Gabriel Khoo

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Rare value investors in Malaysia. The real value investors will only build wealth not losing wealth
Joined Dec 2017

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Gabriel Khoo replied to comment on INARI.
In summary*, while near term could still be overshadowed by the legacy RF gap and FX impact, Photonics/ChipFab drives step-change growth and margin uplift (FY27–28) alongside new RF (FBAR) design wins into FY27 and FY28. Longer-term drivers: Advanced packaging + optical integration position Inari as a broader AI infrastructure enabler, not just a handset proxy.
17 hours · translate
Gabriel Khoo replied to comment on INARI.
Segment mix evolution*
- FY24–26: RF 60% | Opto 30% | Generic 10%
- FY27–28: RF 55% | Opto 38% | Generic 7% on incremental revenue in totality.
- Structural shift toward higher-growth, higher-margin optoelectronics, supporting overall earnings expansion and re-rating potential in mid-long term
17 hours · translate
Gabriel Khoo replied to comment on INARI.
Advanced Packaging: Building optionality including Edge AI*
- Investments since FY25 (~RM70m) into SiP (System-in-Package) + FCBGA (targeting Edge AI applications)
- Capability expansion from legacy low-mid FBAR into higher-value integrated modules (e.g., PA duplexers, mixed-signal integration).
- Early traction via Customer consortium
- Enables advanced processes such as wafer-to-PCB direct bonding.
17 hours · translate
Gabriel Khoo replied to comment on INARI.
Power Management: Emerging growth vertical*
- Power management (voltage regulators, amplifiers) gaining importance given ubiquity across chips.
- Supply chain constraints: Restricted direct sourcing from China → necessitating IP transfer/licensing structures
- Inari working with external R&D/licensing partners (including SG-based structures) to secure design ownership and supply chain control.
17 hours · translate
Gabriel Khoo replied to comment on INARI.
ChipFab ramping meaningfully: FY26:

initial contribution of x amount; FY27: expected ~2x growth supported by CW and EML technologies

Applications scaling across 100G → 400G → 800G → 1.6T

End-demand driven by hyperscalers (Al/ data centre buildouts).

Capacity expansion underway ~100k sqft (P34 A/B/C blocks) → target ~200k sqft

Margin profile expected to improve progressively, with inflection by mid-FY27 and clearer uplift into FY28.
17 hours · translate
Gabriel Khoo replied to comment on INARI.
Instead, capacity constraints (notably from "N" customer) drove end-brand owner to secure long-term partnerships with Inari customer, enhancing supply chain control.

Multi-year visibility supported by master agreements spanning 2 product generations, with design cycles locked in ~1 year ahead.

Datacom / Photonics: Scaling into growth engine driver

Over a decade of investment (post A transfer) now entering monetisation phase.
17 hours · translate
Gabriel Khoo replied to comment on INARI.
RF: Resilient core, content recovery underway

RF remains the earnings backbone, although less "in focus" versus Al/DC themes.

Content recovery gaining traction: 1 → 4 circuits for FY27 (Sept26), with next 2gen flagship platforms targeting up to 9 circuits (Sept-27 cycles).

Continues to anchor RF positioning post FY26 shortfall, with stable design-in momentum across product cycles.

Concerns over end-brand owner in-housing 5G modem are misplaced - modem integration does not displace RF content
17 hours · translate
Gabriel Khoo replied to comment on INARI.
last week FF net buy 88m
1 week · translate
Gabriel Khoo replied to comment on INARI.
高盛最新研报解读Ai下一个超级趋势在哪？ http://xhslink.com/o/32Lnm9ZDSoX Copy and open rednote to view the note
1 week · translate
Gabriel Khoo replied to comment on INARI.
today briefing RF翻身 Ai related 继续
1 week · translate
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