Semiconductor Industry 02 (Aug 22 - Dec 26)

[winston]

MY Semicon: U-turns and uncertainty

More exemptions in latest US tariff policy salvo

The Trump administration’s trade policy yo-yo took its latest turn on 11 April as it announced further semiconductor and E&E-related reciprocal tariff (RT) exemptions.

Although we’re positive on the latest policy change, we remain NEUTRAL on the sector owing to possible sustained uncertainty surrounding US trade policy and its impact on integrated global semicon supply chain.

Frontken (BUY, TP MYR5.30) remains our top sector pick for its secular exposure to front-end industry growth amidst the AI revolution.

We expect short-term positive share price reaction for Inari, as the new exemptions allay demand destruction risks for Apple. T

rump is set to announce yet another update on semicon tariffs on 14 April.

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/450144.pdf