16/01/2025

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BIZ & FINANCE

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Source: Company data, RHB

Source: Bloomberg

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SEMICONDUCTOR *OEVTUSZ "TTPDJBUJPO 4*" MJGUFE JUT XPSME TFNJDPOEVDUPS TBMFT GPSFDBTUT GPS UIF UIJSE UJNF JO B SPX OPX FYQFDUJOH :P: HSPXUI UP 64 CJMMJPO JO BOE B :P: TQJLF UIJT ZFBS " CSPBE CBTFE SFDPWFSZ JT FYQFDUFE JO XJUI HSPXUI GSPN BMM TFHNFOUT &BSMZ SFDPWFSZ JOEJDBUJPOT JO UIF BVUPNBUFE UFTU FRVJQNFOU "5& TQBDF BOE USBDUJPO JO UIF GSPOU FOE TFNJDPOEVDUPS TQBDF CPMTUFS PVS FYQFDUBUJPOT PG B TVTUBJOFE TFDUPS SFDPWFSZ TVQQPSUFE CZ UFDIOPMPHZ BEWBODFNFOUT BOE UIF SFQMBDFNFOU DZDMF 4&.* FYQFDUT UFTU BTTFNCMZ QBDLBHJOH FRVJQNFOU TBMFT UP HSPX CZ BOE JO BOE UP GVSUIFS BDDFMFSBUF JO 5IF TFDUPS JT VOEFS PXOFE BGUFS UIF TUFFQ TFMM EPXO TJODF ) "OE JT MJLFMZ UP SFUVSO UP BO BDDVNVMBUJPO NPEF TVQQPSUFE CZ BUUSBDUJWF WBMVBUJPOT WT BO FYQFDUBUJPO PG B CSPBE CBTFE QJDL VQ JO ': o GVFMMFE CZ UIF SFDPWFSZ JO EFNBOE BOE GBWPVSBCMF '9 NPWFNFOUT 5IF UPOF PG UFDIOPMPHZ DPNQBOJFT NBOBHFNFOU UFBNT QPJOU UP TIPSUFS FBSOJOHT WJTJCJMJUZ CVU XF FYQFDU UP TFF TUSPOHFS PSEFST HPJOH JOUP ': DPVQMFE XJUI TPNF VSHFOU PSEFST 7BSJPVT OFX PQQPSUVOJUJFT BOE DMJFOUFMF HBJOFE GSPN MJLFMZ DJSDVNTUBODFT SFMBUFE UP UIF QPUFOUJBM UBSJGG IJLF BT XFMM BT UIF $IJOB 1MVT 0OF BOE 5BJXBO 1MVT 0OF TUSBUFHJFT BSF BNPOH UIF QPTJUJWFT 5IF EJWFSHJOH PG UIF 1)-9 4FNJDPOEVDUPS *OEFY T 409 BOE ,-5&$ T QFSGPSNBODFT JNQMZ UIBU UIF ,-5&$ IBT NPSF MFHT UP DBUDI VQ o KVEHJOH GSPN UIF 409 T FBSOJOHT HSPXUI FYQFDUBUJPO ': ' BOE UIF DPSSFMBUJPO PG UIFTF JOEJDFT 5IF TUBSU PG UIF 64 'FEFSBM 'VOET 3BUF DVU TIPVME CFOFGJU UIF WBMVBUJPOT PG IJHI HSPXUI TFDUPST MJLF UFDIOPMPHZ .FBOXIJMF UIF QPUFOUJBM DVSCJOH PG BSUJGJDJBM JOUFMMJHFODF "* SFMBUFE DIJQ FYQPSUT NBZ EJSFDUMZ BGGFDU POMZ B GFX MPDBM OBNFT JO UIF TVQQMZ DIBJOT PG (16 BOE $16 TFSWFST o 3)# 3FTFBSDI +BO

Source: Kenanga Research

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o ,FOBOHB 3FTFBSDI +BO

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