Analyst
Lee Keng LING +65 6682 3703
leekeng@dbs.com
Wei Le CHUNG +65 6878 7869
weilechung@dbs.com

Catch the early rise
• Tailwinds remain strong, driven by structural growth; expect manageable rising inflation/interest rate
• Multiple growth engines from strong adoption of 5G, EV, IoT devices; telecommuting new norm
• Remain positive on semiconductor, which is less cyclical now – AEM, UMS, Frencken, Inari
• Pick Nanofilm and KCE for strong growth potential; HANA on robust demand and new product launches