Regional Industry Focus

ASEAN Technology
Refer to important disclosures at the end of this report

DBS Group Research . Equity 25 Jun 2021

Catch the early rise

Analyst
• Tailwinds remain strong, driven by structural growth;
Lee Keng LING +65 6682 3703
expect manageable rising inflation/interest rate
leekeng@dbs.com
• Multiple growth engines from strong adoption of 5G, EV,
Wei Le CHUNG +65 6878 7869
IoT devices; telecommuting new norm weilechung@dbs.com
• Remain positive on semiconductor, which is less cyclical
now – AEM, UMS, Frencken, Inari

• Pick Nanofilm and KCE for strong growth potential;

HANA on robust demand and new product launches

Strong tailwinds; still in early recovery stage. We

continue to expect more room for technology stocks to run STOCKS
12-mth
as we are still in the early days of the economic recovery.
Price Mkt Cap Target Price Performance (%)
Technology stocks typically outperform in the early stages LCY US$m LCY 3 mth 12 mth Rating
of recovery. Rate hikes, which could start from early 2023,
according to our interest rate strategists, are expected to Upstream
be still manageable for the technology sector. AEM Holdings Ltd 3.77 783 4.73 (9.3) 23.1 BUY
Frencken Group 1.84 546 1.98 28.9 101.1 BUY
Inari Amertron 3.14 2,602 3.85 (3.1) 93.3 BUY
Multiple growth engines. The growing demand for new
UMS
Bhd Holdings 1.45 561 1.83 12.4 53.4 BUY
technologies in areas such as 5G wireless network, cloud
Mid-downstream
computing, AI, IoT, EV and autonomous driving, has been a KCE Electronics 71.25 2,681 73.00 28.6 266.6 BUY
catalyst for the sector. 5G mobile adoption is expected to Hana
grow at a 5-year CAGR of 66% while the IoT market is Microelectronics 69.50 1,557 65.50 8.1 127.4 BUY
projected to grow at a 3-year CAGR of 13.7%. EV sales are Nanofilm
gaining traction globally. Furthermore, telecommuting will Technologies 5.28 2,452 6.22 (1.0) N.A BUY
continue to drive demand for servers and computing. International
Global spending on IT infrastructure could grow at a 4-year Limited
Closing price as of 24 Jun 2021
CAGR of 10.5% while PC shipment is projected to grow Source: DBS Bank, DBSV TH, Bloomberg Finance L.P.
18.2% y-o-y in 2021, despite a strong 2020.

YTD performance of our semiconductor picks

Stay upstream. With the structural trends driving
technology, the long-term uptrend is intact for the 1.40
upstream semiconductor industry. As various new demand
1.30
drivers are in place, including the acceleration of the digital
adoption pace driven by the COVID-19 pandemic and the 1.20
recent chip shortage issues, we expect this industry to be 1.10
less cyclical going forward. We continue to like AEM, UMS,
1.00
Frencken and Inari.
0.90
Selective on mid-downstream. We like Nanofilm for its 0.80
differentiating technologies with multiple avenues to Jan Feb Mar Apr May Jun
capture high-growth opportunities. KCE for its strong
Frencken UMS AEM Inari
earnings growth, supported by capacity expansion and
improvement in margins. Demand for HANA remains Source: Bloomberg Finance L.P., DBS Bank
robust, and the successful mass production of new
products could boost its revenue and margins.

ed: TH/ sa: JC, PY, CS

Industry Focus
ASEAN Technology

A volatile 1H 2021

Wild swing for tech sector. The Technology sector has
reversed from being one of the worst-performing sectors
YTD in our last update in March to one of the best-
performing sectors now. The technology sector has
underperformed the broader market for most part of this
year. With global governments intensifying the
deployment of COVID-19 vaccines, there is a possibility of
faster-than-expected reopening of the global economies.
Hence, the focus has shifted from the growth stocks,
including technology stocks, to the cyclical plays. The
selloff was especially steep in April, amid rising fears of
inflation and higher interest rates.
More room for growth. Although we expect the volatility to
continue going forward, we believe that the technology
sector will continue to grow in the longer term. We
reiterate our view that there is still room for technology
stocks to run as we are still in the early days of the
economic recovery. Technology stocks typically
outperform in the early stages of the bull market.
We are still in the early days of economic recovery
Inflation picks up
as the economy
We are here: Mid bull
recovers

market, early economic

recovery
However, with the spike in COVID-19 cases that led to the
implementation of Phase 2 Heightened Alert in mid-May, Technology
sector
The FTSE Technology Index staged a strong recovery and outperforms
is back in favour, similar to the situation in 2020, when
technology was the best-performing sector. Early Bull
Market

