RHB Cuts Full Year Earnings For Inari, Unisem
RHB Cuts Full Year Earnings For Inari, Unisem
The country's technology sector showed a promising recovery outlook with a rebound in semiconductor sales and strong growth prospects, according to reports by RHB Investment Bank (RHB) today (July 15, Monday).
根据今日（7月15日星期一）的RHB投资银行报告，该国科技板块显示出有前途的复苏前景，半导体销售回暖，增长前景强劲。
RHB maintained an OVERWEIGHT rating in the technology sector, with top picks including Malaysian Pacific Industries, Pentamaster Corporation, and CTOS Digital. The Bursa Malaysia Technology Index trended upwards, aligning with the investent bank's thesis of bottomed-out earnings and a new semiconductor upcycle.
RHb在科技板块保持超配评级，包括马来西亚太平洋工业、槟杰科达和CTOS Digital为推荐标的。布尔萨马来西亚科技指数上涨，与投资银行的观点一致，即企业盈利已触底并迎来新的半导体行业旋涡。
The 1st Quarter 2024 (1Q24) results were mixed, with MPI and Datasonic Group exceeding expectations due to higher margins and orders, while five companies underperformed due to project delays and margin compression. Despite these mixed results, aggregate core PATAMI grew by 28.6% YoY, driven by the semiconductor sector's recovery. Following the results review, RHB cut FY24F earnings by 3.2%, primarily for Inari Amertron and Unisem.
2024第一季度（1Q24）的业绩表现参差不齐，太平洋工业和Datasonic Group因利润率和订单增加而超越预期，而五家公司由于项目推迟和利润率下降表现不佳。尽管业绩表现不一，但核心PATAMI总体同比增长28.6%，由半导体行业的复苏推动。在业绩回顾之后，RHb将FY24F的盈利预测下调了3.2%，主要针对Inari Amertron和Unisem。
Global semiconductor sales, as compiled by the Semiconductor Industry Association, showed a sustained recovery, with a forecasted 16% growth for 2024 and 12.5% in 2025. This new upcycle was supported by logic integrated circuits, especially in the AI server-related space, power management integrated circuits, and recovery in the smartphone and memory spaces, along with China's market recovery. Early recovery indications in the automatic test equipment (ATE) space and traction in the front-end semiconductor space bolstered RHB's belief in a sector recovery gaining pace in 2H24 and a broad sector recovery in 2025.
半导体行业协会编制的全球半导体销售数据显示，逐渐复苏，预测2024年增长16%，2025年增长12.5%。这一新的行业周期得到逻辑集成电路的支持，特别是AI服务器相关领域，电源管理集成电路以及智能手机和内存空间的复苏，以及中国市场的恢复。早期的自动测试设备（ATE）领域的复苏迹象和前端半导体空间的发展，增强了RHb对行业复苏在2H24加速和2025年整体行业复苏的信心。
For non-semiconductor growth prospects, data centres, infrastructure spending, IT refresh and upgrade, and the expansion of the digital economy were expected to see sustained strong demand and project roll-out. Sector earnings were likely to continue showing YoY and HoH increases in 2nd Half of 2024 (2H24), maintaining strong sector interest. The market anticipated robust growth expectations (+97%) for FY24 from a low base, driven by sector recovery expectations.
对于非半导体增长前景，数据中心、基础设施支出、IT更新和升级，以及数字经济的扩张预计将持续强劲的需求和项目推出。到2024年下半年，板块盈利可能继续呈现同比和环比增长，保持强劲的板块兴趣。市场预计FY24从低基数带来强劲的增长预期（+ 97%），由行业复苏预期推动。
RHB noted a more optimistic tone from guidance, with players citing volume recovery, especially in China, and new opportunities and clientele from the China Plus One strategy and One Plus China Strategy as various Chinese firms diversified from their China base. Recent US tariff hikes might cause certain supply chain disruptions, but Malaysia was seen as a net beneficiary of this escalation.
RHb在指导中注意到更加乐观的态度，各个企业提到成交量的恢复，特别是在中国，以及来自中国一加一战略和一加中国战略的新机遇和客户，因为各个中国企业从中国基地进行多元化。最近美国的关税提高可能会导致某些供应链中断，但马来西亚被视为此升级的受益者。
The National Semiconductor Strategy (NSS) announced by the Malaysian Government, with an allocation of RM25bn, promised increased domestic direct investment (DDIs) and foreign direct investment (FDIs). This strategy aimed to enhance collaboration, move up the value chain, and support the sector's long-term structural growth domestically.
马来西亚政府宣布的国家半导体战略（NSS），拨款250亿令吉，承诺增加国内直接投资（DDIs）和外商直接投资（FDIs）。该战略旨在增强合作，提高价值链，并支持该行业的长期结构性成长。