Asia Essentials - 21 Jul 2026

研报英文原文证据摘录

Asia Essentials - 21 Jul 2026

Macquarie Equity Research

21 July 2026

Semicons & Semicon Equip

ASEANMacVisit: SkyeChip

Pure play ASEAN IC designer

Izzati

About this company Hakim, CFA

• Skyechip (Not Rated) listed on 20 May and provides end-to-end silicon

IP design and development services. The company specialises in memory

interface IP and Network-on-Chip (NoC) IP, and expanded into custom

ASIC design in 2025, with a focus on upfront licensing. Figure 1 - Skyeship summary

Why we visited

• We visited Skyechip management (Galvin, CFO and Chee Hak, CTO/

co-founder) in Penang as part of our recent two-day tech tour to

understand the implication of 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

• Skyechip is one of the few Malaysia-listed original equipment designers

with full IP rights over its designs, which it licenses to customers for The subject Company discussed in this report is not under

Macquarie Research’s coverage. This report is not an integration into their IC products. Its library of silicon IP is reconfigurable,

initiation of coverage on the Company and does not intend to

allowing it to license the same IP to multiple clients, with clients receiving provide any rating or recommendation on the Company.

rights for specific projects.

• Recent development, penetrated new market, US. Skyechip recently

announced US-based Cerebras has engaged the company for AI chip

design work. Cerebras is a vendor to OpenAI and AWS. Management

stated that the engagement may support revenue diversification, noting

that 97% of revenue was previously sourced from China and Taiwan. In