FTSE Straits Times Sector Indices YTD Performance Economic

Stock Market Cycle Economic Cycle
Bottom

Health Care 33.4% Source: Bloomberg Finance L.P., DBS Bank

Technology 15.5%
Industrials 14.3%
Expect inflation and rising interest rates to be
Financials 11.2%
Consumer Services 9.5%
manageable. On the back of the Fed’s recent shift of tone
Real Estate 7.1% with regards to rate hikes, our interest rate strategists
Consumer Goods 1.0% expect the Fed to start to taper at end-2021/early 2022,
Telecom 0.0% and the taper process could be concluded in six months.
REITs 0.4%
This could be followed by another approximately six
Oil & Gas-5.6%
months of waiting before the rate hike kicks in. The US 10-
-10.0% 0.0% 10.0% 20.0% 30.0% 40.0%
year yield is expected to head towards the top of the 1.5-
YTD Return 2.0% pre-pandemic range, as we draw closer to Fed liftoff
in late 2022/2023. Overall, we expect inflation and rising
Source: Bloomberg Finance L.P., DBS Bank interest rates to be still manageable.

Relative Performance – STI vs FTSE Technology Index Nasdaq vs US 10-Year Treasury Yields
125.0% 16,000 2.5
120.0% 115.5% 14,000
115.0% 2.0
12,000
110.0% 10,000 1.5
105.0% 109.3% 8,000
(%)

100.0% 1.0
6,000
95.0%
4,000
90.0% 0.5
2,000
Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21
0 0.0
STI Technology Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21
Nasdaq US 10-Year Yields (RHS)
Source: Bloomberg Finance L.P., DBS Bank
Source: Bloomberg Finance L.P., DBS Bank

Page 2
Industry Focus
ASEAN Technology

How much more room for growth?

Multiple growth engines. The growing demand for new Mobile 5G subscriptions worldwide from 2019 to
technologies in areas such as 5G wireless network, cloud 2025
computing, AI, IoT, EV and autonomous driving, has been a 4,000
catalyst for the sector. Furthermore, we believe flexible 3,000
working arrangements will be debatable phenomenon at 3,000
2,400

Units, Millions
the workplace and telecommuting will continue to drive
1,800
demand for servers and computing. 2,000

1,000
Summary of sub-segment performance: 1,000 554
236

1) 5G – 5G mobile adoption to grow at 2020-2025 0

CAGR of 66%. This would in turn drive smartphone 2020 2021F 2022F 2023F 2024F 2025F

and semiconductor sales Global 5G Mobile Subscriptions

Source: GSMA Intelligence, Statista, DBS Bank
2) IoT – 5G, the rise of wearables, smart homes and
smart cities to propel IoT market to grow at 3-year
Forecast of 5G share of total mobile connections in
2020-2023 CAGR of 13.7%.
2025
3) Electric Vehicles (EV) and Autonomous Vehicles -
60% 50% 48%
Governments push for vehicles with cleaner
50%
emissions to drive EV and autonomous vehicles. EV 34%
40%
sales are gaining traction globally 30% 20% 22% 21%
4) Servers and Computers – Structural change leading 20% 12%
7% 4% 4%
to surge in demand. Global spending on IT 10%
0%
infrastructure to grow at a 2020-2024 CAGR of
10.5%; PC shipment to grow 18.2% y-o-y in 2021,
despite a strong 2020.

1) 5G
Explosive surge in 5G adoption to drive smartphone and
semiconductor sales. According to 5G Americas, the
number of global 5G mobile subscriptions is expected to
surge more than tenfold from 236m units in 2020 to 3bn
units in 2025, representing a CAGR of 66%. GSMA
Intelligence estimates that the global market share of 5G
mobile connections will reach 20.1% in 2025, from our
estimated 4% in 2020. 5G’s transition has begun but is
currently still in the nascent stage of adoption. With
greater adoption going forward, this would in turn drive
smartphone and semiconductor sales.
5G share of total mobile connections in 2025
Source: GSMA Intelligence, Statista, DBS Bank
2) IoT
IoT market to grow at 3-year CAGR of 13.7%. We believe
key drivers of IoT adoption will be 5G, the rise of
wearables, smart homes and smart cities. IDC is projecting
global IoT spending to increase at a CAGR of 13.7%, from
US$749m in 2020 to US$1.1bn in 2023.

