Demand remains strong in FY21F for tech manufacturing companies under our coverage. The challenge for companies is to deliver on execution given component shortages/tightness and the ongoing Covid-19 pandemic. In the semiconductor space, we favour smaller caps, such as Grand Venture (Add, TP S$1.12) and ISDN (Add, TP S$0.84) n In the consumer product-related space, we like Aztech (Add, TP S$1.91) given its strong order book.
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