Daily Brief Singapore: SGX Rubber Future TSR20, Global Testing Corp and more

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• Global Testing Corp (GTC) is an established Outsourced Semiconductor Assembly and Test (OSAT) provider, specializing in testing services for logic and mixed-signal semiconductors. Headquartered in Taiwan, the company is strategically positioned within the global semiconductor hub.
• The company is poised to benefit from positive long-term industry trends, including the proliferation of AI, IoT, 5G, and automotive electronics, which are driving demand for more complex and rigorous semiconductor testing. The OSAT market is projected to grow at a CAGR of 5-9% over the next several years.
• Despite a challenging recent period marked by declining net income and margins, the company maintains a strong balance sheet with minimal debt. However, its revenue and profit trajectory in the near term will be highly dependent on the cyclical nature of the semiconductor industry and its ability to secure its position with key customers.

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