MacVisit: THMY

研报英文原文证据摘录

MacVisit: THMY

Macquarie Equity Research MacVisit: THMY

History and corporate governance Ownership

• 2008: commence operations. Started in-house software Figure 2 - Majority founder-owned

for ICT solution projects.

• 2009-2012: Invested in its first CNC drilling and router

machines to expand into fabrication. Expanded into in- Others

house design, fabrication, and assembly of ICT and FCT 29.4% Other

fixture and tester platform. management

0.3%

• 2013-2016: Expanded customer base to include direct Mohd Sofi Ooi68.9%Nix Can

sales to OEM. 0.1%

• 2017-2018: Secured first sale of industrial automation MengYapChew

solutions to an OEM customer in Malaysia. 1.3%

• 2020-2025: Commenced the construction of the Batu Source: Company data, Jan 2026

Kawan Factory. Introduced first in-house off-the-shelf

product, namely the Phantom Series.

Management and director background Growth and value proposition

• Dato’ Dr. Mohd Sofi bin Osman: Independent Non- • Management is guiding 35-40% revenue growth in FY27,

Executive Chairman. driven by ASIC-related projects with a 27% NP margin.

• Ooi Can Nix: Executive Director/Chief Executive Officer. • Trades at 64x one-year fwd PER; peers at 53x one-year fwd

• Chew Yap Meng: Executive Director/Chief Operating PER (based on Bloomberg consensus).

Officer.

Business model Main risks

• THMY works closely with end clients (OEMs) on the design • Failure to secure new model orders for future ASIC design.

specifications. Its products are then sold to EMS, ODM or • The company does not have long-term contracts; most

companies supporting these OEMs. contracts are negotiated every few months.

• Works with OEM clients on R&D and design validation • Margin pressure from Chinese competitors.

process. A key feature of its test fixtures is the cold