Highlights
KLSE: MI (5286)       MI TECHNOVATION BERHAD MAIN : Technology
Last Price Today's Change   Day's Range   Trading Volume
2.16   +0.04 (1.89%)  2.09 - 2.17  1,733,200
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IPO Info

Key Data:
General Retail Institutional
Offer Period
Opening 28/05/2018 - -
Closing - - -
Price
Issue Price 1.42 - -
Par Value 0.000 - -
Units 500,000,000 - -
No of Shares
Public Issue 134,428,000 - -
Offer for Sale 18,521,000 - -
Private Placement 110,449,000 - -
Time Table
Allotment Date 18/06/2018 - -
Listing Date 20/06/2018 - -
Issuing House MIH - 590 - -
ISIN Code MYL5286OO009 - -
Prospectus:
INITIAL PUBLIC OFFERING ("IPO") IN CONJUNCTION WITH THE LISTING OF Mi EQUIPMENT HOLDINGS BERHAD ("Mi EQUIPMENT HOLDINGS") ON THE MAIN MARKET OF BURSA MALAYSIA SECURITIES BERHAD COMPRISING: (I) PUBLIC ISSUE OF 134,428,000 NEW ORDINARY SHARES IN Mi EQUIPMENT HOLDINGS ("SHARES") ("ISSUE SHARES") IN THE FOLLOWING MANNER: 25,000,000 ISSUE SHARES AVAILABLE FOR APPLICATION BY THE MALAYSIAN PUBLIC; 17,500,000 ISSUE SHARES AVAILABLE FOR APPLICATION BY THE ELIGIBLE PERSONS (AS DEFINED IN THE PROSPECTUS); 60,449,000 ISSUE SHARES BY WAY OF PRIVATE PLACEMENT TO IDENTIFIED INVESTORS; 31,479,000 ISSUE SHARES BY WAY OF PRIVATE PLACEMENT TO IDENTIFIED BUMIPUTERA INVESTORS APPROVED BY THE MINISTRY OF INTERNATIONAL TRADE AND INDUSTRY ("MITI"); AND (II) OFFER FOR SALE OF 18,521,000 EXISTING SHARES ("OFFER SHARES") BY WAY OF PRIVATE PLACEMENT TO IDENTIFIED BUMIPUTERA INVESTORS APPROVED BY THE MITI, AT AN IPO PRICE OF RM1.42 PER ISSUE SHARE/OFFER SHARE, PAYABLE IN FULL UPON APPLICATION.
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  5 people like this.
 
monetary MI testing machine won't b competition with Vitrox's machines. As popo said both co r in different value chains. MI can provide 一条龙 service to it's customers who don't have Vitrox's testing machine. There's no conflict of interest. Hey, guys. Can Vitrox do the same? No! They don't have packaging machine. Lol!
13/09/2019 5:58 PM
monetary If vitrox can hit pe30 no reason mi can't. hold it tight.
13/09/2019 6:03 PM
rojakmee woow, suddenly so many comments
13/09/2019 8:13 PM
(HK1997 again) Philip There are 2 points i an wondering about:

1. Their products have not gained full acceptance yet. In an effort to do so, they have built demonstration machines to show off their capabilities. Apparently all the demonstration machines were then sold and they're in the process of building more. How long does it take them to build one machine turnaround usually? Their main specialty is in osats market and semiconductor quality testing. Their current main customer is ASE, I'm trying to figure out how much of the cake they have a potential to take and who the major supplier to ASE is.

2. I'm always worried about long term profit margins of companies who use the tax free incentive from MITI as a way of generating extraordinary earnings within the 5 years it is available. As the company I am working for also had the MITI tax free incentive, we used the tax free profits to push more sales and revenue. This drastically dropped when the tax incentive ended, but clients were used to our low prices so when it ended we had a huge problem keeping up margins. If you take a look at the before and after of mikro MSc bhd you will get an idea of what I mean of the long term effects of this competitive value. I guess what I mean is: how is mi competing with the other Taiwanese, Korean, China and Japanese firms, is it with price? Quality? A special patent? Will mi still be viable or will it suffer when it has to start paying 24% taxes on earnings before tax.
13/09/2019 9:55 PM
Armada An Quantum Leap Stock In 2019/2020 Objective of Miti
Doesn't encourage a pioneer player ti take advantage from such tax exemption... this phenomenon happen before.