Page 3
Industry Focus
ASEAN Technology

Worldwide spending on IoT Smart homes and smart cities. As more devices become
connected to the Internet, smart homes and smart cities
1,200 1,100
1,000 have risen in popularity. Smart devices enable automation
1,000 and the collection of data, and we believe these are the
749 two main reasons for its increased adoption. These two
800 686
USD, Billions

646
functions – automation and the collection of data – enable
600
a wide array of use cases which can reap many benefits,
400
ranging from energy savings to convenience, to increased
200 efficiencies. For instance, streetlights with light sensors
0
may be calibrated to turn on when the light intensity is
2018 2019 2020 2022F 2023F low, thereby saving energy. IDC projects the spending on
smart cities to grow at a CAGR of 15.2% from US$124.0bn
Worldwide Spending on IoT
in 2020 to US$189.5bn in 2023.
Source: IDC, Statista, DBS Bank
Global Technology Spending on Smart Cities
5G also helps to propel IoT. The faster transmission of 200.0 189.5
data, larger network capacity, and more stable and secure 180.0 158.0
connection enabled by 5G will propel IoT. These are 160.0
important features as they allow for real time data to be 140.0 124.0
USD, Billions

transmitted across many devices and on a stable and 120.0 104.3

100.0 81.0
secure network.
80.0
60.0
Wearables integrating health and technology. Technology 40.0
companies are increasingly integrating the health features 20.0
into their wearables. Some examples include heart rate 0.0
and blood pressure monitors on smart watches, and even 2018 2019 2020F 2022F 2023F
the ability to dial for an ambulance in the event of a
Global Technology Spending on Smart Cities
detected fall. The global median age has increased from
21.5 years in 1970 to over 30 years in 2019 and the Source: IDC, Statista, DBS Bank
higher-income geographies, across North America,
Europe, and East Asia, tend to have a higher median age. 3) Electric Vehicles and Autonomous Vehicles
We believe that older individuals tend to place more
emphasis on their health and these wealthier nations Governments push for vehicles with cleaner emissions. As
could be large drivers for the IoT wearables segment given global concerns on environmental pollution rise, various
their size, purchasing power, and older population. governments have set targets to ban the sale of petrol
MarketsandMarkets estimates the global wearable and diesel vehicles and are providing grants for vehicles
technology market size to grow at a CAGR of 18.0%, from with cleaner emissions. In addition, the advancements in
US$116.2bn in 2021 to US$265.4bn in 2026. battery technology are able to address some of the
concerns on the viability of electric vehicles such as the
Number of Connected Wearable Devices drive range, charging time, availability of charging outlets,
Worldwide and cost. In 4Q20, the number of electric vehicles sold
1,400.0
worldwide increased 125.9% y-o-y to 1.3m vehicles,
1,105.0 representing a market share of 6.4%.
1,200.0
928.8
1,000.0
800.0
600.6
527.0
600.0
325.3
400.0
200.0 96.7

0.0
2015 2016 2017 2020F 2021F 2022F

Asia Pacific North America Europe Others

Source: Cisco Systems, Statista, DBS Bank

Page 4
Industry Focus
ASEAN Technology

Growing Market Shares of Electric Vehicles Autonomous vehicles – yay or nay? While autonomous
vehicles are still in its nascent stage of commercialisation
30.0 6.4% 7.0%
and still have a long way to go, consumers are having
6.0%
Number of Vehicles (millions)

25.0 mixed feelings on using them. The largest concern among

20.6
19.5 19.6 19.1 20.3 18.7 5.0% consumers is the safety risk due to a machine error. In a
20.0
survey conducted by Atomik Research in 2020, 30% of
14.6 14.4 4.5% 4.0%
15.0 3.0% 2.9% respondents were ready to ride an autonomous car then
2.5% 2.5% 3.0%
3.4% or within one year. However, we believe that consumers’
10.0 3.0% 2.0% receptiveness could change in the future as we make
5.0 1.0%
progress in autonomous driving. Autonomous vehicles
have much more semiconductor content than regular or
0.0 0.0%
even electric vehicles and they have the potential to be
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20
one of the drivers of demand for semiconductor chips.
Non-EV Total Vehicles % of Electric Vehicles (RHS)

