Brokers' take

Micro-Mechanics (Holdings) Ltd | Buy Target price: S$2.50 Oct 31 close: S$2.11 Phillip Capital, Oct 31

MMH revenue growth is closely tied to the industry semiconductor sales cycle. We expect the current momentum in sales to sustain, in line with the current synchronised growth in global economies. Visibility is never perfect for the semiconductor cycle. But we take comfort that the current double-digit surge in semiconductor sales began in earnest only in December 2016. So we at least have another quarter ahead of easier comps. Furthermore, in the last two semiconductor cycles, the positive year-on-year growth ran for 20 and 26 months. The current cycle is only 13 months. Maintain "buy" rating with target price raised to S$2.50.

Raffles Medical Group | Buy Target price: S$1.26 Oct 31 close: S$1.13 OCBC Investment Research, Oct 31