TTMI - Quick Take - TTMI expresses upside plans to 2026 sales; we note other likely items for the 5/27 analyst day

研报英文原文证据摘录

TTMI - Quick Take - TTMI expresses upside plans to 2026 sales; we note other likely items for the 5/27 analyst day

er Telephonics business). We expect the company to

4 Page Document provide an update on defense project exposure, revenue growth, profitability, and other

factors.

Reasons for this report Industrial end market update. TTMI delivered a surprisingly strong Q1 result in its

"MI&I" (industrial) end market last qtr, beating consensus by over 22%. The strength aligns

✓ Event Preview well with our recent feedback from industry contacts (see our note here) that highlighted a

✓ Quick Reaction to Newsflow/Volatility snap-back of performance in industrial end market demand. Expect management to review

demand drivers, cyclical positioning, and supply (which we believe is now constrained) in

this end market.

Penang & Penang 2 update. Expect TTMI to provide an update on its Penang facility.

We note that yields and production have ramped slower than prior guidance suggested,

but thankfully this has been overshadowed by strength in DC/AI. Considering Mr. Roks's

expertise in operations, we believe investors anticipate a relatively quick improvement to

this situation, and we expect TTM will come prepared to give a meaningful update on this

facility including leadership, technology mix, yields, production, profitability, and timing to

reach full production. Furthermore, we expect the company will make some update on the

2nd phase of Penang that we believe has the potential to match the output of the current

facility when built and fully ramped.

Syracuse update. TTM has noted its plans to complete the Syracuse facility (defense PCBs)

by mid-year and to ramp production during 2H26. Expect management to reiterate these

plans.

Eau Claire update.