Weaker prospects ahead
■ We expect SUCB to be severely impacted by declining ASPs in the sector
given the large quantum of ASP increases enjoyed in CY20.
■ SUCB said that it has locked in some long-term orders at higher than current
market ASPs, which will help in offsetting ASP declines in the near term.
■ Downgrade to Hold, with a lower TP of RM3.50 (16x CY23F P/E).