrader
Publish date: Wed, 04 Apr 2012, 10:31 AM
kltrader
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Sector Update
Semiconductor ' Feb chip sales fell but gaining momentum Neutral
Sector Update
Unisem ' Fair value is RM1.53 based on 1x forward FY12 P/BV Market Perform
MPI ' Fair value is RM3.40 based on 1x forward CY12 P/BV Market Perform
Notion Vtec ' Fair value is RM2.14 based on 8x CY12 FD EPS Market Perform
- Feb global chip sales of US$22.9bn were down 7.3% yoy, although this was slightly better than Jan's decline of 8.8% yoy. Similarly, the mom sales decline of 1.3% was narrower vs. Jan's decline of 2.7%, suggesting that the decline in chip demand has bottomed on the back of inventory replenishment and stronger wafer sales.
- While there is still a lack of earnings visibility in the near term, we believe that the sector has reached the bottom in the current downturn. We thus reiterate our Neutral stance on the sector with a positive bias on the longer-term outlook.
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