2Q26 revenue beats management’s own guidance Quick Note

研报英文原文证据摘录

2Q26 revenue beats management’s own guidance Quick Note

Global Markets Research

MI Technovation MITE.KL MI MK 20 July 2026

EQUITY: TECHNOLOGY

Rating2Q26 revenue beats management’s own guidance Remains Buy

Target price MYR 5.36 RemainsQuick Note

Closing price MYR 4.69 17 July 2026Topline boosted by robust y-y growth of material division; margins follow suit

MI’s 1H26 core profit of MYR82mn comprised 71%/64% of our/Bloomberg consensus’ full-

year estimates, which we deem above expectations. 2Q26 revenue at MYR226mn was up

35% q-q and 47% y-y, driven by continued strength across both the materials (SMBU) and Research Analysts

equipment (SEBU) divisions. Notably, 2Q revenue came in above management’s revenue Malaysia Technology

guidance (SEBU+SMBU) of MYR200-215mn. Semiconductor material (SMBU) segment Heng Siong Kong - NSM

revenue increased 58% q-q (+100% y-y) to MYR131.3mn (58% of the total), while hengsiong.kong@nomura.com

semiconductor equipment (SEBU) segment revenue at MYR93.9mn (42% of total +603 2027 6894

revenue) was up 12% q-q/6% y-y, respectively. The stronger performance across Research Associates

segments was underscored by robust customer demand, supported by the continued

Malaysia Technologyexpansion of consumer electronics within the Mobility & Wearables segment, sustained

Shubham Kejriwal - NSFSPLmomentum in the HPC & Memory segment, and a gradual recovery of the Automotive &

Renewable Energy segment. Management also disclosed that its new power semi design

and vehicle module units registered a net loss of MYR6.1mn in 2Q26 (1H26 losses now

amounting to MYR14.4mn vs 2026E guidance of MYR56.3mn). On the profitability front,

2Q26 NPM more than doubled to 24.4% (vs ~10% in 2Q25) backed by higher sales