Initiation: Challenging the global giants

Research evidence excerpt

Initiation: Challenging the global giants

Macquarie Equity Research MPI

Key Risks to Investment Thesis Company Description

• High concentration on AI/HPC infrastructure spending. MPI Corporation is a semiconductor testing solution provider

• Execution and validation hurdles in CPO. specializing in probe cards, automated probe systems,

• Operational risks in new facility expansion. photonics and RF/mmWave test solutions, and thermal test

environments, enabling precise wafer-level and device-level

• Intense competition for specialised engineering talent in characterization across advanced logic, AI, RF, and high-speed

Taiwan. computing applications. Its core offerings include engineering

• Geopolitical risks. and mass-production probe systems, broadband RF probes,

inspection and automation platforms, and temperature-

forcing systems.

Figure 1 - MPI revenue by segment Figure 2 - MPI revenue and profitability

60 54 60 60.0%

NT$bn 50 NT$bn 50 50.0%

40 33 40 40.0%

30 22 30 30.0%

20 13 20 20.0%

10 7 7 8 10 10 10.0%

0 0 0.0%

FY2021A FY2022A FY2023A FY2024A FY2025A FY2026F FY2027F FY2028F FY2021A FY2022A FY2023A FY2024A FY2025A FY2026F FY2027F FY2028F

CPC VPC PA AST TS Others Revenue GPM OPM NPM

Source: Company data, Macquarie Research, May 2026 Source: Company data, Macquarie Research, May 2026

MPI (6223 TT) TWD/(m) unless otherwise noted

Income Statement Dec FY 2025A 2026E 2027E 2028E Q1/26A Q2/26E Balance Sheet 2025A 2026E 2027E 2028E

Revenue 13,371 22,182 33,404 54,135 3,933 5,663 Cash 5,437 5,244 5,543 8,000

Cost of Goods Sold 5,943 9,585 14,788 24,359 1,595 2,496 Receivables 2,411 3,889 5,857 9,492

Gross Profit 7,428 12,597 18,616 29,775 2,338 3,167 Inventories 5,011 8,009 12,357 20,288

EBITDA 4,566 8,360 13,574 21,852 1,526 2,015 Investments 62.7 60.2 60.2 60.2