Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>We attended <a href="https://www.smartkarma.com/entities/micro-mechanics-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19384:1" rel="noopener">Micro Mechanics (Holdings) (MMH SP)</a> AGM in Singapore on 30 October.</li>
<li>Management also released 1Q26 results which show muted growth. China remains the most important market.</li>
<li>MMH has no debt, consistently high margins, high ROE's and a 22-year track record of paying dividends to investors.</li>
</ul>


We attended Micro Mechanics (Holdings) (MMH SP) AGM in Singapore on 30 October.
Management also released 1Q26 results which show muted growth. China remains the most important market.
MMH has no debt, consistently high margins, high ROE's and a 22-year track record of paying dividends to investors.


Micro-Mechanics AGM: High Quality Company Waiting for Upturn

Invest for a Sustainable Future, Impact Capital Asset Management

ICAM

Invest for a Sustainable Future

Impact Capital Asset Management

Established in August 2020, Impact Capital Asset Management Pte. Ltd. (ICAM) was conceived by seasoned professionals Deepak Mawandia and Atul Tetambe. Both have accumulated a wealth of knowledge and experience from their extensive tenures in the financial sector. In 2019, ICAM secured its RFMC license and subsequently introduced a technology-centric venture fund. By 2021, with the acquisition of its CMS license, ICAM witnessed steady growth in its assets under management. Presently, ICAM manages a portfolio exceeding USD 1 billion, diversified across various countries. Central to ICAM’s foundation is a commitment to offering a platform singularly dedicated to the best interests of its investor clients. The combined expertise of Deepak and Atul firmly establishes ICAM as a notable entity in the wealth management field.

Thematic (Sector/Industry)

<ul><li>Singapore-listed exposure to new-age hardware is concentrated in the enabling layers beneath visible end-products.</li><li>Robotics, autonomous systems, drones, advanced mobility, AI hardware, and space technologies all depend on semiconductors, reliability testing, precision components, qualified subsystems, and scalable manufacturing support.</li><li>SGX exposure is best understood through the infrastructure behind advanced hardware systems, rather than through the end-products alone.</li></ul>

Singapore-listed exposure to new-age hardware is concentrated in the enabling layers beneath visible end-products.Robotics, autonomous systems, drones, advanced mobility, AI hardware, and space technologies all depend on semiconductors, reliability testing, precision components, qualified subsystems, and scalable manufacturing support.SGX exposure is best understood through the infrastructure behind advanced hardware systems, rather than through the end-products alone.

Singapore’s New-Age Hardware Enablers: Infrastructure Layer Behind New-Age Hardware Systems

Private Wealth Management and Asset Management., FPA Financial

FPA Financial

Private Wealth Management and Asset Management.

FPA Financial is an independent and boutique financial firm specializing in private wealth management and asset management.

<ul><li>Micro-Mechanics (Holdings) (“MMH”) is a company that designs, manufactures and markets high-precision tools &amp; parts used in the assembly and wafer fabrication processes of the semiconductor industry.</li><li>It has five operating facilities located in Singapore, Malaysia, China, the Philippines, and the U.S., and serves more than 600 customers as at 30 September 2025.</li><li>Besides designing &amp; manufacturing consumable tools &amp; parts used for the assembly &amp; testing of semiconductors, MMH also produces parts for Wafer Fabrication Equipment (“WFE”).</li></ul>

Micro-Mechanics (Holdings) (“MMH”) is a company that designs, manufactures and markets high-precision tools &amp; parts used in the assembly and wafer fabrication processes of the semiconductor industry.It has five operating facilities located in Singapore, Malaysia, China, the Philippines, and the U.S., and serves more than 600 customers as at 30 September 2025.Besides designing &amp; manufacturing consumable tools &amp; parts used for the assembly &amp; testing of semiconductors, MMH also produces parts for Wafer Fabrication Equipment (“WFE”).

