SkyeChip Berhad (5357)

[winston]

not vested

Initial Public Offer
SkyeChip Berhad (5357)
Target Price: RM1.18 (Not Rated)

SkyeChip is a fabless IC designer focused on silicon IP and silicon-based products, including custom ASICs.

We ascribe a fair value of RM1.18/share based on a target PE multiple of 35x CY27 EPS.

This is after considering the group has:
i) strong expertise in silicon IP design and development,
ii) scalable business model,
iii) established relationships with foundries,
iv) high margins and a net cash position, and
v) experienced management team.

Source: TA Securities

https://taresearch.taonline.com.my/rrs/ ... 260505.pdf

[winston]

not vested

Initial Public Offer
SkyeChip Berhad (5357)
Target Price: RM1.18 (BUY)

SkyeChip (SKYE) is a pure-play IC design house and technology owner with over 100 global patents, specialising in high-performance silicon IP and advanced memory interfaces for the AI and data centre markets.

We initiate coverage on SKYE with a BUY call and a TP of RM1.18. Our fair value is derived from FY27F PER of 33x applied to EPS of 3.6 sen.

Financial Outlook. CNP is projected to grow by 40.5%/31.4%/17.1% in FY26F-FY28F

Source: BIMB Securities Research

https://drive.google.com/file/d/1p7zeHv ... R3lEP/view

[winston]

not vested

Tradeview sees SkyeChip’s patented IP, geopolitical neutrality driving 57% IPO upside
IPO

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/802289

[winston]

not vested

5357 SKYECHIP (BUY)
More than ARM’s length

We initiate coverage on SkyeChip with a BUY and RM1.88 TP (45x CY27 PE, ~113% upside), reflecting its position as Malaysia’s pure-play IC design house with exposure to AI/HPC tailwinds.

We forecast 27% revenue CAGR and 25% earnings CAGR over FY27-29, driven primarily by its rapidly scaling memory interface IP portfolio, which benefits from HBM generational upgrade cycle and rising design complexity.

Furthermore, we believe the recently secured ARM CSS platform approval unlocks credible TAM expansion into ARM-based server CPUs, potentially enabling SkyeChip to eventually benefit from Malaysia’s ongoing DC buildout.

We view the valuation premium as warranted by its asset-light, highly scalable business model, strong earnings growth profile, and structurally high operating leverage.

Source: HLIB

[winston]

not vested

SkyeChip eyes 20%‑plus AI‑driven growth outlook

Analysts have forecast annual revenue expansion of more than 20% through financial year 2028 (FY28).

MBSB Research said SkyeChip currently has 18 ongoing projects worth RM247.1mil, alongside RM130.3mil in unbilled secured work, providing solid earnings visibility.

“We anticipate earnings growth of 25.9%, 20.1% and 18.8% for FY26, FY27 and FY28, respectively,” it said.

For the fourth quarter ended March 31, 2026, SkyeChip posted a net profit of RM31.47mil on revenue of RM58.88mil.

For the full year, net profit rose to RM48.54mil from RM35.95mil previously, while revenue increased to RM155.02mil from RM119.5mil.

Kenanga Research said that SkyeChip secured access to process design kits from leading global foundries, enabling IC and silicon IP development down to three nanometre nodes.

Source: The Star

https://www.thestar.com.my/business/bus ... th-outlook