Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to RM4.68, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 37x in the Semiconductor industry in Malaysia. Total returns to shareholders of 272% over the past three years. Reported Earnings • May 23
First quarter 2026 earnings released: EPS: RM0.035 (vs RM0.02 in 1Q 2025) First quarter 2026 results: EPS: RM0.035 (up from RM0.02 in 1Q 2025). Revenue: RM167.8m (up 40% from 1Q 2025). Net income: RM31.0m (up 76% from 1Q 2025). Profit margin: 19% (up from 15% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Semiconductor industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 29
Mi Technovation Berhad, Annual General Meeting, Jun 12, 2026 Mi Technovation Berhad, Annual General Meeting, Jun 12, 2026, at 10:00 Singapore Standard Time. Location: auditorium of the company, no. 20, medan bayan lepas technoplex, mk 12, taman perindustrian bayan lepas, 11900 bayan lepas, pulau pinang, Malaysia Price Target Changed • Apr 23
Price target increased by 7.5% to RM4.10 Up from RM3.81, the current price target is an average from 5 analysts. New target price is 25% above last closing price of RM3.28. Stock is up 92% over the past year. The company is forecast to post earnings per share of RM0.13 for next year compared to RM0.11 last year. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to RM2.95, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 25x in the Semiconductor industry in Malaysia. Total returns to shareholders of 75% over the past three years. Reported Earnings • Feb 26
Full year 2025 earnings released: EPS: RM0.10 (vs RM0.076 in FY 2024) Full year 2025 results: EPS: RM0.10 (up from RM0.076 in FY 2024). Revenue: RM625.0m (up 35% from FY 2024). Net income: RM93.8m (up 38% from FY 2024). Profit margin: 15% (in line with FY 2024). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 10.0% growth forecast for the Semiconductor industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Nov 20
Consensus revenue estimates increase by 15% The consensus outlook for revenues in fiscal year 2025 has improved. 2025 revenue forecast increased from RM524.0m to RM601.6m. EPS estimate increased from RM0.096 to RM0.11 per share. Net income forecast to grow 23% next year vs 34% growth forecast for Semiconductor industry in Malaysia. Consensus price target up from RM2.70 to RM3.63. Share price rose 5.2% to RM3.24 over the past week. Price Target Changed • Nov 16
Price target increased by 22% to RM2.95 Up from RM2.42, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of RM3.07. Stock is up 65% over the past year. The company is forecast to post earnings per share of RM0.10 for next year compared to RM0.076 last year. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: RM0.04 (vs RM0.008 loss in 3Q 2024) Third quarter 2025 results: EPS: RM0.04 (up from RM0.008 loss in 3Q 2024). Revenue: RM197.1m (up 67% from 3Q 2024). Net income: RM35.9m (up RM43.1m from 3Q 2024). Profit margin: 18% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Semiconductor industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to RM2.76, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 33x in the Semiconductor industry in Malaysia. Total returns to shareholders of 156% over the past three years. Board Change • Oct 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 3 highly experienced directors. Group CFO & Executive Director Shiao Voon Yong was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • Aug 17
First half dividend of RM0.01 announced Shareholders will receive a dividend of RM0.01. Ex-date: 28th August 2025 Payment date: 17th September 2025 Dividend yield will be 2.1%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is not covered by earnings (114% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 15% per year over the past 7 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 27% to bring the payout ratio under control. EPS is expected to grow by 91% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: RM0.018 (vs RM0.031 in 2Q 2024) Second quarter 2025 results: EPS: RM0.018 (down from RM0.031 in 2Q 2024). Revenue: RM154.1m (up 21% from 2Q 2024). Net income: RM15.6m (down 44% from 2Q 2024). Profit margin: 10% (down from 22% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Semiconductor industry in Malaysia. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Price Target Changed • Jun 25
Price target decreased by 8.9% to RM2.42 Down from RM2.65, the current price target is an average from 4 analysts. New target price is 27% above last closing price of RM1.90. Stock is down 27% over the past year. The company is forecast to post earnings per share of RM0.094 for next year compared to RM0.076 last year. Reported Earnings • May 17
