SkyeChip Berhad

Bursa Ticker: SKYECHIP | Listing Year: 2026

Offer Price

RM 0.88

Sifu Target Price

RM 1.58 (+79.5%)

Retail Oversubscription

95.0x

Underwriter (IB)

Maybank / CIMB

Key Dates & Offering Details

Application Closing 06-May-2026

Listing Date 20-May-2026

Target P/E Ratio 48x

Total Enlarged Shares 288.00 M

Free Float -

MITI Special Allocation No Tranche

Analyst Commentary & Hunter Insight

🌟 MUST BUY (GRADE A)
Spectacular Main Market debut opening at RM3.50 (+297.7% premium) on 95.03x oversubscription. Closed its first day at RM2.21 (+151.14% premium). Solid Penang-based fabless IC chip designer with strong AI and high-performance computing tailwinds.

Growth Catalysts & Strategic Moats

Spectacular Listing Hype: Dibuka pada paras RM3.50 (+297.7% premium) pada hari debut dengan langganan awam 95.03x menunjukkan tarikan runcit dan institusi yang luar biasa.
Sektor IC Design Premium: Pembuat cip rekaan litar bersepadu (IC Design) Penang berasaskan AI dan HPC (High Performance Computing) dengan pertumbuhan kukuh.
Rekod Kewangan Mantap: Hasil meningkat dari RM152.8M (FYE F) ke RM166.7M (FYE F+1) dengan margin kasar (GP margin) yang stabil pada 38.7%.

Financial Performance Summary

Financial Metric	FY23	FY24	FY25	Projected (FY F)
Revenue (RM)	110.00 M	125.00 M	140.00 M	152.81 M
Profit After Tax (PAT)	6.82 M	7.75 M	8.68 M	9.48 M
EPS (sen)	2.37	2.69	3.01	+9.3%

Utilization of Proceeds

60% R&D (IC Products & Silicon IP), 40% Infrastructure & EDA tools.

Peer Comparison & Valuation Context

Peer Comparison: PE Terbitan (FY26) berada di sekitar 24.50x - 26.73x. Premium yang wajar berbanding peers semikonduktor tempatan kerana pendedahan langsung kepada rekaan litar AI/HPC proprietary.

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