2Q26 revenue beats management’s own guidance Quick Note

Research evidence excerpt

2Q26 revenue beats management’s own guidance Quick Note

Global Markets Research

MI Technovation MITE.KL MI MK 20 July 2026

EQUITY: TECHNOLOGY

Rating2Q26 revenue beats management’s own guidance Remains Buy

Target price MYR 5.36 RemainsQuick Note

Closing price MYR 4.69 17 July 2026Topline boosted by robust y-y growth of material division; margins follow suit

MI’s 1H26 core profit of MYR82mn comprised 71%/64% of our/Bloomberg consensus’ full-

year estimates, which we deem above expectations. 2Q26 revenue at MYR226mn was up

35% q-q and 47% y-y, driven by continued strength across both the materials (SMBU) and Research Analysts

equipment (SEBU) divisions. Notably, 2Q revenue came in above management’s revenue Malaysia Technology

guidance (SEBU+SMBU) of MYR200-215mn. Semiconductor material (SMBU) segment Heng Siong Kong - NSM

revenue increased 58% q-q (+100% y-y) to MYR131.3mn (58% of the total), while hengsiong.kong@nomura.com

semiconductor equipment (SEBU) segment revenue at MYR93.9mn (42% of total +603 2027 6894

revenue) was up 12% q-q/6% y-y, respectively. The stronger performance across Research Associates

segments was underscored by robust customer demand, supported by the continued

Malaysia Technologyexpansion of consumer electronics within the Mobility & Wearables segment, sustained

Shubham Kejriwal - NSFSPLmomentum in the HPC & Memory segment, and a gradual recovery of the Automotive &

Renewable Energy segment. Management also disclosed that its new power semi design

and vehicle module units registered a net loss of MYR6.1mn in 2Q26 (1H26 losses now

amounting to MYR14.4mn vs 2026E guidance of MYR56.3mn). On the profitability front,

2Q26 NPM more than doubled to 24.4% (vs ~10% in 2Q25) backed by higher sales