This follows her April 2 note where she has already reduced her fair value from 73.5 cents to 66.5 cents, given the "softening" outlook.
According to Lim in her April 8 note, the company is seen to suffer from both first and second order impacts.
She points out that Nanofilm is operating in two of the markets with relatively onerous tariff rates, namely Vietnam, with a 46% hit, and China, with 34% - but has most recently been raised to 104%.
Lim points out that the company is operating too in Germany, India, and Japan, which face tariffs of 20%, 26% and 24%, respectively, while its home market of Singapore is relatively more sheltered at 10%.
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"The broader and higher tariffs on Asian countries is likely to make it more challenging for companies to further re-align their supply chains outside of China to mitigate the impact of US tariffs.
"As we have cautioned previously, Nanofilm is not immune to a potential slowdown in US growth and spillover effects on the broader economy given its dependence on end-demand for consumer electronics," says Lim.
In her April 8 note, Lim has further reduced her revenue forecast and also dial back gross profit margin assumptions for the company, leading to the latest target price of 59.5 cents.
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As the target price is now higher than Nanofilm's current price of 45 cents as at noon April 9, down 40% since April 3, when the tariffs were announced, Lim's rating for the counter is "buy".
"That being said, we see risks to the downside and remain cautious given that the global tariff situation remains highly volatile," she warns.