But, miti has a way in detecting how an pioneer player manipulate such scheme.

However, thx to Philip for the awareness bring up.
13/09/2019 10:39 PM
rojakmee whatever you all are saying, expect MI to cross RM2.5 soon
13/09/2019 11:06 PM
ccy123 I only know one thing in share Investment, ie when everything is super clear then no need to invest already. Philip
14/09/2019 7:14 AM
ccy123 To tell the truth i really don't know what business this MI involves in, i just buy invest when the price dropped below 1.80. i buy all the say down to 1.48
14/09/2019 7:16 AM
ccy123 one day I will sell but not now
14/09/2019 7:16 AM
monetary MI MITI pioneer status incentive ended on 17 January 2019. MI has submitted it's application for renewal and is currently awaiting the decision from relevant authorities.

So is the tax exemption renewal approved? It's crucial since MI is trying to gain market share for it's machines. MI rolling 4Q net margin is 30%, which is the highest among it's peers. Vitrox 26.7% n Penta 16%. I assume even without the tax exemption MI will have decent margin.
14/09/2019 7:36 AM
freddiehero wah lau eh.. so early wan fly liao?
14/09/2019 7:46 AM
monetary If u don know MI deeply who do u decide when to exit? 2.5 or 3? By guessing? If MI has some unleashed potential it could go through a few time bonus 翻倍又翻倍。U will miss all the opportunities. How much $ u dare to put into MI if u don know?
14/09/2019 7:48 AM
monetary I bought MI since May. If I found something not right I sell on the next market day. If I find more value in MI I continue buying. That's the difference of know n don know. I feel thankful to those who willing to share infor foc. Those who nvr share anything but making noises after taking infor for free is really shameful.
14/09/2019 8:02 AM
monetary OK. Back to tax incentive. I don know how significant is machine selling contribute to MI rev compared to other segments. If the sale from Mi series is significant, sitting on 30% net margin proves that MI doesn't abuse it's tax incentive. It's business is sustainable.
14/09/2019 8:14 AM
monetary 2018AR segmental result
machine 90% spare parts 9.7% service insignificant
14/09/2019 8:39 AM
popo92 Philip, you have pointed out very valuable considerations that I have doubted since ipo. You are right to say MI is in a position that they have not yet gained full acceptance. In fact, they are a dark horse in this very competitive game and they only focus on top tier clients. It’s not that easy for these top tier clients to even try out new supply chains machines. But now they see opportunities from current slowdown of semiconductor industry due to us-China trade war. Before they move into new bayan lepas factory, they can produce around 40 machines a month which normally they reach peak capacity, now with the fund they raised from ipo the newly constructed factory can produce 45 more machines per month.

