Note is in our view a fairly good peer to Scanfil, but Incap has been developing at a different pace than most of its peers for a longer period of time. Note expects the contract manufacturing market to start recovering gradually next year.

Kitron is in our view a fairly good peer to Scanfil, while Incap has been developing at a different pace than most of its peers for a longer period of time.

Our forecasts are within the new guidance range, so we make no changes to Scanfl’s forecasts or outlook for the time being.

In our view, the overall picture of Scanfil's Q3 report published last Friday was slightly negative and we lowered our forecasts slightly for the near term.