<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Dec 15): CIMB IB Research has downgraded the semiconductor sector to “Neutral” (from Overweight) in view of the lacklustre earnings outlook and absence of key growth drivers in the next 12 months.</p></div>

<div class=newsTextDataWrapInner><p>In a note yesterday, the research house said the sector trades at 12.6x CY17 P/E, slightly below its historical mean of 13x.</p></div>

<div class=newsTextDataWrapInner><p>However, it said the sector still offers a decent 4.4% CY17 yield, supported by strong free cash flow generation.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>“Inari Amertron Bhd remains our sector top pick due to its robust EPS CAGR of 15% in CY15-18F and strong relationship with its key customer, Broadcom.</p></div>

<div class=newsTextDataWrapInner><p>“Key downside risks to our call are slowdown in RF demand and delayed contribution from new divisions,” it said.</p></div>

<div class=newsTextDataWrapInner><p>CIMB Research said it expects tepid earnings growth by Malaysia Pacific Industries Bhd and Unisem (M) Bhd in 2016-17F due to slowdown in smartphone shipment volume growth and supply constraints.</p></div>

<div class=newsTextDataWrapInner><p>“Expect automotive to gradually emerge as a new sales driver, with rising electronics adoption, but this will take time to ramp up and offset earnings volatility,” it said.</p></div>


KUALA LUMPUR (Dec 15): CIMB IB Research has downgraded the semiconductor sector to “Neutral” (from Overweight) in view of the lacklustre earnings outlook and absence of key growth drivers in the next 12 months.

In a note yesterday, the research house said the sector trades at 12.6x CY17...

 CIMB IB Research downgrades semiconductor sector to Neutral

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<p>The two helicopters which collided and crashed at the Royal Malaysian Navy (RMN) Base were undergoing a rehearsal for the third time in conjunction with RMN Fleet Open Day celebration scheduled on Saturday (April 27).</p>
