Apex Research: BUY on Mi Technovation with RM4.00 Target
Apex Research has launched coverage on Mi Technovation Berhad (MITECH) with a BUY recommendation and a target price of RM4.00, based on 30.5x FY26F EPS.
Analysts project a robust 25% CAGR in earnings for FY25-27F, fueled by the company’s strong positioning in the advanced semiconductor packaging surge. MITECH’s three divisions—SEBU (semiconductor equipment), SMBU (solder spheres via Accurus), and SSBU (new solutions)—position it to capitalize on rising demand from Tier-1 OSATs, foundries, and IDMs.
At 21x FY26F P/E, MITECH trades at a discount to Malaysian ATE peers, offering rerating potential through steady growth and strategic client relationships.
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