Select Malaysian tech companies to benefit from sector’s upcycle Picture for illustration only. – REUTERSPIX PETALING JAYA: The continued global semiconductor supply chain’s upcycle is expected to translate into strong earnings growth for select Malaysian technology hardware companies in 2021-2022 and support the sector’s rerating to richer valuations. Maybank Investment Research believes the sector’s outperformance in share prices and rerating of valuations are supported by the encouraging outlook of the global semiconductor supply chain, strong near-term earnings growth catalyst, as well as robust domestic liquidity. Currently the sector under its coverage is trading at CY21/22 price to earnings ratio of 39x/37x.