First quarter 2025 earnings released: EPS: RM0.02 (vs RM0.03 in 1Q 2024) First quarter 2025 results: EPS: RM0.02 (down from RM0.03 in 1Q 2024). Revenue: RM119.5m (up 12% from 1Q 2024). Net income: RM17.6m (down 34% from 1Q 2024). Profit margin: 15% (down from 25% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Semiconductor industry in Malaysia. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • Apr 29
Mi Technovation Berhad, Annual General Meeting, Jun 10, 2025 Mi Technovation Berhad, Annual General Meeting, Jun 10, 2025, at 10:30 Singapore Standard Time. Location: junior ballroom, level 2, intercontinental kuala lumpur, 165 jalan ampang, 50350 kuala lumpur, wilayah persekutuan kuala lumpur, Malaysia Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to RM1.49, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 20x in the Semiconductor industry in Malaysia. Total loss to shareholders of 15% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at RM0.77 per share. Reported Earnings • Feb 22
Full year 2024 earnings released: EPS: RM0.076 (vs RM0.062 in FY 2023) Full year 2024 results: EPS: RM0.076 (up from RM0.062 in FY 2023). Revenue: RM463.5m (up 30% from FY 2023). Net income: RM68.1m (up 24% from FY 2023). Profit margin: 15% (in line with FY 2023). Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Semiconductor industry in Malaysia. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 1% per year. Upcoming Dividend • Dec 02
Upcoming dividend of RM0.035 per share Eligible shareholders must have bought the stock before 09 December 2024. Payment date: 30 December 2024. Payout ratio is a comfortable 68% but the company is paying out more than the cash it is generating. Trailing yield: 3.2%. Lower than top quartile of Malaysian dividend payers (5.0%). Higher than average of industry peers (1.8%). Valuation Update With 7 Day Price Move • Nov 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to RM2.09, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 25x in the Semiconductor industry in Malaysia. Total loss to shareholders of 34% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at RM1.29 per share. Reported Earnings • Nov 21
Third quarter 2024 earnings released: RM0.008 loss per share (vs RM0.016 profit in 3Q 2023) Third quarter 2024 results: RM0.008 loss per share (down from RM0.016 profit in 3Q 2023). Revenue: RM117.7m (up 20% from 3Q 2023). Net loss: RM7.20m (down 151% from profit in 3Q 2023). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Semiconductor industry in Malaysia. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings. Declared Dividend • Aug 19
First half dividend of RM0.025 announced Shareholders will receive a dividend of RM0.025. Ex-date: 29th August 2024 Payment date: 18th September 2024 Dividend yield will be 2.1%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is covered by both earnings (44% earnings payout ratio) and cash flows (66% cash payout ratio). The dividend has increased by an average of 7.0% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to grow by 43% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: RM0.031 (vs RM0.025 in 2Q 2023) Second quarter 2024 results: EPS: RM0.031 (up from RM0.025 in 2Q 2023). Revenue: RM127.2m (up 51% from 2Q 2023). Net income: RM27.6m (up 21% from 2Q 2023). Profit margin: 22% (down from 27% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Semiconductor industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to RM1.90, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 31x in the Semiconductor industry in Malaysia. Total loss to shareholders of 53% over the past three years. Valuation Update With 7 Day Price Move • May 17
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to RM2.41, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 31x in the Semiconductor industry in Malaysia. Total loss to shareholders of 19% over the past three years. Price Target Changed • May 14
Price target increased by 12% to RM2.37 Up from RM2.12, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of RM2.27. Stock is up 60% over the past year. The company is forecast to post earnings per share of RM0.087 for next year compared to RM0.062 last year. Reported Earnings • May 12
First quarter 2024 earnings released: EPS: RM0.03 (vs RM0.007 in 1Q 2023) First quarter 2024 results: EPS: RM0.03 (up from RM0.007 in 1Q 2023). Revenue: RM107.1m (up 39% from 1Q 2023). Net income: RM26.8m (up 319% from 1Q 2023). Profit margin: 25% (up from 8.3% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Semiconductor industry in Malaysia. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Announcement • May 03
