1H21F net profit to grow more than 50% yoy
■ Global semiconductor sales grew 21.7% yoy in Apr. WSTS has also raised its
2021 semiconductor sales growth forecast to 19.7% (previously: 8.4%).
■ We believe GVTL is a beneficiary of the strong semiconductor sales forecast
for 2021 (the semiconductor segment was 71% of GVTL’s 1Q21 revenue).
■ Reiterate Add with an unchanged S$1.12 target price. 1H21F results are set
for a mid-Aug 2021 release.