RHBInvest Research
Friday, November 4, 2011
Sector Call
Semiconductor: Moving to P/BV valuation methodology Underweight
Sector Update
Unisem: New fair value of RM0.92 Underperform
MPI: New fair value of RM2.19 Underperform
¨ With the poor earnings visibility on the back of weak guidance by major players in the industry, the outlook for 2012 remains in doubt amidst the bearish outlook in the global economy. Furthermore, post Unisem’s analyst briefing recently, there was lack of conviction as to whether the guided 4Q2011 revenue decline would be short-term, with a quick a recovery in 2012, although management appeared optimistic on such a scenario.
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