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25-Nov-2020
KESM share price has corrected 14.3% from its 52-week high and its share price recovered gradually on anticipation that global car sales have come off the bottom with recovery signs, as evident from its earnings turnaround in 1QFY7/21. We like KESM for its solid balance sheet and ability to tap into the growing need for burn-in and test services. We believe it is an exciting proxy for automotive semiconductor demand growth, driven by rising electronics content in the automotive industry. Accommodative regulations and incentives from governments of major automotive markets to enhance EV penetration will provide further impetus growth potential. Excluding its net cash position, KESM is trading at 19.5x PE which remains compelling compared with industry average of 25x PE and hence we recommend BUY.
Malaysia
Malaysia Research Team
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