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Semiconductor Market Rebound Drives Positive Outlook For Local Tech Firms

Semiconductor Market Rebound Drives Positive Outlook For Local Tech Firms

半導體市場回暖推動當地科技公司的積極前景
Business Today ·  01/15 01:30

RHB Investment Bank Bhd (RHB Research) has maintained its OVERWEIGHT stance on the technology sector, highlighting an attractive risk-reward profile as the industry heads into 2025. The sector is trading at a reasonable valuation range of 20-25 times the 2025 forecasted price-to-earnings (P/E) ratio, aligning with its five-year historical average.

RHb投資銀行有限公司(RHb研究)對科技板塊維持超配的立場,強調隨着行業進入2025年,風險收益的吸引力。該板塊的交易估值區間合理,爲2025年預測的市盈率(P/E)爲20-25倍,與其五年的歷史均值一致。

The research house foresees a 39% growth in earnings for the period, underpinned by a stronger US dollar against the ringgit and stable production volumes. The outlook is bolstered further by anticipated urgent order deliveries tied to the impending US tariff hike on Chinese imports.

該研究機構預測該期間的營業收入將增長39%,這得益於美元對林吉特走強和穩定的生產量。前景還受到即將到來的美國對中國進口商品關稅上調所牽涉的緊急訂單交付預期的進一步支持。

The recovery in the global semiconductor market remains intact, according to the Semiconductor Industry Association (SEMI). It has revised its 2024 world semiconductor sales forecast upwards to US$626.9 billion, representing a 19% year-on-year increase. A further 11.2% growth is anticipated in 2025. This broad-based recovery is expected to span all segments, with advancements in automated test equipment and traction in front-end semiconductor operations offering early signs of sustained growth. Additionally, SEMI predicts a rise in test, assembly and packaging equipment sales by 7.4% in 2024 and an acceleration in 2025.

根據半導體行業協會(SEMI)的數據,全球半導體市場的復甦仍然完好。該協會已將2024年全球半導體銷售預測上修至6269億美元,同比增長19%。預計2025年還將增長11.2%。這一全面復甦預計將覆蓋所有行業板塊,自動測試設備的進步及前端半導體操作的牽引爲持續增長提供了早期跡象。此外,SEMI預測2024年測試、組裝和包裝設備銷售將增長7.4%,並將在2025年加速。

RHB Research observed that the sector remains under-owned following a steep sell-off in the second half of 2024. This sets the stage for an accumulation phase, driven by improved demand, a favourable foreign exchange environment, and the broader recovery. These trends are expected to generate new opportunities and clientele, particularly amid the anticipated tariff changes and ongoing geopolitical realignments.

RHb研究觀察到,該板塊在2024年下半年經歷了一次大幅賣出後仍然處於低配狀態。這爲積累階段奠定了基礎,推動因素包括需求的改善、良好的匯率環境以及更廣泛的復甦。這些趨勢預計將產生新的機會和客戶群,特別是在預期的關稅變化和持續的地緣政治調整背景下。

While global technology indices like the PHLX Semiconductor Index (SOX) outperformed, the KLTEC Index still has room to catch up. RHB Research noted the divergence between the indices, indicating that the local sector could follow the SOX's expected earnings growth trajectory of 34% for the financial year of 2025. Upcoming US Federal Reserve interest rate cuts are also expected to support high-growth sectors like technology.

儘管全球科技指數如費城半導體指數(SOX)表現優於市場,但KLTEC指數仍有追趕的空間。RHb研究指出指數之間的差異,表明本地行業板塊可能會跟隨SOX在2025財政年度預期的34%的營業收入增長軌跡。即將到來的美國聯邦儲備的減息也預計將支持科技等高增長板塊。

RHB Research has identified Malaysian Pacific Industries as a top pick for its exposure to semiconductor recovery and new customer acquisitions. CTOS Digital Bhd is favoured for its focus on digitalisation and financial technology. Smaller-cap stocks like Coraza Integrated Technology Bhd and Datasonic Group Bhd are also highlighted, with Coraza benefitting from robust revenue growth and Datasonic from sustained demand and higher average selling prices.

RHb研究已確定馬來西亞太平洋工業爲其對半導體復甦和新客戶獲取的最佳選擇。CTOS Digital Bhd因其專注於數字化和金融科技而受到青睞。較小市值的股票如Coraza Integrated Technology Bhd和Datasonic Group Bhd也得到了重點關注,Coraza受益於穩定的營業收入增長,而Datasonic則受益於持續的需求和更高的平均賣出價格。

While the overall outlook remains positive, RHB Research pointed out potential downside risks, including weakening smartphone sales, unfavourable currency movements, and intensified geopolitical tensions. However, the research house believed these challenges are manageable given the sector's recovery trajectory and the strategic positioning of key players.

儘管總體前景依然積極,RHb研究指出潛在的下行風險,包括智能手機銷售疲軟、不利的貨幣波動以及加劇的地緣政治緊張局勢。然而,研究機構認爲,考慮到該板塊的復甦軌跡和主要參與者的戰略定位,這些挑戰是可以管理的。

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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