MacVisit: EG Industries

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MacVisit: EG Industries

Macquarie Equity Research

21 July 2026

Technology Hardware & Equipment

ASEANMacVisit: EG Industries

Photonics, DC and network-switch EMS provider

Izzati

About this company Hakim, CFA

EG (Not Rated) is a vertically integrated EMS provider with exposure

to optical modules and network switches, and operates manufacturing

facilities in Malaysia and Thailand. Since October 2022, it has partnered

with Cambridge Industries Group (CIG), a Chinese optical transceiver Figure 1 - Summary

manufacturer. Under the alliance, EG serves as CIG’s exclusive

manufacturing partner outside China for optical modules and related

networking products.

Why we visited

We visited EG in Penang as part of our recent 2-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

Product offerings. EG generates 75% of revenue from 5G wireless access

and photonics, 16% from industrial and consumer electronics, and 9% The subject Company discussed in this report is not under

from network switches. Management identifies AI optical modules as a Macquarie Research’s coverage. This report is not an

key growth area and is qualifying 1.6T products, with mass production initiation of coverage on the Company and does not intend to

provide any rating or recommendation on the Company.

expected in mid-FY27. In May 2026, EG received purchase orders worth US

$240m from CIG for delivery in FY26–27E, up from US$117m in FY25. In

July, EG announced a US$100m contract with a US technology company to

manufacture advanced open networking switches.

Its net profit margin expanded from 1% in FY21 to 8% in 9MFY26 as it