=MARKET BUZZ: Malaysia's Unisem (M) Falls To 1-Year Low Ahead of 4Q Earnings
KUALA LUMPUR (Feb 14) -- Unisem (M) falls as much as 8% at MYR2.52, lowest since Feb 2017 ahead of its 4Q earnings, due Feb 22. Shares now off lows, down 5.1% at MYR2.60. "We expect company to record lower earnings on year due to a stronger ringgit, as company's sales mostly denominated in dollar but only less than 50% dollar-based cost," says analyst at local brokerage. Still, analyst expects Unisem to see double digit net profit growth in 2019, on its expansion plan in Malaysia and China, higher industry demand. "We think the recent selldown due to currency risk and concern on lower-than-expected iPhone sales is overdone," he adds.
- By Chong Sin Hao; Dave.Chong@nikkeinewsrise.com; +60320267363
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