Author: Tan KW | Publish date: Thu, 5 May 2016, 01:32 PM
This article first appeared in The Edge Financial Daily, on May 5, 2016.
Semiconductor sector
Maintain overweight: In March 2016, global semiconductor sales fell at a slower pace of 5.8% year-on-year (y-o-y), up 0.3% month-on-month (m-o-m) to US$26.1 billion (RM104.14 billion). On a m-o-m basis, semiconductor sales registered the first growth after four consecutive monthly declines. In the first quarter (1Q16), sales were down 5.5% quarter-on-quarter (q-o-q) and 5.8% y-o-y to US$78.3 billion.
Key issues that continue to impede growth include soft demand, market cycles and macroeconomic conditions. World Semiconductor Trade Statistics (WSTS) is forecasting a flat year for 2016, with a minimal growth of 0.3% y-o-y to US$336 billion. The next WSTS committee meeting will be held later this month.
While still experiencing the largest fall, sales in the Americas decreased at a softer pace of 15.8% y-o-y. This was followed by Europe (9.8% y-o-y) and the Asia-Pacific/all others (6.4% y-o-y). Only Japan and China posted y-o-y growths during the month. Japan reported its first yearly increase of 1.8% y-o-y after 18 months. Meanwhile, China recorded a slower growth of 1.8% y-o-y.
The book-to-bill ratio strengthened to 1.15 times, above parity for the fourth consecutive month. Net bookings stood at US$182 million during the month. Bookings and billings were down 0.9% y-o-y and 5.3% y-o-y respectively. Viewed on a quarterly basis, orders were relatively steady from the previous year (down 1.9% y-o-y) and quarter (up 1.2% q-o-q).
Last week, both Malaysian Pacific Industries Bhd (MPI) and Unisem (M) Bhd reported seasonally softer 1Q16 results which were in line with expectations. US dollar revenue is expected to rebound in the second quarter, with guidance ranging from a 5% to 10% q-o-q increase. Sales are expected to fare better in the second half, driven by a major smartphone launch. We continue to be “overweight” on the sector. Our “buy” calls are on Unisem, MPI and Inari Amertron Bhd. — TA Securities, May 4
http://www.theedgemarkets.com/my/article/semiconductor-sales-see-first-m-o-m-growth-after-four-months
Semiconductor sector
Maintain overweight: In March 2016, global semiconductor sales fell at a slower pace of 5.8% year-on-year (y-o-y), up 0.3% month-on-month (m-o-m) to US$26.1 billion (RM104.14 billion). On a m-o-m basis, semiconductor sales registered the first growth after four consecutive monthly declines. In the first quarter (1Q16), sales were down 5.5% quarter-on-quarter (q-o-q) and 5.8% y-o-y to US$78.3 billion.
Key issues that continue to impede growth include soft demand, market cycles and macroeconomic conditions. World Semiconductor Trade Statistics (WSTS) is forecasting a flat year for 2016, with a minimal growth of 0.3% y-o-y to US$336 billion. The next WSTS committee meeting will be held later this month.
While still experiencing the largest fall, sales in the Americas decreased at a softer pace of 15.8% y-o-y. This was followed by Europe (9.8% y-o-y) and the Asia-Pacific/all others (6.4% y-o-y). Only Japan and China posted y-o-y growths during the month. Japan reported its first yearly increase of 1.8% y-o-y after 18 months. Meanwhile, China recorded a slower growth of 1.8% y-o-y.
The book-to-bill ratio strengthened to 1.15 times, above parity for the fourth consecutive month. Net bookings stood at US$182 million during the month. Bookings and billings were down 0.9% y-o-y and 5.3% y-o-y respectively. Viewed on a quarterly basis, orders were relatively steady from the previous year (down 1.9% y-o-y) and quarter (up 1.2% q-o-q).
Last week, both Malaysian Pacific Industries Bhd (MPI) and Unisem (M) Bhd reported seasonally softer 1Q16 results which were in line with expectations. US dollar revenue is expected to rebound in the second quarter, with guidance ranging from a 5% to 10% q-o-q increase. Sales are expected to fare better in the second half, driven by a major smartphone launch. We continue to be “overweight” on the sector. Our “buy” calls are on Unisem, MPI and Inari Amertron Bhd. — TA Securities, May 4
http://www.theedgemarkets.com/my/article/semiconductor-sales-see-first-m-o-m-growth-after-four-months
没有评论:
发表评论