Reuters: Hot Stocks: STOCKS NEWS MALAYSIA-TA cuts semiconductor sector to underweight

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STOCKS NEWS MALAYSIA-TA cuts semiconductor sector to underweight Sep 6th 2012, 02:15 Wed Sep 5, 2012 10:15pm EDT TA Securities downgraded Malaysia's semiconductor sector to 'underweight' from 'neutral' as sales are likely to be constrained by global economic concerns. There is a lack of positive catalysts for the sector and the current production cycle is low, TA said in a research note on Thursday. TA reduced its rating on shares of Unisem Bhd to 'sell' from 'hold,' while cutting its target price to 1.00 ringgit from 1.35 ringgit. At 0959 (0159 GMT) Unisem was down 0.96 percent at 1.03 ringgit while Malaysia's composite index was down 0.88 percent at 1626.63 points. ******************************************************** 0948 STOCKS NEWS MALAYSIA-Affin upgrades SP Setia to add Affin Investment Bank upgraded SP Setia Berhad to 'add' from 'reduce' and raised the stock's target price to 3.82 ringgit from 3.60 ringgit. SP Setia's valuations are "reasonably attractive" as the stock hasn't performed as well as its peers and Malaysia's benchmark composite stock index, Affin said in a research note on Thursday. Additionally, Affin views the developer's purchase of London's Battersea power plant positively and is optimistic on the take-up rates for the first part of the project which involves property development. "At a selling price of 900 pounds per square feet, we believe that the apartments are likely to achieve a decent take-up rate," Affin said but noted that the project will only contribute to SP Setia's bottom line upon completion and delivery of the properties in 2016. At 0925 (0125 GMT), SP Setia was unchanged at 3.56 ringgit while the benchmark composite index was down 0.44 percent at 1,634.02 Link this Share this Digg this Email Reprints

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