Singapore semiconductor sector upgraded to ‘overweight’
Singapore semiconductor sector upgraded to ‘overweight’ – CIMB-GK
CIMB-GK Research says it has raised its rating for the semiconductor sector here to “overweight” from “hold,” saying that strong fundamentals and the peaking of the interest rate cycle next year would support increases in the valuations of stocks in the sector. “We expect the recent breakout from trough valuations of near book values to expand further in 2007, albeit with a near-term correction in light of [the] recent strong run-up,” CIMB-GK analyst Khoo Chen Hsung said in a note. “The sector is in better shape entering 2007 than [it was] for most of 2006, and we are now at the peak of the interest rate cycle, compared to a rising rate environment in 2006,” he said.
The brokerage has raised its target prices for Chartered Semiconductor Manufacturing Ltd to 1.65 sgd from 1.39 sgd and for STATS ChipPAC to 1.53 sgd from 1.28 sgd, saying these are its top picks in the sector.
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