Goldman Sachs lowered its target price for YOFC (06869) to HK$18.7 from HK$20.5 and maintained its "buy" rating.
The research house noted that YOFC will buy a 7.6% stake in Hangzhou Zhongxin Silicon Wafer (FTHW), a subsidiary of Ferrotec Holding in Japan. Goldman believes the market might want to know what YOFC's intentions for this investment are: whether it considers it pure financial investment or has plans to get into the silicon wafer business.
While management has not provided a detailed plan for this transaction, Goldman remains constructive on YOFC, given its potential to outperform the industry, potential market share recovery.
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