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CGS-CIMB: RF TO REMAIN MAJOR GROWTH DRIVER FOR INARI BEYOND FY2023
KUALA LUMPUR, Jan 12 (Bernama) -- CGS-CIMB Securities Sdn Bhd expects radio frequency (RF) to remain the major growth driver for Inari Amertron Bhd, driven by new value-added processes in new generation smartphones beyond the financial year 2023 (FY2023).
In a note today, the brokerage firm said Inari's RF division growth prospects were intact as the group is already working on new processes technology to support new generation smartphone models.
It cited a Bloomberg report yesterday which stated that Apple planned to replace Broadcom’s WiFi and Bluetooth chips with in-house design chips in 2025.
"We think this was the reason for the sell-down in Inari stock on Jan 10, 2023 as concerns mounted over its RF business," it said.
However, CGS-CIMB anticipated that Inari would not be affected by the move as it is producing Broadcom’s flagship Film Bulk Acoustic Resonator filter, which has different applications than the WiFi and Bluetooth solutions.
Besides that, Inari’s 54.5 per cent-owned subsidiary, Yiwu Semiconductor International Corporation's plant construction in China is on track for completion in the third quarter of FY2023, and therefore, the plant could contribute up to RM650 million in revenue once it is fully operational.
The stockbroking house reiterated an 'Add' call for Inari with the target price of RM3 per share.
As of 12.09 pm, Inari's share price was two sen higher at RM2.67, with 2.51 million shares traded.
-- BERNAMA
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