MacVisit: Mi Technovation

Research evidence excerpt

MacVisit: Mi Technovation

Macquarie Equity Research

21 July 2026

Semicons & Semicon Equip

ASEANMacVisit: Mi Technovation

Advanced packaging drives growth

Izzati

About this company Hakim, CFA

• Mi Technovation (MI MK; Not Rated) has a 35-40% share of the global die

sorting and testing market, supplying tier-1 OSATs and global IDMs with

strong capabilities in handling bare die, particularly in thin-die pick-and-

place processes, per management. Figure 1 - MI's financials

Why we visited

We visited MI Tech's CEO (Mr Oh Kuang Eng) in Penang as part of our recent

two-day tech tour to understand the implication of AI capex supercycle to

the Malaysian semi supply chain from IC design, OSAT, testing equipment

and EMS companies.

The most interesting findings

MI has four business divisions: 1) SEBU (equipment); 2) SMBU (produces

solder spheres); 3) STBU (design business); and 4) VTBU (EV powertrain

system for heavy duty truck). Source: Bloomberg, July 2026

• Capex upcycle. Management cited its market positions in selected

products, including the No. 1 die sorting and inspection machine and The subject Company discussed in this report is not under

Macquarie Research’s coverage. This report is not an one of the world's top-three known good die platform providers. initiation of coverage on the Company and does not intend to

Management attributed demand for its die sorting and known good die provide any rating or recommendation on the Company.

machines to higher testing process intensity. On material shortages,

management stated that it is onboarding additional suppliers to diversify

risk as part of its normal procurement process.

• Materials business. MI announced it plans to list its material business in

SGX (IPO price & shares to be issued not fixed yet) in 2H26. The proceeds