Mi Technovation Berhad, Annual General Meeting, Jun 11, 2024 Mi Technovation Berhad, Annual General Meeting, Jun 11, 2024, at 10:00 Singapore Standard Time. Location: Auditorium of the Company, No. 20 Medan Bayan Lepas Technoplex MK 12, Taman Perindustrian Bayan Lepas Pulau Pinang Malaysia Agenda: To receive the Audited Financial Statements for the year ended 31 December 2023; to consider Board changes; to approve payment of benefits payable to the Executive Directors of the Company totaling RM24,000 from 7 June 2023 to 11 June 2024; to re-appoint Messrs BDO PLT, the retiring Auditors, as Auditors of the Company, and to authorise the Board to fix their remuneration; and to consider any other matter thereof. Upcoming Dividend • Feb 29
Upcoming dividend of RM0.02 per share Eligible shareholders must have bought the stock before 07 March 2024. Payment date: 25 March 2024. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Malaysian dividend payers (4.7%). Higher than average of industry peers (1.6%). Declared Dividend • Feb 25
Final dividend of RM0.02 announced Dividend of RM0.02 is the same as last year. Ex-date: 7th March 2024 Payment date: 25th March 2024 Dividend yield will be 2.0%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is covered by both earnings (59% earnings payout ratio) and cash flows (52% cash payout ratio). The dividend has increased by an average of 8.4% per year over the past 5 years. However, payments have been volatile during that time. EPS is expected to grow by 54% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 24
Full year 2023 earnings released: EPS: RM0.062 (vs RM0.077 in FY 2022) Full year 2023 results: EPS: RM0.062 (down from RM0.077 in FY 2022). Revenue: RM356.0m (down 8.6% from FY 2022). Net income: RM55.2m (down 20% from FY 2022). Profit margin: 16% (down from 18% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Semiconductor industry in Malaysia. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 24% per year, which means it is performing significantly worse than earnings. Price Target Changed • Nov 17
Price target increased by 7.5% to RM2.16 Up from RM2.01, the current price target is an average from 4 analysts. New target price is 12% above last closing price of RM1.93. Stock is up 54% over the past year. The company is forecast to post earnings per share of RM0.063 for next year compared to RM0.077 last year. Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: RM0.016 (vs RM0.023 in 3Q 2022) Third quarter 2023 results: EPS: RM0.016 (down from RM0.023 in 3Q 2022). Revenue: RM98.4m (up 9.8% from 3Q 2022). Net income: RM14.2m (down 30% from 3Q 2022). Profit margin: 14% (down from 23% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Semiconductor industry in Malaysia. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Aug 17
Upcoming dividend of RM0.02 per share at 2.5% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 11 September 2023. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Malaysian dividend payers (5.3%). Higher than average of industry peers (1.7%). Announcement • Aug 13
MI Technovation Berhad Announces First Interim Dividend for Financial Year Ending 31 December 2023, Payable on 11 September 2023 Mi Technovation Berhad announced First Interim Dividend of 2.0 sen per ordinary share in respect of the financial year ending 31 December 2023. Ex-Date is 24 August 2023. Payment Date is 11 September 2023. Entitlement date is 25 August 2023. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: RM0.025 (vs RM0.021 in 2Q 2022) Second quarter 2023 results: EPS: RM0.025 (up from RM0.021 in 2Q 2022). Revenue: RM84.1m (down 10% from 2Q 2022). Net income: RM22.7m (up 22% from 2Q 2022). Profit margin: 27% (up from 20% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Semiconductor industry in Malaysia. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 27% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to RM1.62, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 30x in the Semiconductor industry in Malaysia. Total loss to shareholders of 50% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at RM0.78 per share. Reported Earnings • May 09
First quarter 2023 earnings released: EPS: RM0.007 (vs RM0.014 in 1Q 2022) First quarter 2023 results: EPS: RM0.007 (down from RM0.014 in 1Q 2022). Revenue: RM76.8m (down 14% from 1Q 2022). Net income: RM6.40m (down 50% from 1Q 2022). Profit margin: 8.3% (down from 14% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Semiconductor industry in Malaysia. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • May 09
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to RM1.35, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 28x in the Semiconductor industry in Malaysia. Total loss to shareholders of 41% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at RM0.75 per share. Major Estimate Revision • Mar 01
