KUALA LUMPUR (July 21): Mi Technovation Bhd (KL:MI) surged on Tuesday to a new all-time high after the semiconductor equipment firm beat market expectations with its quarterly earnings.
Analysts scrambled to raise their estimates after earnings for the first half of its financial year accounted for more than two-thirds of the consensus full-year forecasts while investors also cheered the strong growth of its semiconductor material unit en route for a separate listing in Singapore.
“We remain bullish on Mi’s earnings trajectory over the medium to long term,” Apex Securities said and raised its target price to RM6.38 while reiterating its ‘buy’ call.
The stock climbed as much as RM1.42 or 29% to RM6.29. Mi Technovation ended the day at RM5.92 after nearly 14 million shares exchanged hands. The gain also lifted the Penang-based firm’s market capitalisation above RM5 billion for the first time.
Shares of Mi Technovation have more than doubled since the year began, adding to 2025’s rally, as the company shrugged off impact from US tariffs and geopolitical conflict in the Middle East thanks to a broader upcycle in the semiconductor industry.
Mi Technovation, which mainly sells equipment such as sorting machines to the semiconductor firms, also enjoys ‘buy’ calls from all five analysts covering the stock. The average target price based on the research houses tracked by Bloomberg has also risen to RM6.24.
For Public Investment Bank, which raised its target price to RM6.79, Mi Technovation’s material business may even see “stronger momentum” in the second half of the financial year.
The unit, which manufactures solder balls used to mount chips to a circuit board, was already the “star performer” after earnings contribution to Mi Technovation tripled in the first six months of the year, the house noted.