AmResearch maintains Buy on Unisem
AmResearch is maintaining a Buy call on Unisem Bhd, following its latest 3QFY10 results.
The research house said on Wednesday, Nov 3 its forecast earnings of 28 sen a share is set to be achieved given that the strength of orders has yet to diminish despite economic concerns in Europe and the US.
“We continue to value Unisem at RM3.25. Our 1.9 times price-to-book value is about a 10% discount to the previous upcycle multiple, which we believe is justified as we are looking at a longer growth period (more than six quarters vs four quarters in the previous upcycles). We have also rolled over our valuation year to FY11,” it said.
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