With MPI and JCY having released their results, we are assessing the performance of the global technology industry in order to gauge the short- and long-term outlooks of the semiconductor and HDD companies under our coverage. Overall, we are less bearish on the HDD components sector as we see elevated ASPs in the short term and a recovery in the supply chain in 3QCY13.
Meanwhile, we remain bearish on the semiconductor sector as global economic uncertainties damp consumer spending on technological products. Thus, we deem the recent run-up in technology stocks such as MPI and Unisem unjustifiable. We maintain our NEUTRAL recommendation on the sector.
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