Robust Performance Expected to Sustain and Grow

We emerged from MPI’s 1QFY21 investors’ briefing remaining sanguine on its growth prospects with management expecting the robust
performance to sustain and grow in the quarters ahead as its pipeline remains strong on the back of healthy demand for newer projects
including 5G testing, silicon carbide technologies, and MEMS sensors.

As such, we have upgraded our FY21-23 earnings estimates by 10-17%after raising sales in the corresponding period by 5-7% to factor
in 1QFY21 actual results (which came above our expectations due to stronger-than-expected sales) and stronger earnings visibility.

Corresponding to the earnings upgrade and ascribing a higher PE multiple of 26.0x (previously 21.0x), we arrive at a higher TP of
RM29.40 (previously RM20.90) against CY21 EPS. Upgrade to Buy

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