Consumers’ Readiness to Ride in an Autonomous

Source: Various auto associations, Marklines, Bloomberg Finance L.P.,
Car
DBS Bank
30% 25%
EV sales are gaining traction globally. The International 25% 20%
Energy Agency (IEA) estimates that yearly EV sales have 20% 16%
14% 14%
jumped c.300% since 2015 to hit c.2.3m units in 2020. 15% 10%
Surveys by Shell Energy Retail and Consumer Reports in 10%
the UK and US show growing acceptance by consumers in 5%
purchasing EVs, with c.70% of respondents considering 0%
purchasing an EV. However, the top concern hindering Right now Within 1 Within 5 Within 10 More Never
year years years than 10
demand for EVs is the high cost which could be addressed years
in the medium-term as EV manufacturing gains
economies of scale and innovation lowers cost. Indeed, Readiness among customers globally to ride in an
autonomous car
Tesla reduced prices of the Tesla Model 3 in Europe in
January 2021 by up to 9%. Source: Atomik Research, Statista, DBS Bank

Global EV stock to reach over 100m vehicles by EVs and autonomous vehicles use much more
2030 semiconductor chips
300 16,000 15,000
244.1
250 14,000
Units, Millions

200 12,000
USD per Vehicle

137.9 10,000
150
8,000
100
6,000
50 7.6 7.6 4,000
2,000
0
2,000 400
2019 2030
0
Global EV Stock in existing Stated Government Policies Normal Vehicle Electric Vehicle Autonomous
scenario Vehicle

Global EV stock in Paris Agreement Compatibility scenario Value of Semiconductor Content in a Car

Source: IEA, DBS Bank

Source: Semico Research, DBS Bank

Page 5
Industry Focus
ASEAN Technology

Structural increase in semiconductor chips in vehicles. Servers and Storage sold rises in 2020
Infotainment and navigation systems have in the past
12.2 12.1 12.1
driven the value of semiconductor chips in vehicles. With
12.1
advancements in technology, vehicles are now able to 12.0
integrate technologically advanced features such as voice 11.9 11.8

Units, Millions
recognition into their infotainment and navigation 11.8 11.7
systems. These advanced systems will require more 11.7
semiconductor chips in vehicles. 11.6 11.5 11.6
11.5
11.4
Value of IC chips in vehicles continues to increase
11.3
600.0 11.2
508.9 Servers Storage
500.0
432.0 439.5
401.6 2018 2019 2020
USD per Vehicle

400.0
330.7 348.5
301.5
278.1 Source: IDC, Bloomberg Finance L.P., DBS Bank
300.0

200.0 Global Spending on Cloud IT Infrastructure

100.0 120.0 110.5
99.9
0.0 100.0
2013 2014 2015 2016 2017 2018 2019 2020 74.1
80.0
USD, Billions

66.1 66.8
Value of IC Chips in Automotives 60.0 47.4

40.0 32.2 35.7

Source: OICA, IDC, Bloomberg Finance L.P., DBS Bank Estimates 22.3 26.4
20.0
4) Servers and Computers
0.0

Flexible working arrangements are here to stay. After

having experienced working from home, individuals either
love it, hate it, or prefer a mix of working from home and Global Spending on Cloud IT Infrastructure
working in their office. Regardless of their preferences,
Source: IDC, Statista, DBS Bank
working from home or flexible working arrangements will
no longer be an impossible task and we believe that it will
Structural change leading to surge in computers. The
be considered by some companies as a permanent fixture
volume of computers sold y-o-y has been rising at double
due to their benefits. These include cost savings (travelling
digits since 2Q20. In 1Q21, the volume of computers sold
and accommodation expenses) and less time wasted
surged 55.7% y-o-y to 124.3m units. The main driver of
travelling to the workplace.
growth has been the sale of notebooks which jumped
83.7% y-o-y to 63.2m units in 1Q21. IDC has revised its
Telecommuting to continue to drive demand for data
forecast for PC shipment y-o-y growth for 2021 to 18.2%,
centre chips. The increased work/school from home
from its 1.6% forecast in December 2020.
arrangements due to the COVID-19 pandemic has
resulted in a surge in demand for unified communications
and collaboration (UC&C) solution providers (Zoom,
Webex, Microsoft Teams, and Skype) as individuals
telecommute. This structural change will drive the longer-
term demand for data centres and server processors. As
of January 2021, IDC is projecting that the global spending
on IT infrastructure will grow at a CAGR of 10.5% from
US$74.1bn in 2020 to US$110.5bn in 2024.

