MacVisit: Coraza Integrated Technology

Research evidence excerpt

MacVisit: Coraza Integrated Technology

Macquarie Equity Research

21 July 2026

Metals & Mining

ASEANMacVisit: Coraza Integrated Technology

Contract manufacturer pegged to US-Tier 1

clients Izzati

Hakim, CFA

About this company

Coraza (Not Rated) is an integrated engineering support services

provider offering machine fabrication, precision machining, and related

Figure 1 - Coraza summarydesign and development services. It serves customers in the wafer

fabrication equipment and automated test equipment (ATE) industries.

The semiconductor segment contributes c.80% of revenue, with front-end

semiconductor-related customers accounting for 40–50% of group revenue.

Why we visited

We visited Coraza management in Penang as part of our recent two-day

tech tour to understand the implications of an AI capex supercycle to the

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

EMS companies.

The most interesting findings Source: Bloomberg, July 2026. Prices as of 17 July

Business model. Coraza provides solutions across three areas: (1) sheet The subject Company discussed in this report is not under

Macquarie Research’s coverage. This report is not an

metal assembly, (2) precision machining from metal blocks, and (3) frame initiation of coverage on the Company and does not intend to

and structural fabrication. The company offers fabrication, high-level provide any rating or recommendation on the Company.

assembly and modular assembly services. Management states that Coraza

serves Tier-1 US-based customers, including companies that rank among

the three largest global semiconductor production equipment (SPE)

providers. Management states that the company has expanded from

modular assembly into the production of additional components within