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).
根據今日（7月15日星期一）的RHB投資銀行報告，該國科技板塊顯示出有前途的復甦前景，半導體銷售回暖，增長前景強勁。
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在科技板塊保持超配評級，包括馬來西亞太平洋工業、檳傑科達和CTOS Digital爲推薦標的。布爾薩馬來西亞科技指數上漲，與投資銀行的觀點一致，即企業盈利已觸底並迎來新的半導體行業旋渦。
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）的業績表現參差不齊，太平洋工業和Datasonic Group因利潤率和訂單增加而超越預期，而五家公司由於項目推遲和利潤率下降表現不佳。儘管業績表現不一，但核心PATAMI總體同比增長28.6%，由半導體行業的復甦推動。在業績回顧之後，RHb將FY24F的盈利預測下調了3.2%，主要針對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.
半導體行業協會編制的全球半導體銷售數據顯示，逐漸復甦，預測2024年增長16%，2025年增長12.5%。這一新的行業週期得到邏輯集成電路的支持，特別是AI服務器相關領域，電源管理集成電路以及智能手機和內存空間的復甦，以及中國市場的恢復。早期的自動測試設備（ATE）領域的復甦跡象和前端半導體空間的發展，增強了RHb對行業復甦在2H24加速和2025年整體行業復甦的信心。
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.
對於非半導體增長前景，數據中心、基礎設施支出、IT更新和升級，以及數字經濟的擴張預計將持續強勁的需求和項目推出。到2024年下半年，板塊盈利可能繼續呈現同比和環比增長，保持強勁的板塊興趣。市場預計FY24從低基數帶來強勁的增長預期（+ 97%），由行業復甦預期推動。
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在指導中注意到更加樂觀的態度，各個企業提到成交量的恢復，特別是在中國，以及來自中國一加一戰略和一加中國戰略的新機遇和客戶，因爲各個中國企業從中國基地進行多元化。最近美國的關稅提高可能會導致某些供應鏈中斷，但馬來西亞被視爲此升級的受益者。
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.
馬來西亞政府宣佈的國家半導體戰略（NSS），撥款250億令吉，承諾增加國內直接投資（DDIs）和外商直接投資（FDIs）。該戰略旨在增強合作，提高價值鏈，並支持該行業的長期結構性成長。