Table of Contents
Tech stocks are rebounding faster than expected 3
Some macro indicators are mixed but generally
pointing up 5
Structural changes that are supportive of tech
recovery 9
Tech stocks have always outperformed
in early phase of expansion 15
Performance outlook: To get worse before
getting better 17
How much headroom to re-rate? 19
Stock picks 23
Stock Profiles
Singapore
Venture Corporation 28
CSM 32
Hi-P 36
Hong Kong
Lenovo Group 40
ASM Pacific 44
AAC Acoustic Technologies 48
TPV Technology 52
Thailand
DELTA Electronics 56