Page 6
Industry Focus
ASEAN Technology

PC sales increased across all segments Total PC units sold continues strong trend in 1Q21
180 160 144
160 143.5 140 124 130
113 116
112
140 124.3 120 109
105
9698

Units, Millions
120 9289
Units, Millions

100 80
100 89.3
79.8 80
80
60
60
40
40
20
20
0 0
1Q19 1Q20 4Q20 1Q21 1Q 2Q 3Q 4Q

Consumer Education Businesses Government 2018 2019 2020 2021

Source: IDC, Bloomberg Finance L.P., DBS Bank Source: IDC, Bloomberg Finance L.P., DBS Bank

Page 7
Industry Focus
ASEAN Technology

Maintain positive view on semiconductor

Tailwinds remain strong. With the structural trends driving
technology, tailwinds remain strong for the semiconductor
industry, which is at the heart of the global economy. The
recent chip shortage is another shot in the arm for this
growing industry.
Less cyclical now, long-term uptrend intact. In the past, the
semiconductor industry was cyclical in nature, with each
cycle lasting about 2-4 years. With the various new
demand drivers in place, including the acceleration of the
digital adoption pace driven by the COVID-19 pandemic
and the recent chip shortage issues, we expect this
industry to be less cyclical going forward. The long-term
uptrend, as shown by the dotted black line (refer to chart
below) based on the worldwide semiconductor shipment
data, is expected to remain intact. The semiconductor
industry was also able to rebound swiftly after each major
crisis – Asian Financial Crisis, dot.com crisis, global financial
crisis and the US-China trade war.

Worldwide semiconductor shipment

Source: SEMI, CEIC, DBS Bank

Equipment billing data in its 20th consecutive y-o-y growth. Strong momentum for US semiconductor
The US 3-month semiconductor equipment billings, equipment billings
another indicator that we track closely, increased 53.1% y- We turned positive on the
4,000 60.0%
o-y in May 2021 to US$3.59bn. Since we turned positive in semiconductor industry in October
3,500 2019, after witnessing the first sign of
October 2019, after seeing the first sign of a positive y-o-y positive y-o-y growth 40.0%
3,000
change, the semiconductor industry has been charging
USD, Billions

higher. The equipment billing data recorded its 20th 2,500 20.0%
consecutive y-o-y monthly increase in May 2021. 2,000
1,500 0.0%

1,000
-20.0%
500
0 -40.0%
May-19 Nov-19 May-20 Nov-20 May-21
Y-o-Y Growth (RHS)
US Semiconductor Equipment Billings

Source: SEMI, CEIC, DBS Bank

Page 8
Industry Focus
ASEAN Technology
Where is the demand for chips coming from?
Chip industry to grow at 10-year CAGR of 5.9%. Based on
the data from IDC, the semiconductor industry is expected
to grow at a 10-year CAGR of 5.9% from 2016 to 2025. The
year 2020 saw a y-o-y growth of 10.8 % and 2021 is
expected to register another strong y-o-y growth of 12.5%.
Wireless communication and automotive leading the
growth. In terms of growth within the sub-segments, the
wireless communication and automotive industries are
expected to register above-industry y-o-y growth rates.
The wireless communication segment grew 11.8% in 2020
and is expected to register an even stronger growth of
22.5% in 2021. The automotive division is expected to turn
around in 2021 with a y-o-y growth of 13.5% in 2021, from
-2.1% in 2020.
Telecommuting to drive the demand for wireless
communication and computing chips. The bulk of the
chips are used in wireless communication and computing,
accounting for 64% of the total market size for chips in
2020. We continue to expect some conversion to flexible
working even as we emerge from the COVID-19 pandemic
with the rollout of the vaccines. Hence, communication
and computing chips should still be in demand.
Global semiconductor market size
700
600 522 544
476 464
500 421 419
USD'billion
400 338
300
200
100
0 Source: IDC, Bloomberg Finance L.P., DBS Bank
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Wireless Comm Computing
Automotive Industrial
Military and Aero
Source: IDC, Bloomberg Finance L.P., DBS Bank
Increasing capacity to meet rising demand
On the back of the strong demand, exacerbated by the
chip shortage, chip makers are ramping up production
and increasing their capacity in an attempt to meet the
rising demand. The global semiconductor manufacturing
capacity is expected to increase 5.7% y-o-y in 2021,
followed by another 6.1% rise in 2022. Key players like
TSMC and Intel are increasing their capex spending over
the next few years. TSMC plans to spend US$100bn in
three years, to increase capacity to support the
manufacturing and R&D of advanced semiconductor
technologies while Intel’s capex spending for 2021 is
expected to be US$20bn.
In the longer term, adding capacity to the industry rather
than the reallocation of resources seems to be a more
sustainable solution. According to SEMI, semiconductor
manufacturers worldwide will have started construction
on 19 new high-volume fabs by the end of this year and
another 10 in 2022, to meet accelerating demand for
chips across a wide range of markets.
Global Semiconductor Manufacturing Capacity
30.0
200mm Wafer Equivalent per Month,
27.1
25.6
25.0 24.2
601
Millions
569 585
20.0
2020 2021 2022
Global Semiconductor Manufacturing Capacity
Consumer
Wired Comm
Page 9
Industry Focus
ASEAN Technology

