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

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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

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://finance.yahoo.com/news/kkr-said-weigh-takeover-bid-065550154.html" target="_blank" rel="noopener">Bloomberg reported</a> that KKR has made a non-binding, preliminary approach to taking <a href="https://www.smartkarma.com/entities/asm-pacific-technology-ltd" target="_blank" data-smartkarma-citation="entities:15061:1" rel="noopener">ASM Pacific Technology (522 HK)</a> private. ASMPT has been the subject of takeover rumours in the past.</li>
<li>The trading patterns of the substantial shareholders suggest a willingness to exit. However, past privatisation rumours suggest issues with the offeror matching key shareholders' price expectations. </li>
<li>A binding proposal is unlikely as the timing would be viewed as opportunistic, with the recent market rally eroding a potential takeover premium and ASMPT’s premium multiple compared to peers.</li>
</ul>



Bloomberg reported that KKR has made a non-binding, preliminary approach to taking ASM Pacific Technology (522 HK) private. ASMPT has been the subject of takeover rumours in the past.
The trading patterns of the substantial shareholders suggest a willingness to exit. However, past privatisation rumours suggest issues with the offeror matching key shareholders' price expectations. 
A binding proposal is unlikely as the timing would be viewed as opportunistic, with the recent market rally eroding a potential takeover premium and ASMPT’s premium multiple compared to peers.


ASMPT (522 HK): Don’t Bet on a KKR Privatisation

<ul><li>Excluding the impact of i) foreign exchange (FX) gain (RM15.3m), ii) losses from minority interest in 70%-owned Mi Equipment Korea (RM2.1m) and iii) asset-related write-offs (RM1.3m), Mi Technovation posted core earnings of RM15.1m in the 1HFY23, down 26% YoY.</li><li>The results made up only 31% and 25% of our and consensus full-year forecasts, respectively.</li><li>On the positive side, the 2Q core results improved by 39% QoQ, indicating that the worst may be over for the semiconductor industry. </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.

Excluding the impact of i) foreign exchange (FX) gain (RM15.3m), ii) losses from minority interest in 70%-owned Mi Equipment Korea (RM2.1m) and iii) asset-related write-offs (RM1.3m), Mi Technovation posted core earnings of RM15.1m in the 1HFY23, down 26% YoY.The results made up only 31% and 25% of our and consensus full-year forecasts, respectively.On the positive side, the 2Q core results improved by 39% QoQ, indicating that the worst may be over for the semiconductor industry. 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.

Mi Technovation -Seeing Signs of Recovery

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)

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

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

ASMPT (522 HK): Don’t Bet on a KKR Privatisation

ASMPT's offer period for the potential privatisation ends. Reuters reports that KKR backed out due to regulatory and geopolitical risks, such as...

Arun George

Mi Technovation -Seeing Signs of Recovery

On the positive side, the 2Q core results improved by 39% QoQ, indicating that the worst may be over for the semiconductor industry.

Public Investment Bank Bhd

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