Singapore SMID Caps: JEP Holdings

研报英文原文证据摘录

Singapore SMID Caps: JEP Holdings

Equities ● Singapore

24 June 2026

A timely high-margin

transition

◆ An inflection point, pivoting towards higher-margin businesses…

◆ …into front-end semiconductors and specialised plastic machining

fabrication

◆ With additional capex and expansion plans to support this growth

A 30-year history in aerospace and semiconductors

JEP Holdings was established in 1986 and listed on SGX Catalist in 2004 under the name of

Alantac Technology Ltd. It focused mainly on semiconductor back-end and hard disk drives. In

2007, it acquired an 85% interest in JEP Precision Engineering (JEPS) for SGD29.5m to pivot

into precision engineering in the aerospace and oil & gas sectors. Subsequently, in May 2010, it

was renamed JEP Holdings to reflect its main operations of advanced precision engineering. In

the same year, it initiated a rights issue of 390m shares, raising SGD11.7m of gross proceeds to

improve liquidity after years of losses. A key turning point was in 2018, where Andy Luong was

appointed as Executive Chairman and CEO. Since then, it has continued to make a profit.

During that year, there was a major restructuring in power and machines, resulting in a fall in

headcount from around 360 in 2018 to 200 now.

Strategic repositioning to front-end semiconductors…

Over the past two years, it has pivoted towards front-end semiconductor components, away

from back-end. This resulted in a SGD1.5m loss in the equipment manufacturing segment in

FY25 due to inventory adjustment and operational costs from the transition. Management has

said that the transition has been largely completed.

JEP noted a new semiconductor customer, based in the US, with revenue contributions to ramp

up from 2H26.

…and specialised plastic machining fabrication