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

• 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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Jarick Seet Maybank Research | https://www.maybank-ke.com.sg/ 2023-05-02 SGinvestors.io

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