🌏 Asian Private Markets Research and Insights 💡, pvtIQ

Ben Lim

🌏 Asian Private Markets Research and Insights 💡

Private Markets Research and Data, Reimagined

pvtIQ

pvtIQ leverages Smartkarma’s technology and distribution to deliver high-quality research and data on Asian private markets.

Private Capital Markets

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Top-Tier Market Positioning: Mi Material is a leading global provider of precision solder spheres and specialty alloys, with a 24.0% share of its serviceable addressable market in 2025, according to Yole. The company supports advanced semiconductor packaging from production facilities in Taiwan and China, with a third facility under construction in Malaysia to meet customers' supply-chain resilience requirements.</li>
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Proprietary Alloy Margin Expansion: The core value driver is the company's shift towards patented specialty alloys, which rose to 59.9% of revenue in 1H26 from 51.0% in FY25. It is supported by more frequent pricing discussions with customers since the 2025 silver rally (monthly price resets, according to management), which help pass raw material costs through to customers. Revenue grew at a 28.1% CAGR from FY23 to FY25, and adjusted EBITDA margin rose to 37.5% in 1H26, which management attributes mainly to the wider use of specialty alloys across devices.
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Geopolitical Export Regulatory Friction: Since 1 January 2026, only companies holding an approved export licence may export silver from China. According to management, this treats the company's silver-containing solder spheres as silver products, removing their tax-exempt export status and adding about 30.0% to export costs, and as the company was not granted a licence, the Ningbo facility cannot serve international free-trade-zone customers. The plant ran at only 10% to 15% utilisation in FY25 and 1H26, according to the prospectus, and is being repositioned to serve domestic Chinese customers.
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Top-Tier Market Positioning: Mi Material is a leading global provider of precision solder spheres and specialty alloys, with a 24.0% share of its serviceable addressable market in 2025, according to Yole. The company supports advanced semiconductor packaging from production facilities in Taiwan and China, with a third facility under construction in Malaysia to meet customers' supply-chain resilience requirements.

Proprietary Alloy Margin Expansion: The core value driver is the company's shift towards patented specialty alloys, which rose to 59.9% of revenue in 1H26 from 51.0% in FY25. It is supported by more frequent pricing discussions with customers since the 2025 silver rally (monthly price resets, according to management), which help pass raw material costs through to customers. Revenue grew at a 28.1% CAGR from FY23 to FY25, and adjusted EBITDA margin rose to 37.5% in 1H26, which management attributes mainly to the wider use of specialty alloys across devices.


Geopolitical Export Regulatory Friction: Since 1 January 2026, only companies holding an approved export licence may export silver from China. According to management, this treats the company's silver-containing solder spheres as silver products, removing their tax-exempt export status and adding about 30.0% to export costs, and as the company was not granted a licence, the Ningbo facility cannot serve international free-trade-zone customers. The plant ran at only 10% to 15% utilisation in FY25 and 1H26, according to the prospectus, and is being repositioned to serve domestic Chinese customers.



Mi Material | Pre-IPO (Management Comments): Capitalising on the Advanced Packaging Wave

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Mi Material Holding Ltd / Equity Capital Markets

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<a href="https://www.smartkarma.com/entities/mi-material-holding-ltd" target="_blank" data-smartkarma-citation="entities:58823:1" rel="noopener">Mi Material Holding Ltd (MIMH SP)</a>, aims to raise up to US$110m in its SGX listing.</li>
<li>It is a global manufacturer of semiconductor advanced packaging materials, established in 1998 and operating as the Semiconductor Material Business Unit (SMBU) spun off from <a href="https://www.smartkarma.com/entities/mi-technovation-berhad" target="_blank" data-smartkarma-citation="entities:27304:1" rel="noopener">Mi Technovation Berhad (MI MK)</a>.</li>
<li>In this note, we look at its past performance, valuation, and other deal dynamics that might impact the listing.</li>
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Mi Material Holding Ltd (MIMH SP), aims to raise up to US$110m in its SGX listing.
It is a global manufacturer of semiconductor advanced packaging materials, established in 1998 and operating as the Semiconductor Material Business Unit (SMBU) spun off from Mi Technovation Berhad (MI MK).
In this note, we look at its past performance, valuation, and other deal dynamics that might impact the listing.


