Weakness in technology sector affecting Inari

Maybank IB Research said Inari is likely to be affected by the domestic technology sector’s multiple headwinds that may hamper growth well into 2024.

PETALING JAYA: Inari Amertron Bhd, Malaysia’s biggest semiconductor player whose share price has rallied over 21% in the past five weeks, has had its ratings downgraded and its three-year earnings forecasts slashed due to persistent weakness in the optoelectronics segment and uncertainty over China’s sputtering economic recovery.

After suffering an earnings miss in the January-March quarter following lower volume loading across all product classes, Maybank Investment Bank (Maybank IB) Research said Inari is likely to be affected by the domestic technology sector’s multiple headwinds that may hamper growth well into 2024.