2Q26 earnings call takeaways: Bullish segmental guidance to support momentum into 2H26E; maintain Buy with a higher TP of MYR6.91

研报英文原文证据摘录

2Q26 earnings call takeaways: Bullish segmental guidance to support momentum into 2H26E; maintain Buy with a higher TP of MYR6.91

Global Markets Research

MI Technovation MITE.KL MI MK 21 July 2026

EQUITY: TECHNOLOGY

Rating2Q26 earnings call takeaways Remains Buy

Target priceBullish segmental guidance to support momentum into Increased from MYR 6.912H26E; maintain Buy with a higher TP of MYR6.91 MYR 5.36

MI hosted an earnings briefing earlier today (21 July 2026) following the announcement of its 2Q26 Closing price MYR 5.92 21 July 2026results yesterday (refertonote). Notably, management guides for 3Q26E revenue of MYR215-

235mn, after beating its own 2Q revenue guidance of MYR200-215mn (vs actual 2Q26 revenue of

Implied upsideMYR226mn). 2Q26 revenue breakdown by industry was ~73% for mobility and wearables, ~19% +16.7%

for HPC/memory, and 8% for automotive and renewable energy. Geographically, Taiwan came in

Market Cap (USD mn) 1,303.6

at 42% followed by China (29%), Korea and Japan (~10%), SEA and India (9%), and the US and ADT (USD mn) 4.2

others (10%).

Semiconductor equipment (SEBU) segment: Management stated that the segment’s Relative performance chart

performance in 2Q was driven by stronger demand for Mi series die-sorters from customers in

US/Korea within the mobility & wearables segment, alongside higher spare parts and services

revenue. Notably, the Mi Series continued to be the dominant contributor, coming in at ~78% of the

segment’s revenue. Within SEBU, the mobility/HPC and memory/automotive and RE split was

90%/2%/8%.

Semiconductor materials (SMBU) segment: Management attributed the strong 2Q showing

(revenue up 58% q-q/100% y-y) to elevated demand for its patented alloy solder balls, alongside

higher ASPs and sales volume.