Published: Tuesday September 18, 2012 MYT 8:42:00 AM
CIMB Research downgrades tech sector to Neutral
KUALA LUMPUR: CIMB Equities Research has downgraded the technology sector from Trading Buy to Neutral due to deterioration in order visibility and lower customer guidance in the near term.
It said on Tuesday the second quarter 2012 results for the tech sector were slightly better on-quarter.
“We expect the 2H outlook in the semiconductor and hard disk drive (HDD) space to be muted. We now have five Neutral calls (JCY, Jobstreet, MPI, Uchi and Unisem) and one Outperform call (MyEG).
“We lowered our target prices for JCY, MPI and Unisem, raised MyEG's while Jobstreet's and Uchi's are unchanged. Our top pick is MyEG,” said CIMB Research.