Valuation and Recommendation

Singapore cheapest in terms of PE. In terms of Average PE and earnings growth

valuation, Singapore tech stocks are still the cheapest,
PE (x) PE (x) EPS Gth EPS Gth
compared to peers in the region, including Malaysia,
21F 22F (%) 21F (%) 22F
Thailand and some of the HK-listed technology stocks.
Singapore* 12.2 10.8 17.2 8.9
Malaysia 31.1 27.4 51.3 14.6
5-Year Sector Forward PE* (x) – Singapore
Thailand 34.7 29.0 26.9 20.3
20
18 Source: Bloomberg Finance L.P., DBS Bank
+2SD: 16.4x
*ex Nanofilm
16
14 +1SD: 13.6x
Strong balance sheet and strong cashflow. Except SVI,
12 all of the tech companies in our coverage are in a net
10 Avg: 10.7x cash position, with strong operating cashflows. Hence,
8 they would not be affected in a rising interest rate
-1SD: 7.9x
6 environment, as compared to peers that are highly
4 -2SD: 5.0x geared.
2016 2017 2018 2019 2020 2021
Healthy cash position for opportunistic acquisitions. A
healthy cash position can also help to propel growth via
Source: Bloomberg Finance L.P., DBS Bank
opportunistic acquisitions. AEM has recently acquired
*market cap weighted
CEI Limited while UMS has upped its stake in JEP
Holdings. Frencken is also on the lookout for suitable
But earnings growth a tad lower. However, in terms of
targets to grow, both organically and inorganically.
earnings growth, Singapore tech stocks are a tad lower.
Stocks under our coverage, ex Nanofilm, are projected
Potential takeover target. A healthy cash pile could also
to register an average growth of 17.2% for FY21F and
be an attractive takeover target. Within our coverage,
another 8% for FY22F. Earnings growth for Malaysia is
net cash as a percentage of market capitalisation for
expected to be higher, at 51.3% and 14.6% for FY21F
Valuetronics and Fu Yu are among the highest, at 68%
and FY22F respectively, mainly driven by Inari, whereas
and 44% respectively.
the projected growth for Thailand of 26.9% for FY21F
and 20.3% for FY22F, is mainly led by KCE Electronics.

Page 10
Industry Focus
ASEAN Technology

Cashflow and Balance Sheet Strength

Net Total Debt* Net Cash* Mkt Cap Net cash as Cashflow from Dividend Payout
Company Debt/Equity (x) ($m) ($m) (U$m) % of Mkt Cap Operation* ($m) Ratio
Singapore
AEM Holdings Cash 0.0 134.8 746 13% 86.3 25%
Frencken Cash 67.3 107.1 549 15% 147.0 30%
Fu Yu Cash 0.0 106.6 182 44% 32.7 71%
Nanofilm Cash 39.8 187.0 2,597 5% 80.4 17%
UMS Holdings Cash 21.8 32.0 573 4% 72.1 51%
Valuetronics Cash 0.0 1091.7 207 68% 327.8 49%
Venture Corp Cash 0.0 928.7 4,279 16% 453.2 73%
Malaysia
Globetronics Cash 0.0 163.7 352 11% 88.5 98%
Inari Amertron Cash 9.1 585.5 2,598 5% 354.3 92%
Malaysia Pacific Ind Cash 35.8 799.4 1,862 10% 434.8 35%
Unisem Cash 207.4 456.7 1,466 8% 394.6 34%
Thailand
Delta Electronics Thai Cash 0.0 13881.8 16,104 3% 7233.1 58%
Hana Microelectronics Cash 0.0 9667.2 1,557 20% 3147.2 59%
Humanica Cash 137.6 336.9 234 5% 260.3 50%
KCE Electronics 0.0 2346.1 -3.7 2,681 0% 3941.6 83%
SVI PCL 0.3 3110.4 -1169.0 344 -11% 3277.8 34%

