The research outfit has CTOS Digital, Datasonic Group and Inari Amertron as its top picks.
RHB Investment Bank Research said it remains cautious on the overall chip sector, citing the protracted slowdown and high valuations.
“We prefer domestic-focused names, given the relatively stable demand, and advocate a beta play to track the global chip sector run-up.It was alluding to potential headwinds for iPhones sales in China due to the country’s ban and perceived the lack of novelty excitement for the latest iPhone 15. It noted the market is now aggressively pricing in high growth prospects for next year and potential new customer wins, pointing out that Bursa Malaysia’s technology index is trading at 25 times price-to-earnings compared to a 27.1% estimate growth in 2024.
However, Malaysian Pacific Industries Bhd “exceeded expectations” driven by improved margins and a strong greenback.
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