KUALA LUMPUR: Inari Bhd, which made its debut on the ACE Market of Bursa Malaysia on Tuesday, July 19 opened 2.5 sen higher at 40.5 sen with 2.96 million shares done.
Inari through its subsidiary is an electronic manufacturing services (EMS) company mainly involved in back-end semiconductor packaging and complete Box-Build products.
RHB Research in a note July 18 said it forecast FY10-12 EPS CAGR of 10.3% for Inari mainly driven by: 1) higher sales volume of packaging services on the back of rising mobile phone and tablet demand; 2) contribution from back-end wafer services; and 3) stronger contribution from RF final testing in tandem with its packaging services and higher demand for stringent testing.
Given its niche in the communication segment, we believe this mitigates concerns of weaker-than-expected chip demand in other segments i.e. consumer electronics and PCs in the near term, it said.
'We believe it is fair to compare Inari to global peers (vs. local packaging peers) in RF solutions and wireless given that it is mainly focused on the communication segment.
'We have derive a target PER of 7x, which implies a 44% discount to the peers' weighted average to reflect its smaller market capitalisation. Thus, we estimate a fair value of 41 sen based on 7x CY12 EPS,' it said.
''
Inari through its subsidiary is an electronic manufacturing services (EMS) company mainly involved in back-end semiconductor packaging and complete Box-Build products.
RHB Research in a note July 18 said it forecast FY10-12 EPS CAGR of 10.3% for Inari mainly driven by: 1) higher sales volume of packaging services on the back of rising mobile phone and tablet demand; 2) contribution from back-end wafer services; and 3) stronger contribution from RF final testing in tandem with its packaging services and higher demand for stringent testing.
Given its niche in the communication segment, we believe this mitigates concerns of weaker-than-expected chip demand in other segments i.e. consumer electronics and PCs in the near term, it said.
'We believe it is fair to compare Inari to global peers (vs. local packaging peers) in RF solutions and wireless given that it is mainly focused on the communication segment.
'We have derive a target PER of 7x, which implies a 44% discount to the peers' weighted average to reflect its smaller market capitalisation. Thus, we estimate a fair value of 41 sen based on 7x CY12 EPS,' it said.
''
No comments:
Post a Comment