*Local currency

Source: Bloomberg Finance L.P., DBS Bank, DBSV TH

Page 11
Industry Focus
ASEAN Technology
Stock Picks
Upstream
No changes in our semiconductor picks. We maintain
our positive view on AEM, UMS, Frencken and Inari.
These stocks continue to ride on the secular uptrend
for the semiconductor industry. The current chip
shortage is also another plus point for these stocks.
AEM (BUY, TP: S$4.73) – Temporary blip in growth story,
look beyond 1H21. AEM recently reported weaker-than-
expected 1Q21 results, and we believe its 2Q21 results
could continue to be muted as well, owing to its key
customer transitioning from old to new tools. We urge
investors to look beyond 1H21. We believe AEM will
benefit from a pipeline of catalysts. These include the
ramp-up of its next-generation tools to its key customer
from 3Q21 and potential new customers in FY22.
UMS (BUY, TP: S$1.83) – Poised to ride on rising global
chip demand. Its stronger-than-expected 1Q21 results
reinforced our positive view on UMS. The group is in a
sweet spot to ride on strong global chip demand, on the
back of the acceleration of 5G, artificial intelligence (AI)
and other technology-driven developments.
Frencken (BUY, TP: S$1.98) – Charging higher with
semiconductor. Frencken’s strong presence in various
key segments has provided diversification benefits, and
resilience and stability. Its growing semiconductor
division, which accounts for 36% of 1Q21 revenue, up
from 30% in FY20 and c.20% in FY19, is the key growth
driver. The stock staged a strong rebound post its stellar
1Q21 results, which was above our expectations.
Inari (BUY, TP: RM3.85) – Prelude to something big with
recent private placement? Inari is currently undertaking
a 10% private placement, which we think could be a
prelude to something bigger – i.e. securing new major
customers or executing value-creating M&A.
Coupled with secured sales and earnings visibility driven
by its RF (radio frequency) segment, we expect Inari’s
valuation re-rating to continue, which is also helped by
positive sentiment for the tech sector. Our RM3.85 TP
on Inari is based on 35x FY22 PE.
YTD performance of our semiconductor picks
1.40
1.30
1.20
1.10
1.00
0.90
0.80
Jan Feb Mar Apr May Jun
Frencken UMS AEM Inari
Source: Bloomberg Finance L.P., DBS Bank
Mid-downstream
Nanofilm (BUY, TP: S$6.22) – Differentiating
technologies with multiple avenues to capture high-
growth opportunities. Though Nanofilm could see some
deferment of selected 3C (computer, communication,
consumer electronics) projects from the initial
production schedules due to chip shortage, short-term
fluctuations in orders is common in the 3C market.
Overall, we expect minimal impact to the group as the
run rate for its other industries is on track.
Nanofilm’s differentiated and highly-adaptable one-of-its
kind vacuum coating technologies and processes, which
are applicable to a diverse range of industries, set it
apart from its competitors. Though 3C accounts for the
bulk of about 80% of total revenue, the group has
recently ventured into the clean energy space, together
with Temasek. We like Nanofilm for its multiple avenues
to capture high-growth opportunities, and project
strong earnings growth of 45% for FY21F and another
21% in FY22F, on increasing adoption of
nanotechnology.
KCE (BUY, TP under review) – Strong earnings growth,
supported by capacity expansion and improvement in
margins. KCE is a leading manufacturer of printed circuit
boards (PCB), with over 70% of revenue coming from
automotive end applications. The company is ranked
the eighth-largest automotive PCB maker of the world.
Orders remain robust from customers in both the
automotive and consumer sectors. Based on current
orders, KCE’s capacity will be full until November 2021.
Note that this takes into account the additional capacity
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Industry Focus
ASEAN Technology

that will come on stream in September and October
2021. We expect KCE’s earnings to double in 2021
before rising further by 17% in 2022. This should be
supported by capacity expansion and the strong
improvement in gross profit margin due to increase in
selling prices, change in product mix towards high-
margin products and improvement in operating
efficiency.
HANA (BUY, TP under review) – Robust demand;
successful mass production of new products to boost
revenue and margins. HANA is an electronic
manufacturing services (EMS) provider. The major
product groups are Printed Circuit Board Assembly
(PCBA) and Integrated Circuit Assembly (ICA) and testing,
Light Emitting Diodes (LED), and Liquid Crystal on Silicon
(LCoS) assembly. HANA still sees robust demand from
the automotive, cloud computing, 5G, industrial, and
consumer sectors. Overall IC demand remains very
strong and the additional equipment should help
increase its output in 2H21 and 2022. In addition, HANA
has been working on a new product development in the
power management business to produce Silicon
Carbide SiC diodes for three years. The first set of
prototype devices were finally completed and shipped
to interested customers for performance and quality
testing. The SiC is the fastest-growing segment in the
power semiconductor industry, driven by the electric
vehicle segment. Successful mass production of this
product, if any, should help boost HANA’s revenue and
gross margin in the medium-to-long term.

