Sector Update
Unisem : Fair value reduced to RM3.26 in the 2H strategy report
MPI : Fair value reduced to RM6.80 in the 2H strategy report
- May chip sales grew 47.6% yoy and 4.5% mom vs. +50.4% yoy and +2.2% mom in Apr. May chip sales of US$24.7bn suggests a resilient demand for key electronic devices i.e. smartphones and PCs.
- On 10 Jun, SIA raised its global chip sales forecasts for FY10-11 to 28.4% and 6.3% respectively (vs. 10.2% and 8.4% previously) on the back of a brighter outlook for the industry.
- Nonetheless, we believe that chip sales is will unlikely continue to register sharp yoy growth going into 2H2010 as demand for electronics begins to normalise. Already, chip sales growth appears to have begun to flatten out.
RHB Equity 360° : 7 July 2010 (Semicon, Banks, PLUS, CBIP; Technical: MMC)
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