The tax free incentives of semicon industry especially those in Penang are inevitable facts that they used to enjoy to compete. I do not know how these machines perform in details compare to best machines peers produce in market as I am not from this industry, but I did ask few engineers that work as MI clients (cant disclose) and they said these machines are comparable if not better than previous bought from company ****, and its in-house made which kinda impressing. Price vs quality is often two major issue in any business but in my own opinion, it’s minor in semiconductor business especially top tier players which MI is selling to. Having said that, management is very optimistic with their own products and capability and said that’s the reason they want to increase capacity by double and more are coming through baru kawan factory. I do not know how to value it’s very long term competitive advantage of its business as miti tax free and most importantly how their products can compete can change over time. But short to mid term, it’s business is in very interesting position that they might snatch some piece if not big slice of cake from the existing market by penetrating their new series machines. And some have already pointed out that recent us-china tech war have created a new supply chain in China and MI might be one of the beneficiaries.
15/09/2019 12:08 PM
monetary Mind to disclose some more infor? The machine segment rev is entirely from sale of machine or combining sale & rental? Do MI competitors rent out their machines?
15/09/2019 6:44 PM
monetary What is the number of packaging to testing machine ratio in a production line? If a new line is opened is it necessary to purchase new testing machine? Or the existing testing machines can handle a few production lines?
15/09/2019 6:51 PM
monetary To avoid misunderstanding my previous vocal comments aren't directed to ppl who voice out different opinions or having doubts. Contrasting opinions r good as they verify our assumptions.
15/09/2019 7:03 PM
Growth it is not produce a small product,a production line can produce how many items.
MI is selling tesitng machine or packaging machine. Expand factory just make it produce more machine from original capitaty of 14 machine expand to produce 45 machine a month.
15/09/2019 7:08 PM
monetary Growth. I think u misunderstood my question. I m asking if MI clints open a new production line. Not the production capacity of MI new factory. The motive of my question is to find out the chamces for MI to market it's testing machines.
15/09/2019 7:32 PM
MK76 I heard from friends that a company in bayan leaps has just received two production lines from MI. Solid and worth the price. Sedap if margin is 30% as shared by monetary. MI has the potential in the long run. If price can stay above 2.0 this week, I nak beli.
17/09/2019 7:48 AM
cytew 可以开始买了!
17/09/2019 10:05 AM
MK76 Fly slowly MI. Not too fast.
17/09/2019 11:54 AM
Hwai Hooi 2.1
17/09/2019 12:11 PM
yangxi so much ppl ask buy call... time to sell haha
17/09/2019 12:37 PM
Hwai Hooi let see afternoon .....
17/09/2019 1:01 PM
MK76 Everyone should buy sell according to own decision. We should thank those sharing infor. Whether it's positive or negative infor, it will help us.
17/09/2019 2:18 PM
Growth wowowowowoooooooo
17/09/2019 4:59 PM
MK76 Bukan main main. Congratulations to all sshareholders.
17/09/2019 5:08 PM
monetary MK76. 2 production line how many machines?
17/09/2019 5:15 PM
MK76 I din ask. I heard it's almost a million per line :)
17/09/2019 5:20 PM
MK76 I prefer the discussions you all have above - all the business, incentives, valuations, competitors. Din pay much attention to MI previous as PE20 but it is moving up. The recent announcement probably give good impression.
17/09/2019 5:49 PM
monetary any spike in earning will bring down it's PE. most probably maket is anticipating higher earning.
17/09/2019 6:01 PM
MK76 Possible. Congrats for winning on MI.
17/09/2019 6:21 PM
monetary I saw a comment says telling ppl to chase high is unreasonable. He should realise that price can goes higher but value can get cheaper as earning grows. Follow the PE but not the price.
17/09/2019 6:22 PM
cytew It is naive and silly to value a stock just by following its PE without associating to its PEG, "effective " ROE and profit growth rate & its dynamic nature.
18/09/2019 7:27 AM
monetary The reason those smart analysts came up with peg is because high growth industries have higher pe than stable industries thus makes the earlier look more expensive. Bear in mind peg brought many ppl to Holland because it involves earning growth projection. How accurately can u project earning if u can't even answer simple questions that I posted earlier? Unless u r insiders better refrain from peg. Compare apple to apple (pe of co with same business nature) then u don need peg. Yes. Roe is another good metric.
18/09/2019 7:52 AM
monetary just pay attention in borrowing when u use roe.
18/09/2019 8:25 AM
perseushermes Possible time to buy
18/09/2019 9:44 AM
Hwai Hooi wah so strong
18/09/2019 10:48 AM
Wukong Sell
18/09/2019 10:48 AM
Cakes Moon Buy Mi & keep. Sure win.
18/09/2019 10:49 AM
Wukong 上到那么高了是时候卖,卖,卖了
18/09/2019 11:15 AM
perseushermes Wukong says sell.
Cakes say keep

I like cakes. Maybe have coffee too
18/09/2019 11:21 AM
monetary 要卖就卖吧。 不需向大众公布。又不是有很多股。
18/09/2019 11:32 AM
pang72 Let the profit run.
This is a very good growth stock..
Equivalent to Penta.
18/09/2019 11:37 AM
Wukong 哈哈哈哈,爽啊
18/09/2019 12:25 PM
Wukong 我会将我手上股票慢慢的卖,哈哈哈哈,越多人买我越好卖
18/09/2019 12:58 PM
Growth 傻逼,手上根本都没有股,股价在1.90的时候,还在那边喊:“下跌,下跌”
18/09/2019 1:02 PM


 

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