Company Update: Micro-Mechanics (Holdings)

SAC Capital

Independent Insight Provider

<ul>
<li>Micro-Mechanics (Holdings) Limited is a Singapore-based precision engineering company that designs, manufactures, and markets high-precision tools and parts for process-critical applications for the semiconductor and other high technology industries.</li>
<li>The group operates across two segments: Consumable Tools, which are tiny, consumable precision tools used in the assembly and testing of semiconductor chips, and Wafer Fabrication Equipment (WFE) Parts, which are precision components used in semiconductor wafer fabrication equipment.</li>
<li>By serving both back-end and front-end processes, Micro-Mechanics operates in a niche and essential segment of the semiconductor supply chain.</li>
</ul>


Micro-Mechanics (Holdings) Limited is a Singapore-based precision engineering company that designs, manufactures, and markets high-precision tools and parts for process-critical applications for the semiconductor and other high technology industries.
The group operates across two segments: Consumable Tools, which are tiny, consumable precision tools used in the assembly and testing of semiconductor chips, and Wafer Fabrication Equipment (WFE) Parts, which are precision components used in semiconductor wafer fabrication equipment.
By serving both back-end and front-end processes, Micro-Mechanics operates in a niche and essential segment of the semiconductor supply chain.


Micro-Mechanics (Holdings) Limited - Next Generation Supplier of the Semicon Industry

The New Standard in Wealth Management, Wealth Management Alliance

Wealth Management Alliance

The New Standard in Wealth Management

WMA is a Singapore-based multi-family office with a Capital Markets Services license and provide fund management and investment advisory services to a small number of global UHNW clients. We also act as incubator for single-family offices, allowing them to plug into our broader ecosystem and infrastructure, and tap on our investment professionals for advice. WMA is designed around providing truly bespoke advice to each client, rather than taking a one-size-fits-all approach that may not fit each client's investment objectives and risk tolerances. On top of that, we are designed so that we avoid any semblance of conflicts of interests by being compensated only by the client (which may include profit sharing), as opposed to the model that many of our peers adopt, which include compensation from a variety of third parties such as funds managers, distributors or banks. That, to us, is the easiest way to be firmly on the side of the client in every decision we make.

<ul><li>Given recent investor wariness over a global AI bubble, we think it is instructive to look at how exposed the Singapore stock market is to the Artificial Intelligence (AI) sector, both directly and indirectly.</li><li>On direct exposure, we identify companies listed on the SGX – mainly in the upstream (including data centres) and midstream segments - which are, to a large or some extent, involved in AI. Downstream AI companies are predominately end-users and applications.</li><li>As a rough guide, the market capitalization of these companies totals around SGD21.3bn, accounting for a relatively small share of about 2.7% of the aggregated capitalization of SGD773bn of the FTSE Straits Times All Share Index (which comprises the top 98% of companies in the SGX Mainboard universe).</li></ul>

Given recent investor wariness over a global AI bubble, we think it is instructive to look at how exposed the Singapore stock market is to the Artificial Intelligence (AI) sector, both directly and indirectly.On direct exposure, we identify companies listed on the SGX – mainly in the upstream (including data centres) and midstream segments - which are, to a large or some extent, involved in AI. Downstream AI companies are predominately end-users and applications.As a rough guide, the market capitalization of these companies totals around SGD21.3bn, accounting for a relatively small share of about 2.7% of the aggregated capitalization of SGD773bn of the FTSE Straits Times All Share Index (which comprises the top 98% of companies in the SGX Mainboard universe).

Singapore

Micro-Mechanics designs, manufactures, and markets high-precision parts and tools for process-critical applications in the semiconductor, medical, and aerospace industries. Their products include die-attach, wire-bonding, and encapsulation tools, alongside custom manufacturing of precision components. The company was founded in 1983 and is headquartered in Singapore.

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Micro-Mechanics (MMH SP)

Micro-Mechanics AGM: High Quality Company Waiting for Upturn

Micro Mechanics (Holdings) AGM reveals muted growth in 1Q26, with China as key market. Strong financials include no debt, high margins, ROE, and...

Nicolas Van Broekhoven

Singapore’s New-Age Hardware Enablers: Infrastructure Layer Behind New-Age Hardware Systems

Singapore-listed exposure to new-age hardware is concentrated in the enabling layers beneath visible end-products. Robotics, autonomous systems,...

ICAM

Company Update: Micro-Mechanics (Holdings)

Micro-Mechanics (Holdings) (“MMH”) is a company that designs, manufactures and markets high-precision tools & parts used in the assembly and...

FPA Financial

Micro-Mechanics (Holdings) Limited - Next Generation Supplier of the Semicon Industry

Micro-Mechanics (Holdings) Limited is a Singapore-based precision engineering company that designs, manufactures, and markets high-precision tools...

SAC Capital

Singapore Equity Strategy: November 2025

Given recent investor wariness over a global AI bubble, we think it is instructive to look at how exposed the Singapore stock market is to the...

Wealth Management Alliance

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