MacVisit: Mi Technovation

研报英文原文证据摘录

MacVisit: Mi Technovation

Macquarie Equity Research MacVisit: Mi Technovation

History and corporate governance Business model

2012 Incorporation of Mi Equipment Malaysia and Mi • MI designs, develops, manufactures and sells WLCSP sorting

International in Singapore. equipment as well as inspection and testing equipment.

Clients include Tier 1 OSATs such as ASE, Aspeed, and

2013 Operations commence – design, development, and Amkor, and IDMs.

manufacture and sale of WLCSP sorting machines with

inspection and testing capabilities. Expanded into China. • The company is rolling out new products to expand its

product portfolio, including Si/Vi (inspection process) and AI

2014 INRI secured as first customer in Malaysia and United (bonding focused on advanced packaging) series.

Test and Assembly Center as first foreign customer in

• MI has capabilities in handling bare die, including processesSingapore. Expanded into Taiwan and Japan.

for thin-die pick-and-place.

2021 Entered material business segment (SMBU) through • The material business serves Tier 1 clients including TSMC,acquisition of Accurus Scientific.

ASE, SPIL, Amkor, and Micron. It is more stable and less

2022 Commenced third business unit, SSBU. Relocated HQ to cyclical than its equipment business, per management.

Singapore.

2023 SEBU completed major restructuring. SSBU officially

launched US$30m investment in Hangzhou, China for a

new R&D and manufacturing facility for power modules and

devices.

Main risks

Figure 1 - MI: Equipment revenue by geographic

• Price competition from peers. exposure

• Competition for talent: Penang faces a shortage of skilled

manpower due to stiff competition among local and MNC

semiconductor players.

• Forex risk: Almost 100% of sales are recorded in US Dollars