RHB Research Is Optimistic On The Tech Sector Amid Setback
RHB Research Is Optimistic On The Tech Sector Amid Setback
The market appears to have accounted for the sector's challenges, limiting potential downsides after recent price corrections. Valuations remain attractive, trading at approximately 20 times to 22 times CY25F price-to-earnings ratios, in line with the five-year historical average, while forecasting a 20% growth in the financial year 2025.The Bursa Malaysia Technology Index (KLTEC) has recently experienced a setback, losing its year-to-date gains, primarily due to short-term headwinds affecting the sector. Despite these challenges, RHB Investment Bank Bhd (RHB Research) maintained an OVERWEIGHT rating in the technology sector, with top picks including Malaysian Pacific Industries Bhd (MPI), Pentamaster Corporation Bhd and CTOS Digital Bhd. The recent corrections in share prices are viewed as opportunities for investors with a medium-term perspective to build positions in attractive valuations.
馬來西亞交易所科技指數(KLTEC)最近遭遇了挫折，失去了今年以來的漲幅，主要是由於短期阻力影響了該板塊。儘管面臨這些挑戰，RHb投資銀行私人有限公司(RHb研究部)仍然維持了對科技板塊的超配評級，其首選包括馬來西亞太平洋工業有限公司(MPI)，檳傑科達股份有限公司和CTOS Digital Bhd。股價的最近調整被視爲中期投資者在吸引人的估值中開倉的機會。
According to RHB Research, the recovery in the semiconductor sector is intact, supported by an upward revision from the Semiconductor Industry Association, which forecasts the market to reach RM2.62 trillion in 2024, marking a 16% increase. The anticipated growth will continue into 2025, driven by demand for logic and memory chips, particularly due to the surge in artificial intelligence-related (AI) servers and equipment. Early signs of recovery in automated test equipment and the front-end semiconductor space reinforce the belief that the sector is on the path to a broad-based recovery that will intensify in 2025.
根據RHb研究，半導體行業復甦仍然持續，得到了半導體行業協會的上調支持，該協會預計市場在2024年達到2.62萬億令吉，增長16%。預期的增長將持續到2025年，由於對邏輯和內存芯片的需求增加，特別是由於人工智能(AI)服務器和設備的激增。自動化測試設備和半導體前端空間的復甦早期跡象強化了這一行業正在走向全面復甦的信念，這種復甦將在2025年加劇。
While second-quarter results for the technology sector fell short of expectations, with slower revenue growth and margin compression, the overall core profit after tax and minority interests showed an 11.6% year-on-year increase. RHB Research expects this upward trend to persist into the second half of 2024 and 2025, despite initial underwhelming earnings due to high market growth expectations.
儘管科技板塊第二季度的業績表現不及預期，收入增長較慢，邊際收縮，但總體核心稅後利潤和少數股東權益顯示出年增長率爲11.6%。RHb研究預計這種上升趨勢將持續到2024年下半年和2025年，儘管最初的業績表現令人失望，因爲市場對增長預期較高。
The market appears to have accounted for the sector's challenges, limiting potential downsides after recent price corrections. Valuations remain attractive, trading at approximately 20 times to 22 times CY25F price-to-earnings ratios, in line with the five-year historical average, while forecasting a 20% growth in the financial year 2025.
市場似乎已經考慮了該行業的挑戰，在最近價格調整後，限制了潛在的下行風險。估值仍然具有吸引力，約爲20倍至22倍CY25F市盈率，與過去五年的歷史平均水平相一致，同時預測2025財年增長20%。
However, unfavourable foreign exchange conditions could pose temporary setbacks to the sector's recovery. Semiconductor companies may experience earnings declines due to the strengthening of the Malaysian Ringgit, which could impact revenues by approximately 1%-3% for every 1% increase in the Malaysian Ringgit's value. Still, many companies can hedge against these fluctuations, with a significant portion of their costs in US dollars.
然而，不利的匯率條件可能對行業復甦構成暫時的阻力。由於馬來西亞令吉走強，半導體公司的收入可能會下降，對於馬來西亞令吉價值每增加1%，收入可能受到1%-3%的影響。儘管如此，許多公司可以對沖這些波動，因爲它們的成本中有很大一部分是以美元計價的。
The divergence between the PHLX Semiconductor Sector and KLTEC indicates a market mispricing of the semiconductor sector's recovery, which is projected to gain momentum into 2025. Many semiconductor companies have reported a volume recovery, and are optimistic about new opportunities amidst ongoing trade tensions. Additionally, potential cuts in the US Federal Funds Rate may enhance valuations for high-growth sectors like technology.
PHLX半導體板塊與KLTEC之間的分歧表明市場對半導體行業復甦的錯定，預計將在2025年加速。許多半導體公司已經報告了成交量的復甦，並在持續的貿易緊張氛圍中對新機遇持樂觀態度。此外，聯儲局可能減息可能會提升像科技這樣的高增長行業板塊的估值。
Despite the short-term challenges, the research house remains optimistic about the sector's long-term prospects and maintains a positive outlook on selected stocks.
儘管面臨短期挑戰，研究機構對該行業的長期前景仍持樂觀態度，並對選定股票保持樂觀。
The stocks that are cited in the report are as follows, alongside their target price:
報告中提到的股票及其目標價如下：
Buy:
買入：
Coraza Integrated Technology: RM0.62
CTOS Digital: RM1.73
Datasonic Group: RM0.68
MPI: RM38.50
Pentamaster: RM5.95
Unisem (M): RM3.93
Coraza Integrated Technology: RM0.62
CTOS Digital: RM1.73
Datasonic Group: RM0.68
MPI: RM38.50
檳傑科達: RM5.95
Unisem (M): RM3.93
Neutral:
中立:
Globetronics Technology: RM0.68
Inari Amertron: RM3.06
JHM Consolidation: RM0.52
環球科技: RM0.68
Inari Amertron: RM3.06
JHm Consolidation: RM0.52
譯文內容由第三人軟體翻譯。