Consensus revenue estimates fall by 12% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from RM451.3m to RM395.6m. EPS estimate fell from RM0.09 to RM0.088 per share. Net income forecast to grow 16% next year vs 11% growth forecast for Semiconductor industry in Malaysia. Consensus price target up from RM1.73 to RM1.96. Share price rose 23% to RM1.96 over the past week. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to RM1.96, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 29x in the Semiconductor industry in Malaysia. Total loss to shareholders of 26% over the past three years. Upcoming Dividend • Feb 28
Upcoming dividend of RM0.02 per share at 2.1% yield Eligible shareholders must have bought the stock before 07 March 2023. Payment date: 21 March 2023. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Malaysian dividend payers (5.2%). Higher than average of industry peers (1.9%). Reported Earnings • Feb 23
Full year 2022 earnings released: EPS: RM0.077 (vs RM0.075 in FY 2021) Full year 2022 results: EPS: RM0.077 (up from RM0.075 in FY 2021). Revenue: RM389.5m (up 3.7% from FY 2021). Net income: RM68.9m (up 11% from FY 2021). Profit margin: 18% (up from 17% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Semiconductor industry in Malaysia. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 11% per year, which means it is performing significantly worse than earnings. Board Change • Dec 30
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent & Non Executive Director Yee Phoon was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improved over the past week After last week's 21% share price gain to RM1.35, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 22x in the Semiconductor industry in Malaysia. Total returns to shareholders of 3.9% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at RM0.64 per share. Major Estimate Revision • Aug 04
Consensus EPS estimates fall by 18% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from RM410.0m to RM382.6m. EPS estimate also fell from RM0.08 per share to RM0.06 per share. Net income forecast to grow 7.4% next year vs 32% growth forecast for Semiconductor industry in Malaysia. Consensus price target down from RM2.12 to RM1.71. Share price was steady at RM1.53 over the past week. Upcoming Dividend • Aug 04
Upcoming dividend of RM0.01 per share Eligible shareholders must have bought the stock before 11 August 2022. Payment date: 26 August 2022. Payout ratio is a comfortable 56% and the cash payout ratio is 78%. Trailing yield: 2.6%. Lower than top quartile of Malaysian dividend payers (4.9%). Higher than average of industry peers (1.8%). Announcement • Jul 29
Mi Technovation Berhad Announces Second Single-Tier Interim Dividend for the Financial Year Ending 31 December 2022 Payable on 26 August 2022 Mi Technovation Berhad announced second single-tier interim dividend of 1.0 sen per ordinary share for the financial year ending 31 December 2022 payable on 26 August 2022. Ex-date is 11 August 2022. Entitlement date is 12 August 2022. Reported Earnings • Jul 29
Second quarter 2022 earnings released: EPS: RM0.021 (vs RM0.033 in 2Q 2021) Second quarter 2022 results: EPS: RM0.021 (down from RM0.033 in 2Q 2021). Revenue: RM93.6m (down 20% from 2Q 2021). Net income: RM18.7m (down 28% from 2Q 2021). Profit margin: 20% (down from 22% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the next year, revenue is forecast to grow 7.5%, compared to a 18% growth forecast for the industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 02
Mi Technovation Berhad appoints Wong Ming Nee as Chief Finance Director Mi Technovation Berhad announced the appointment of Miss. Wong Ming Nee as Chief Finance Director, effective from the 01 July 2022. Wong has more than 22 years of vast experiences in finance and accounting, corporate exercise, mergers and acquisitions, taxation, controlling and compliances. Announcement • Jul 01
