KUALA LUMPUR (July 6): Tech stocks, particularly Greatech Technology Bhd and UWC Bhd, continue to be hot and are now outstripping their consensus target prices (TPs).

At noon market close, shares in UWC rose 1.67% or seven sen to RM4.26 apiece, valuing the sheet metal fabricator at RM2.33 billion. The stock is currently trading 10.36% higher than its consensus TP of RM3.86, which was derived from Bloomberg data.

Year to date (YTD), the counter has risen 33.13% from RM3.20 on Dec 31, 2019. While its share price tumbled to RM1.10 on March 19 during the equity rout, it has since recovered by 287.27%. Likewise, its market capitalisation has also quadrupled from RM605.22 million.

ACE Market-listed Greatech had also made significant gains this year, rising by 26 sen or 5.7% to settle at RM4.82 at noon close, valuing the company at RM3.02 billion. It is currently trading at double the consensus TP of RM2.35.

YTD, the counter has risen by 100.83% from RM2.40; it also rebounded by 249.28% from its yearly low of RM1.38 on March 19.

Other counters within the technology sector also saw gains today.

Frontken Corp Bhd gained 5.34% or 14 sen at RM2.76, giving it a market capitalisation of RM2.86 billion. As it stands, it is currently trading some 17.45% above its consensus TP of RM2.35.

YTD, the surface engineering service provider has appreciated by 98.56% from RM2.29. Since March 19, the counter has climbed by 146.43% from RM1.12.

Another notable mention is Pentamaster Corp Bhd, which finished the morning trading session 4% or 22 sen higher at RM5.72 per share. At current levels, Pentamaster is 17.37% above its consensus TP of RM4.49.

The semiconductor company has risen by 26% from RM4.54 YTD, and since March 19 has shot up by 127.89% from RM2.51.

Mi Technovation Bhd has also tremendously appreciated since the equity rout on March 19. The counter ended the morning trading session on Bursa Malaysia 4.38% or 12 sen higher at RM2.86, outperforming its 12-month consensus TP of RM2.55 per share.

YTD, the counter was up 49.74% from RM1.91, and had steadily risen by 107.25% from RM1.38 on March 19.

The Bursa Technology Index rose 1.34 points or 3.08% to close at 44.83 points.

Shares in tech stocks, especially those in the semiconductor space, have been heating up in recent months, as the IT evolution gathered steam, drawing investor interest.