Key Statistics

Company Price 23 12-mth Target Mkt Cap Rcmd PER 20 (x) PE 21F (x) PE 22F (x) EPS Gth EPS Gth Div Yid P/BV 20A ROE 21F % fr 52 % to 52 YTD Perf
Jun TP Return (US$m) 21F (%) 22F (%) 21F (%) (x) (%) wks Low wks High (%)
Singapore
AEM Holdings 3.79 4.73 25% 765 BUY 10.4 10.6 8.7 -2.4 21.7 2.4 4.8 38.8 32% -20% 10%
Frencken 1.83 1.98 8% 546 BUY 16.8 12.6 11.3 16.8 11.7 2.4 2.1 15.2 112% -1% 39%
Fu Yu 0.31 0.40 30% 182 BUY 14.2 12.0 8.0 18.5 14.8 5.0 1.4 11.4 38% -10% 17%
UMS Holdings 1.45 1.83 27% 561 BUY 20.4 12.9 11.3 58.7 14.2 2.5 3.0 21.4 65% -3% 34%
Valuetronics 0.605 0.60 -2% 207 HOLD 9.0 8.6 10.3 3.5 -15.4 5.7 1.3 14.5 17% -12% 3%
Venture Corp 18.08 22.70 26% 3,994 BUY 17.7 16.4 15.4 7.9 6.5 4.1 2.0 12.2 15% -15% -7%
Nanofilm 5.36 6.22 16% 2,637 BUY 56.0 38.7 29.6 44.8 30.7 0.5 7.5 18.0 95% -5% 22%
Average (ex Nanofilm) 14.8 12.2 10.8 17.2 8.9 3.7 2.4 18.9
Malaysia
Globetronics 2.28 2.75 21% 352 HOLD 28.3 19.7 16.7 43.9 18.1 4.6 4.8 24.3 16% -33% -15%
Inari Amertron 3.17 3.85 21% 2,598 BUY 66.6 34.8 28.9 91.3 20.5 2.2 8.6 23.0 98% -15% 15%
Malaysia Pacific Ind 39 25.00 -36% 1,862 HOLD 50.1 41.3 39.4 21.3 4.9 0.7 5.5 12.8 256% -11% 50%
Unisem 7.45 7.70 3% 1,466 HOLD 42.2 28.4 24.7 48.7 15.0 1.1 3.4 11.5 284% -21% 21%
Average 46.8 31.1 27.4 51.3 14.6 2.1 5.6 17.9
Thailand
Delta Electronics Thai 556 324.00 -42% 16,104 FV 70.6 59.4 49.7 24.0 19.6 1.0 13.3 21.2 969% -34% 14%
Hana Microelectronics ^ 69 65.50 -5% 1,557 BUY 25.4 23.0 20.3 17.1 13.7 2.7 2.2 9.6 168% -3% 74%
KCE Electronics ^ 71.5 73.00 2% 2,681 BUY 73.7 34.0 29.1 100.6 17.0 1.4 6.9 19.2 269% -7% 72%
SVI PCL 4.86 4.84 0% 344 HOLD 15.6 20.6 15.5 -24.1 32.8 1.7 2.7 12.9 83% -21% 14%
Humanica 9.05 11.50 27% 234 BUY 44.1 36.4 30.7 17.0 18.3 1.5 5.7 15.2 21% -23% 1%
Average 45.9 34.7 29.0 26.9 20.3 1.7 6.2 15.6

^: target price under review

Source: Bloomberg Finance L.P., DBS Bank, DBSV TH

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DBS Bank recommendations are based on an Absolute Total Return* Rating system, defined as follows:
STRONG BUY (>20% total return over the next 3 months, with identifiable share price catalysts within this time frame)
BUY (>15% total return over the next 12 months for small caps, >10% for large caps)
HOLD (-10% to +15% total return over the next 12 months for small caps, -10% to +10% for large caps)
FULLY VALUED (negative total return, i.e., > -10% over the next 12 months)
SELL (negative total return of > -20% over the next 3 months, with identifiable share price catalysts within this time frame)
*Share price appreciation + dividends

Completed Date: 25 Jun 2021 07:28:26 (SGT)

Dissemination Date: 25 Jun 2021 07:45:42 (SGT)

Sources for all charts and tables are DBS Bank unless otherwise specified.

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Please contact the primary analyst for valuation methodologies and assumptions associated with the covered companies or price targets.

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1
An associate is defined as (i) the spouse, or any minor child (natural or adopted) or minor step-child, of the analyst; (ii) the trustee of a trust
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