Mi Technovation Berhad Announces Resignation of MADAM YONG SHIAO VOON as Executive Director Mi Technovation Berhad announced the resignation of MADAM YONG SHIAO VOON as Executive Director due to pave way for promotion of Deputy Chief Financial Officer pursuant to the Company's succession plan, date of change is June 30, 2022. Qualifications: Degree: Accounting in University of Malaya. Working experience and occupation: Madam Yong started her career in 1994 as Accountant in CGPC Fabrication (M) Sdn Bhd, a foreign-owned company. She was then promoted to Plant Accountant and assigned to base in Shanghai under Tamco Switchgear (Shanghai) Co. Ltd. until 2001. Thereafter, she joined Danisco Malaysia Sdn Bhd as Finance Manager and left in 2012 prior to joining Hitachi Asia Ltd. in Singapre as SAP Consultant. In 2016, she joined Mi International Pte Ltd. as the Financial Controller and promoted to General Manager in January 2019. She involved heavily in the floatation process and successfully brought the Group from private to IPO in June 2018. Madam Yong was then appointed as the Group Chief Financial Officer in March 2019. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment deteriorated over the past week After last week's 15% share price decline to RM1.45, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 20x in the Semiconductor industry in Malaysia. Total returns to shareholders of 35% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at RM1.35 per share. Upcoming Dividend • May 11
Upcoming dividend of RM0.01 per share Eligible shareholders must have bought the stock before 18 May 2022. Payment date: 02 June 2022. Payout ratio is a comfortable 61% and the cash payout ratio is 86%. Trailing yield: 2.4%. Lower than top quartile of Malaysian dividend payers (4.7%). Higher than average of industry peers (1.8%). Major Estimate Revision • Apr 30
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from RM470.0m to RM448.0m. EPS estimate also fell from RM0.09 per share to RM0.08 per share. Net income forecast to grow 20% next year vs 32% growth forecast for Semiconductor industry in Malaysia. Consensus price target of RM3.90 unchanged from last update. Share price fell 2.7% to RM1.80 over the past week. Reported Earnings • Apr 27
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: RM0.075 (up from RM0.072 in FY 2020). Revenue: RM375.5m (up 64% from FY 2020). Net income: RM61.8m (up 14% from FY 2020). Profit margin: 17% (down from 24% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.5%. Over the next year, revenue is forecast to grow 25%, compared to a 24% growth forecast for the industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 6% per year. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 18% share price gain to RM2.06, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 23x in the Semiconductor industry in Malaysia. Total returns to shareholders of 53% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at RM2.04 per share. Buying Opportunity • Mar 07
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 53%. The fair value is estimated to be RM2.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 32% per annum over the last 3 years. Earnings per share has grown by 4.3% per annum over the last 3 years. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorated over the past week After last week's 16% share price decline to RM1.70, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 21x in the Semiconductor industry in Malaysia. Total returns to shareholders of 15% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at RM2.08 per share. Upcoming Dividend • Feb 28
Upcoming dividend of RM0.02 per share Eligible shareholders must have bought the stock before 07 March 2022. Payment date: 22 March 2022. Payout ratio is a comfortable 67% but the company is not cash flow positive. Trailing yield: 2.0%. Lower than top quartile of Malaysian dividend payers (4.5%). Higher than average of industry peers (1.0%). Reported Earnings • Feb 22
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: RM0.075 (up from RM0.072 in FY 2020). Revenue: RM375.5m (up 64% from FY 2020). Net income: RM61.8m (up 14% from FY 2020). Profit margin: 17% (down from 24% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 100%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 36%, compared to a 27% growth forecast for the industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 7% per year. Price Target Changed • Dec 17
Price target decreased to RM4.83 Down from RM5.40, the current price target is an average from 3 analysts. New target price is 44% above last closing price of RM3.36. Stock is down 9.2% over the past year. The company is forecast to post earnings per share of RM0.074 for next year compared to RM0.072 last year. Upcoming Dividend • Nov 08
Upcoming dividend of RM0.03 per share Eligible shareholders must have bought the stock before 15 November 2021. Payment date: 30 November 2021. Trailing yield: 1.6%. Lower than top quartile of Malaysian dividend payers (4.2%). Higher than average of industry peers (0.7%). Reported Earnings • Oct 31
Third quarter 2021 earnings released: EPS RM0.022 (vs RM0.017 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: RM114.0m (up 77% from 3Q 2020). Net income: RM19.0m (up 54% from 3Q 2020). Profit margin: 17% (down from 19% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth.