KUALA LUMPUR (Feb 22): CIMB Equities Research said that as expected, Unisem slipped into the red in the fourth quarter ended Dec 31, 2011.
“Unfortunately, the semicon industry is likely to stay weak in the short term as poor demand and low utilisation rates continue to plague the industry,” it said.
CIMB Research said in a research note on Wednesday that Unisem’s FY11 core net profit was broadly in line with its forecast at 105% but was 41% below consensus estimates.
“We reiterate our Sell call which we are likely to retain after today’s briefing. Our target price(89 sen) basis remains a 40% discount to its 1.0 times five-year historical average price-to-book value,” it said.
“Unfortunately, the semicon industry is likely to stay weak in the short term as poor demand and low utilisation rates continue to plague the industry,” it said.
CIMB Research said in a research note on Wednesday that Unisem’s FY11 core net profit was broadly in line with its forecast at 105% but was 41% below consensus estimates.
“We reiterate our Sell call which we are likely to retain after today’s briefing. Our target price(89 sen) basis remains a 40% discount to its 1.0 times five-year historical average price-to-book value,” it said.
