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24-11-2008, 08:44 PM

abhinav2492 abhinav2492 is offline

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Avi Tech - By NRA Capital

Investment Highlights

NRA initiate coverage on Avi-Tech Electronics Limited (AVIT) with a HOLD recommendation and fair value of $0.159.

Dependent on the semiconductor industry. AVIT provides testing and engineering services to the semiconductor industry. The demand for semiconductor products is in turn driven by the demand for electronics and automotive products.

Weak outlook for the semiconductor industry. The semiconductor industry is facing an abrupt turn in its near-term outlook. The global financial crisis is exerting a significant impact on the semiconductor industry, which is undergoing a down cycle at the same time. Gartner expects the global semiconductor revenue to experience a growth of only 2% in 2008 and 1% in 2009 in a recent revised forecast.

Valuation & Recommendation. NRA fair value of $0.159 represents a 13.6% upside to its current share price of $0.140. With net cash per share of $0.127, investors are effectively paying only $0.013 per share on the company.

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