要看什么股呗

有的股抱着可以创造收益那么没问题

但马股真的很多股抱着创造不了收益还变成贬值。。。。。

A Supreme Court decision on Friday striking down President Trump’s sweeping global tariffs dealt a major blow to his economic agenda and brought new uncertainty to global markets struggling to adapt to his whipsawing trade policies. https://www.nytimes.com/live/2026/02/20/us/trump-tariffs-supreme-court

I am thinking of the opposite given the organic and inorganic expansion over the last two years - Carsem Malaysia, Carsem Suzhou and the new Suxiang facility, and recently Infineon Thailand acquisition (backend manufacturing) that comes with long term supply agreements. Capacity is king.

Frontkn and MPI should be the blue chip stocks from technology sector; tech sector's contribution to the economy is not reflected in the blue chips list due to the design of the classification. Frontkn needs to work harder though to increase its capacity. Else, upside is limited where else, MPI has the capacity for growth.

manageable for now, adama. The reason is that assuming a 100% conversion and using last year eps as the baseline, Frontkn has to deliver min 45mil qtrly profit to offset the dilution from the conversion. the last two qtr results coincidentally hovering near the theoretical 45mil qtrly profit :) The critical part is capacity as Taiwan's revenue contribution increased to 70%/higher and that means capacity utilisation is probably at the highside of 80% to 90% range. P3 readiness will be helpful in this case. On the other hand, customer T is expanding in Arizona and I have read that capacity for the Arizona plant is fully booked until 2030. Frontkn is losing out the opportunity in Arizona though if it didnt make progress to expand to US :)

Mgmt declared higher dividend despite burning cash for Bangkok's acquisition/ops. Should be just a timing problem for MPI. The biggest change from last qtr to this qtr is probably Carsem Bangkok and higher commodity prices - higher cogs, expenses and lower net profit. Revenue is still strong and higher US geo - AI demand and automotive semicond recovery.

yummy :) lets not forget that Carsem Bangkok came with a long term supply contract too. Give it a few qtrs for MPI to optimise the operation and 45 is not a dream if the margin showing gradual recovery (from ~15% in q2fy26 to 10% in latest qr and back to 15%)

ooh ok. but I think its beyond that. Long term supply agreement typically focuses on min capacity and MPI can leverage the excess capacity for other customers moving forward :) I dont have the details of Infineon capex and guidance but I would assumed that most of the capex spending should be on their new site at Samut Prakan instead of the one that sold to MPI.

The next one to watch is Frontkn which is probably running at high utilisation rate / limited capacity and P3 readiness will be key for growth. P3 is bigger than P1 and P2 and intended to support advanced node / sophisticated cleaning demand; probably 3nm - 2nm. Earliest meaningful contribution from P3 should be end of this year or early next year.

♨️ Fresh From Oven ♨️

*MPI 3QFY26 briefing keytakes (Wisma HL)*

*Date: 6 May 2026*

*Management: Manuel Zarauza (MD)*

*Financial performance*

- Automotive recovered well; EUR EV demand showing strong rebound in early 2026 amid fuel price shock and policy driven electrification push. Will help Chinese for 1-2 quarters
- News: EV car sales +51% in mainland EUR as Iran war
- MPI revenue (USDm) excluding Carsem BKK: +28% YTDFY26 to USD454
- MPI PATAMI (RMm) excluding Carsem BKK: +25% YTDFY26

- Power packages (copper clips) for CPU and GPU – exposed to AI and this is benefitting MPI immensely.
- MPI delivered another quarter of strong perfromance amid rising cost pressures and global turbulence.
- Cost pressures: Stronger MYR, raw material price inflation (copper hits one month high) and surge in electricity costs. Electricity: 3QFY26 +10% yoy, and another >10% qoq to 4QFY26 forecast. Hike in logistics costs ~10% managing impact.
- AI led growth and automotive recovery propels 40% growth in revenue
- 3QFY26 revenue of USD164m: Consumer communication 9%, Automotive 37%, Industrial 50% (AI 13%), Other 1%, PC/Notebook <5%
- 3QFY25 revenue of USD117m: Consumer comm 13%, Auto 35%, Industrial 46% (AI 9%), PC/Notebook 5%, Other 1%

*Other updates*

- Investing in SiC still, 3 gen forward
- Despite overall market uncertainty, 3QFY26 +40% in USD terms
- YTD PATAMI +30%
- Maintained a strong cash position while completing acquisition and sustained capex during 3QFY26
- YTD EPS +31%
- 2nd interim DPS of 30sen declared
- Challenges: Geopolitical instability, war, trade tensions, rising input material costs, forex trend, logistic costs and demand challenges
- Segments: AI driving growth, automotive recovered
- YTD capex of RM429.4m
- Investment: New machines for capacity expansion, hiring more people, R&D, floorspace expansion, i4.0 via automation, upskilling and more anchor customers.
- Net cash as of Mar26 – RM738m
- Looking for strategic capability acquisitions to elevate tech leadership and move up the value chain. In the space of advanced packaging eg power modules, specialised materials and equipments, packaging/IC design, specialised automation/robotics.
- Biz should possess strong competitive moats
- Carsem BKK: Ongoing rebranding, cost down programs, digitalisation via new ERP and MES, people centric; leadership onboarding, cross site knowledge transfer (team visited Ipoh) etc.

Summary*

- Exciting times ahead: Bigger scale, broader portfolio, more diversified risk
- Outperforming amid market challenges on 40% yoy revenue growth
- Profitability healthy despite rising costs, PATAMI increased 30%
- Integration of Carsem BKK on track, driving operational alignment, capability enhancement, and future growth readiness
- Carsem continues to invest in advanced tech, and exploring acquisition options to capture next wave of growth
- Robust cash position, debt free

*Future of Carsem:* Automotive Quality to AI, Autonomous cars and Humanoid platform leadership

- 10 years ago as foundation on Automotive pivot – Shift from Mobile, biuilt leadership in Cu Clip, Sensors. Capability: Sensors, Drivers
- 2021 to 2025: Server leadership – flipchip / advanced packaging – SIP, QFN/LGA. Expansion at S, SZ. Advanced Suxiang facility – auto, servers, AI. Capability: Timing, CPU (AI servers), Sensors, Drivers.
- 2026 to 2029: AI Wave 1 – AI servers – new facility for SiC, GaN – WBG – continued expansion in S and M, memory acquisition – Carsem BKK. Capability: Memory (Auto, AI) Timing, CPU (AI servers), Sensors, Drivers.
- 2030 to 2033: AI Wave 2 – efficiency in AI servers (SiC, GaN) – memory capability diversification. Capability: Memory (Auto, AI) Timing, CPU (AI servers), Sensors, Drivers.
- 2030 onwards – humanoids – self drivings cars. >2000 chips per humanoid. With full stack capability, Carsem becomes the go to OSAT for new gen AI, self driving cars and humanoids. Enablers: Memory (Auto, AI) Timing, CPU (AI servers), Sensors, Drivers.
- Suzhou – full until Sept-Oct. China – overcapacity (packaging) but advanced packaging should do well