MI TECHNOVATION BERHAD (5286.KL)

Sector
Technology
Price
RM 6.10 (-4.54%)
Market cap
5.5B MYR

See analyst ratings, target prices and the track record of every expert covering MI TECHNOVATION BERHAD. Unlock full analyst calls.

About MI TECHNOVATION BERHAD

Company Description

Mi Technovation Berhad, incorporated in 2012 by Mr. Oh Kuang Eng and listed on Bursa Malaysia in 2018, specializes in the semiconductor industry's advanced packaging and assembly value chain. The Group operates through three core divisions: the Semiconductor Equipment Business Unit (SEBU), which designs and manufactures back-end die-sorting machines; the Semiconductor Material Business Unit (SMBU), operating through Accurus to produce solder spheres; and the Semiconductor Solutions Business Unit (SSBU), recently restructured into Semiconductor Technologies (STBU) and Vehicle Technologies (VTBU) units, focusing on SiC power modules and EV powertrain systems.

Business Model

MITECH generates revenue by designing, manufacturing, and selling semiconductor equipment and materials. SEBU drives income through the sale of back-end equipment, particularly the flagship Mi Series die sorters featuring proprietary horizontal turret technology for high throughput, alongside post-sales maintenance and spare parts. SMBU, via Accurus, manufactures and sells solder spheres critical for flip-chip interconnects, leveraging patented formulations (Cyclomax, iSAC) for premium pricing. The company holds 128 patents. The newer STBU and VTBU units aim to commercialize SiC power modules and intelligent EV powertrain systems, targeting automotive and renewable energy sectors.

Revenue Segment

In FY2025, the Semiconductor Equipment Business Unit (SEBU) contributed 57% of revenue, driven by Mi Series die sorters, Si Series handlers, and Vi/Ai Series. The Semiconductor Material Business Unit (SMBU) contributed 43%, primarily from Accurus solder balls. The Semiconductor Solutions Business Unit (SSBU) had a negligible contribution. By 1QFY26, the revenue mix shifted to SEBU 50.2%, SMBU 49.4%, and the Vehicle Technologies Business Unit (VTBU) 0.4%.

Geographic Segment

Based on 1QFY26 data, revenue was derived from Taiwan (37.6%), Southeast Asia & India (22.2%), China (21.1%), North America (12.4%), and Korea & Japan (6.7%). This represents a shift from 9MFY25, where revenue was primarily Taiwan (40%) and China (30%), reflecting increasing diversification into Southeast Asia and North America markets.

Top Client

Specific client names are not disclosed in the reports. The customer base consists of Global Integrated Device Manufacturers (IDMs) and Tier-1 Outsourced Semiconductor Assembly and Test (OSAT) providers, particularly in Taiwan. For the SMBU segment, major customers include Taiwan's leading foundries and OSAT players. The top 5 clients collectively account for 68.9% of total solder ball sales.

Operational Scale

For FY26, the Group targets 150 units of Mi Series deliveries, up from 131 units in FY25, with the high-end Mi Quantum model accounting for 60% of total deliveries. Accurus Taiwan operates 20 production lines at near-full utilization, while Accurus China operates 6 lines. The new Johor facility targets Phase 1 completion (3 lines, 90k kk/month capacity) by late 2026. STBU/VTBU headcount totals 320 across Taiwan and China. VTBU targets 50-60 units of EV powertrain deliveries for FY26.

Associate Companies

Key entities include Accurus Scientific Co. Ltd (SMBU subsidiary). The Group holds a 30.75% stake in Talentek Microelectronics (Hefei) Limited and a 20% stake in Victron Technology Co. Ltd. Other strategic entities include Mi Semiconductor Ningbo (MISE), operating the STBU, and Mi Material Holding Pte. Ltd. (incorporated April 2026 in Singapore for the proposed SGX listing). Ohima operates the VTBU.

Latest MI TECHNOVATION BERHAD news

Top-rated Malaysian stock analysts · Stock screener