Singapore SMID Caps InnoTek Limited

Research evidence excerpt

Singapore SMID Caps InnoTek Limited

14 May 2026

Singapore SMID Caps EquitiesSingapore

InnoTek Limited Industrials

◆ We hosted InnoTek Limited, a diversified precision metal Danelle Teo*

components manufacturer offering stamping, tooling and Associate, ASEAN Equity Research

The Hongkong and Shanghai Banking Corporation

assembly Limited, Singapore Branch

danelle.t.y.teo@hsbc.com.sg

◆ Growing project pipeline, with entry into liquid cooling, GPU +65 66585497

servers, and potentially humanoids and robotics JoyHeadWang*of ASEAN Equity Research and ASEAN Property

◆ Sufficient balance sheet capacity to fund recurring capex and Limited, Singapore Branch

joy.wang@hsbc.com.sg

investments for new initiatives +65 6658 0606

We hosted InnoTek Limited for a group investor meeting on 12 May 2026 attended * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

by the Chairman Neal Chandaria, Group CFO Angeline Tan, and Financial Controller

Ang Lee Ai. We do not cover the stock; therefore we do not have a rating, nor are we

commenting on the investment merit of the company’s securities.

A precision components manufacturer. InnoTek started as Magnecomp

Corporation in 1984 – the data storage leader of hard disk drive. Post-divestment of

its subsidiary Magnecomp Precision Technology PCL, it was renamed to InnoTek

and is focused on growing its stamping business. The company entered metal tooling

in the early 2000s, and expanded into Thailand (2017), Vietnam (2021) and Malaysia

(2025) while expanding its product offerings to Computer Numerical Control (CNC).

New sectors to replace traditional businesses. In Sep 2025, InnoTek was approved

as a recommended vendor for NVIDIA and Inspur Group’s IEIT Systems, with the