KUALA LUMPUR (March 26) : Shares of semiconductor manufacturers UNISEM (M) BHD [] and MALAYSIAN PACIFIC INDUSTRIES [] Bhd (MPI) rallied on Monday after CIMB Investment Bank Bhd Research upgraded its recommendation and fair values for both stocks.
This is in anticipation of a recovery in the global semiconductor industry, according to CIMB Research.
Unisem rose 11% or 15 sen to RM1.48 at 3.26pm on Monday while MPI gained 3% or 10 sen to RM3.17 to be among the top gainers across the local bourse.
CIMB Research, in a note on Monday, said it had upgraded Unisem from “underperform” to “outperform” and raised its fair value by 87% from RM1 to RM1.87 for the stock. The research house also increased its FY12 to FY14 earnings forecasts for the semiconductor manufacturer by 7% to 19%.
Similarly, the research firm also upgraded MPI from “underperform” to “outperform” and raised its target price for the stock from RM2.79 to RM4.08, up 46%.
This is in anticipation of a recovery in the global semiconductor industry, according to CIMB Research.
Unisem rose 11% or 15 sen to RM1.48 at 3.26pm on Monday while MPI gained 3% or 10 sen to RM3.17 to be among the top gainers across the local bourse.
CIMB Research, in a note on Monday, said it had upgraded Unisem from “underperform” to “outperform” and raised its fair value by 87% from RM1 to RM1.87 for the stock. The research house also increased its FY12 to FY14 earnings forecasts for the semiconductor manufacturer by 7% to 19%.
Similarly, the research firm also upgraded MPI from “underperform” to “outperform” and raised its target price for the stock from RM2.79 to RM4.08, up 46%.
