Gabriel Khoo

  • Following

    17

  • Followers

    18

Fame: 177
Rare value investors in Malaysia. The real value investors will only build wealth not losing wealth
Joined Dec 2017

Comments

Gabriel Khoo replied to comment on INARI.
Pursuant to our earnings revision, we also forward our valuation-based year
to CY27 and derived a higher target price of RM2.95 (previously RM1.54).
Note that we also attached a higher PER valuation of 30.1x which is +1SD
above the five-year mean (from 26.9x). This is to reflect the shift towards a
more balanced product portfolio.
35 minutes · translate
Gabriel Khoo replied to comment on INARI.
From MIDF today report
Revision in earnings forecasts and target price. We made no changes to
our FY26 earnings estimates at this juncture. However, we raised FY27 and
FY28 earnings estimates by +37.1% and +45.3% respectively. This was
achieved by assuming strong rebound in the RF business, better
monetisation effort for the opto business as well as greater earnings for the
power management.
36 minutes · translate
Gabriel Khoo replied to comment on INARI.
wait for latest briefing update
1 hour · 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.

From last month briefing
5 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
5 hours · translate
Gabriel Khoo replied to comment on INARI.
MIDF:

Revision in earnings forecasts and target price. We made no changes to our FY26 earnings estimates at this juncture. However, we raised FY27 and FY28 earnings estimates by +37.1% and +45.3% respectively. This was achieved by assuming strong rebound in the RF business, better monetisation effort for the opto business as well as greater earnings for the power management.
5 hours · translate
Gabriel Khoo commented on ARMADA.
armada taking shape slowly. from balance sheet to new projects
5 days · translate
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.
2 weeks · 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
2 weeks · 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.
2 weeks · translate
Load more