KUALA LUMPUR (Aug 8): AffinHwang Capital Research has maintained its “Sell” rating on Unisem (M) Bhd at RM2.55 with a higher target price of RM1.98 (from RM1.76) and said although Unisem’s 1H16 results were above house expectations, the underlying tones remain weak.

In a note today, the research house said sales in US dollar continued to slip on a year-on-year basis largely due to an inventory problem, and now the company faces a delayed pick up in its smartphone segment.

“Reiterate Sell,” it said.