Singapore Tech Stocks - Maybank Research 2023-05-02: Expecting A Lacklustre 1H23

Singapore Tech Stocks - Expecting A Lacklustre 1H23

Singapore Tech Stocks - Maybank Research | SGinvestors.ioAEM (SGX:AWX) UMS HOLDINGS LIMITED (SGX:558) FRENCKEN GROUP LIMITED (SGX:E28)
  • We expect 1Q23E was much weaker y-o-y for the majority of the tech companies based in Singapore, except for Aztech (SGX:8AZ). This is because existing high inventory levels have to be depleted first, the global economy is slowing and due to persistent US-China tensions.
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Aztech – the likely outperformer

  • In FY22, Aztech was hit by a mis-judged FX hedge, although orders from its key customer were strong. For FY23E, we do not expect a recurrence, but expect orders from its key customer to remain strong as it diversifies its supply chain out of China, benefiting Aztech.
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Semi-con-related players may suffer in 1H23E

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Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @

Jarick Seet Maybank Research | 2023-05-02

More views on outlook of manufacturing / technology sector:
Analyst Reports on Singapore Manufacturing & Technology Sector


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