Post-Q1 ramp-up supports the outlook

研报英文原文证据摘录

Post-Q1 ramp-up supports the outlook

< 4.00x

group revenue). As Keysight counts Nvidia among its major customers, first 24 months, thereafter 3.50x

Specac has direct exposure to continued strength in semiconductor Financial covenants - maintenance:

demand. Management also noted another significant customer is in

discussions to ramp up production, further bolstering the outlook. On the • Minimum liquidity of USD 2.0m

back of the strong momentum, our understanding is that the company has Call structure:

raised own budgets for FY'26 revenue and EBITDA since bond issue. No • MW until 16. Jun 2028guidance was provided in the report, but we view the internal forecast hike

as a strong signal. • 103.250% until 16 Dec 2028

• 102.4375% until 16 Jun 2029

Strong start to Q2, but we remain conservative • 101.625% until 16 Dec 2029

We slightly raise revenue growth on the back of the outlook, but note • 100.8125% until 16 Jun 2030

that the 8% y-o-y growth through May is broadly in line with our full-year • 100.325% until 16 Sep 2030

assumptions from bond issue. Extrapolating Apr-May growth, however, Dividends:

would imply an upside to our estimates. We expect Amax to be the main

growth driver in the short term, with the Specac division facing tough • No distribution

comps at the end of Q2, subsequently easing in H2e. We lower our gross

Company descriptionmargin assumptions modestly to ~47% in '26e-'27e, reflecting higher

sourcing prices and product mix. Lastly, we raise our capex assumption Specac designs, manufactures and sells

by ~USD 5m, as higher production volumes are likely to require additional mission-critical spectroscopy accessories

capacity starting from Q4'26e and through 2028e. and scientific sample preparation solutions

for global instrumentation OEMs