Aequitas: Mi Materials IPO - Discount to Parent Co but In-Line with Larger/Liquid Peers

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

Mi Technovation Berhad / Equity Bottom-Up

<ul>
 <li>Mi Technovation is strategically diversifying its business to mitigate the cyclicality of the semiconductor industry, expanding from its core equipment business into semiconductor materials and solutions.</li>
 <li>The company is well-positioned to capitalize on long-term semiconductor industry growth, driven by secular trends such as AI, 5G, and electric vehicles, through its expanding product portfolio and global footprint.</li>
 <li>Financial performance shows strong top-line growth, but margin volatility and cash flow inconsistencies highlight operational risks and the capital-intensive nature of its expansion strategy.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Mi Technovation is strategically diversifying its business to mitigate the cyclicality of the semiconductor industry, expanding from its core equipment business into semiconductor materials and solutions.
  The company is well-positioned to capitalize on long-term semiconductor industry growth, driven by secular trends such as AI, 5G, and electric vehicles, through its expanding product portfolio and global footprint.
  Financial performance shows strong top-line growth, but margin volatility and cash flow inconsistencies highlight operational risks and the capital-intensive nature of its expansion strategy.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Mi Technovation Berhad (MI MK) - Oct 2025

External broker reports(aggregated public sources), Public Investment Bank Bhd

Public Investment Bank Bhd

External broker reports(aggregated public sources)

Public Investment Bank Berhad provides investment banking services. The Company offers corporate finance, banking, securities financing, capital market, treasury, and advisory services.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

D&O Green Technologies / Equity Bottom-Up

<ul><li>Finally, there are some cheers for the local technology stocks as the US government announced reciprocal tariff exemptions for most of the tech and electronic products, which include chips, smartphones, laptops, and manufacturing tools.</li><li>It also eases concerns for the global supply chain as producers facing pressure to relocate or diversify their production lines due to the challenging landscape.</li><li>Based on our ground checks, most of the local technology products and their end customer products are also on the exemption list. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Finally, there are some cheers for the local technology stocks as the US government announced reciprocal tariff exemptions for most of the tech and electronic products, which include chips, smartphones, laptops, and manufacturing tools.It also eases concerns for the global supply chain as producers facing pressure to relocate or diversify their production lines due to the challenging landscape.Based on our ground checks, most of the local technology products and their end customer products are also on the exemption list. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Local data centre-linked stocks were under hefty selling pressure in recent weeks following the news of tighter controls on Artificial Intelligence (AI) chip exports and caps on the amount of compute that can be shipped by the US.</li><li>Following our channel checks, we gather that the impact is largely muted on the local players as they mostly deal with the US hyperscalers, while it may take longer lead time for the AI server assemblers and dealers to process their orders due to various audit checks and traceability.</li><li>Overall, we think most of the technology stocks have overreacted to the negative news flow and some may even have limited exposure to the data centre play. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Local data centre-linked stocks were under hefty selling pressure in recent weeks following the news of tighter controls on Artificial Intelligence (AI) chip exports and caps on the amount of compute that can be shipped by the US.Following our channel checks, we gather that the impact is largely muted on the local players as they mostly deal with the US hyperscalers, while it may take longer lead time for the AI server assemblers and dealers to process their orders due to various audit checks and traceability.Overall, we think most of the technology stocks have overreacted to the negative news flow and some may even have limited exposure to the data centre play. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TECHNOLOGY - US AI Chip Export Restriction

Malaysia

Mi Equipment Holdings Berhad operates as a holding company. The Company, through its subsidiaries, manufactures factory automation equipment. Mi Equipment Holdings offers wafer to reel final test handlers, art die sorting machines, and other equipment. Mi Equipment Holdings serves customers in Asia and the United States.

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Mi Technovation Berhad (MI MK)

Mi Material | Pre-IPO (Management Comments): Capitalising on the Advanced Packaging Wave

Top-Tier Market Positioning: Mi Material operates as a leading global provider of precision solder spheres and specialty alloys, commanding a...

pvtIQ

Aequitas: Mi Materials IPO - Discount to Parent Co but In-Line with Larger/Liquid Peers

Mi Materials, aims to raise up to US$110m in its SGX listing. In this note, we look at its past performance, valuation, and other deal dynamics...

Nicholas Tan

Primer: Mi Technovation Berhad (MI MK) - Oct 2025

Mi Technovation is strategically diversifying its business to mitigate the cyclicality of the semiconductor industry, expanding from its core...

αSK Primers

Heave A Sigh Of Relief

Finally, there are some cheers for the local technology stocks as the US government announced reciprocal tariff exemptions for most of the tech and...

Public Investment Bank Bhd

TECHNOLOGY - US AI Chip Export Restriction

Overall, we think most of the technology stocks have overreacted to the negative news flow and some may even have limited exposure to the data...

Public Investment Bank Bhd

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