马来西亚科技行业2026年关键催化剂

Malaysia Technology 5 December 2025 EQUITY:TECHNOLOGYAES Key catalystsfor2026F Research Analysts Malaysia Tochnorogy Earningsvisibilityappearsbetterfor2026Fridingonkeythemes including Al,advancedpackaging,data centers Heng Slong Kong-NSMnenggiongkcroronuracom+60320276894 We see selecive buy ng opportunities within the Malaysia Technology sector going into2026F, with ccmpanies likely to focus largely on: 1) potentisl penetration'making furtherinroads into the Al or adyanced packaging segmant; 2) conbinued focus cn cnboarding of newcustomersiprojectstotakeadvantageofglobasupolychanreallocetioncapitalizingonChina+1/Taiwan+1 tiemes: 3) gecgraphical diversification of manufacturing footprints to meetexisting customersrequirementsanctoopenupnewmarkets;and4)M8Aopportunitiestomakeuseofhealthycashonhandandtoaccelerate excansion intonewbusiness segments ShubhamKejrivral-NSFSPL Onboarding of newcustonerskey forOSAT.segment to grow Within the OSAT space, while inari Amertron (INRI MK Buy) couid see a marginial drop in itsradis frequency (RF) segment (management guiding fer 8% y-y decline for FY26E) due to itsdirectcustcmerlosing somemarketsharetocompetitorsin.thecurrentiPhones.lineup,weexpact the grouo to adopt ai mcre aggressive approach to contrel oost, reducing kosses at itsChinafacilities,whilecommissioningnewproiectsandacoelerefingtheramp-up ofcumentlowvolume projects, Some key initiatives include: 1) doublng its chip fab capacity in FY26 for thedatacom photonics segment, 2) ramcing up its siicon cartide power.manegement segment,the proposed acquisiticn of Lumileds (unlistedj by March 2026, with Inari potentially takingover the back-ond operations as part of tho integration, Beyond that, the group is aiming forother M&A opporlunites without disclosing acditional detals.Asfor D&O Green Technologies(DOGT MK,Noutral),while we beliovo the wonst is ower with its cceratiors having retumod tothebiackandaninventcryiipaimentexercsein3Q25,weremaincautiousonthooverallpece cf automotive demand recovery due to the prokonged slowdovn in thie global EV market.which we atribute to a lack of aveilability of iow-cost models, especially in the US and Europemarkets. SPEplayers leveragecontinuedAldemandwhile lookingfor newgrowthavenue For the Malaysia-based SPEs, we are hoping to see.higher equipmentautomation orcers fromcustomers in 2026F, driven by segments such as Al, medical, EV/aulomotive, tekcp infra, solardata centers,etc.Pentamaster (PENTMK,Buy) expects 2026Eto be botler,with ikelyprogress in its oouipment offerings forthe adveanced packaging space. Currently. its R&Dteamis working onnine-such ocuipment, and the group belicvesthaf'maidn contribution could startin 2026E, with more sigificant contrioution likely from 2027E.The group hes seta 2027Erevenue targef of MYR10Crmn from the ncwy sognonif,Although Greatoch (GREATECMK,Buy has, thus far.ony secured nw jobs worth MYR470mn vs its previous targetofMYR900rnfor2025E,wefindpositives in thogrcup's aggressive strategyto penetrate intowins of MYR1.5bn coud be achievable,wtich ould hepto ro-rate earmings growth Vitrox(ViTRO MKReduce).meamwhile, is lookingtofurtherstrengthenitsproductoffeings,especiallyfor the Al supply chain,which currentlymakes up 30-40% of ilsreveriuc, based onour estinalos.Ml Techrovafion (MLMK, Neutral)is lookng to diversify ils equipment offeringsby growing its vision inspoction,laser bonding,and known-good-die fosting solutions,whiledevelopirnig more in-house alloys for ils materials civisicn,Manegementis also eyeing tocornmission mass protuclioen of its power noaule design segment by 4Q26E. Generai EMS players tikely to outperform consumer-centric.peers Within the generai EMS segment, wu boieve UMS Integralian (UMSINT MK, Buy) would seckto tapilalze on ds rnew irorit-end iaistorner hat is in the preoeses nf shifling is operatioris fromthe US to Asia Management pointed out trat -100 new parts would be added by the saidcustomer by end 2026E, and it might contrixute to an adcitional revenue of SGD20mn pa 2026E orwends. The team is cuirently working on improving intemal production yields to boostprofitabilty and,at the same time, discussing other new product initistives with the customer.Similany, UWC (UWC MK, Neutral) intends to foous on.growng both its front- and bsck-endequipment segments as it sesks to widen its procluct offerings and might onboard a newEuropean customerforthefomer, while the latter should benefit from higher orcers for itsmemory test handlers from its key customer owing to the customer's suocessful penetretioninto the AI supply chain. JHM Corsolidation (JHMC MK, Neuitrel) ser its eemings reflectionpoint in 3Q25 with operations retuming to the black and we expect this positive momentum tocontinue in 2026F, driven by the commencement of new projects under both its auitomotiveand industrisl segnents. For the consumer-centric EMS pleyers, we caution that 2026F could see mcre volatlty,giventhat US-bound consumer appliances would