OCBC Investment Research has placed "hold" calls on Venture Corp and Hyflux.
It said the fair value of Venture remains unchanged at S$8.41 but downgraded it to "hold" on valuation grounds.
"The World Semiconductor Trade Statistics (WSTS) reported that the world semiconductor market grew 9.9 per cent to US$336 billion in 2014, mainly driven by 18.2 per cent growth in memory product category as annual sales increased across all geographical regions.
"WSTS goes on to forecast steady but moderate growth of 4.9 per cent to US$352 billion and 3.1 per cent to US$363 billion in 2015 and 2016, respectively, for all product categories and regions."
In the longer term, IDC forecasts a compound annual growth rate of 3.1 per cent from 2014 to 2019, reaching US$389 billion in 2019, said the research house.
It added that based on these data, the industry outlook remains positive over the next few years on moderate growth projections.
Separately, the research house said it maintains a "hold" call on shares of Hyflux Ltd with an unchanged fair value of S$0.96, after Hyflux was formally awarded the Qurayyat Independent Water Project by Oman Power and Water Procurement Company.
The project, with an estimated value of US$250 million, will next move into the construction phase (worth US$210 million), which will be carried out by wholly-owned subsidiary Hydrochem (S) Pte Ltd.