Mi Technovation charts new high, market cap hits RM5 bil after results
Semiconductor equipment manufacturer Mi Technovation saw its stock price hit an all-time high following strong quarterly earnings. The company's market capitalization surpassed RM5 billion as analysts raised their target prices.
Why it matters
The company's growth reflects the broader upcycle in the semiconductor industry and investor confidence in its material business unit.
BURSA SGX Home Hot Stock Make The Edge Malaysia your preferred source on Google 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.
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