KUALA LUMPUR: Affin Hwang Capital research has initiated coverage on the electronics manufacturing services (EMS) sector with an overweight call on expectations of rising demand from a shared key customer and trade diversion from China.
It added in a note that sector PE valuations have de-rated over the past two years due to lowered growth expectations and the sector is trading below its historical mean PER of 13X on CY2020E.
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