Micro-Mechanics (Holdings)

[¯|_(ツ)_/¯]

MM@180cents

FY25 Result was released on 28 Aug 2025 (link)

Rev +12%
GPM +18%
NPM +54%

Final div: 3cents


Credit: TheFatInvestor.blog (link to blog)

Key points in the blog:
1. MMUS had reversed the loss and made a full year profit of $1.2m
2. MM decentralised factories could benefits from ongoing geopolitical tension.
3. Responding to a question about their Suzhou factory, CEO Kyle noted that China’s inward turn has increased domestic demand, but he also acknowledged that the China market is one of the most competitive.
Despite this, MMH is not currently seeing any behavioural shifts from its customers.
He believes customers are still drawn to MMH, even though it may not be the cheapest option, because the company is able to supply them with consistently high-quality products and services in a timely manner.

Enjoy:


Gratitude!

[¯|_(ツ)_/¯]

MMH@182cents

There are a lot of semi-conductor related news in Singapore and MM remained range bound despite it's recently released glaring results.

I chanced upon an interview of new CEO Kyle by The fifth person and thought that they had asked a few great questions on the future of MMH that value buddies might wanted to take notes.

Anyway, I wanted to highlight that The fifth person view is grossly tinted as it's Co-founder Victor Chng is 100% biased on MMH.  

Enjoy:


Gratitude!

[¯|_(ツ)_/¯]

MM@352cents

FY26 Q3 Result was released on 27 Apr 2026 ( link )

------- Q3 ------- YTD (9 months)
Rev +16%      +11%
GPM +18%     +15%
NPM +18%     +15%

Some notes:

• completed its first share buyback of 26.3k shares for S$50k to reward key employees as part of its Performance Share Plan.
  
• increase inventory was mainly due to higher material costs and longer lead times, which led the Group to build up inventory to support the fulfilment of confirmed backlog orders.
  
• to allocate capital strategically to growth areas, including product development for Advanced Packaging and equipment for WFE manufacturing.
  

Enjoy an orientation of MM few months back from CGS:
You know what, MM business does not change so much



Gratitude 

[¯|_(ツ)_/¯]

MMH@$2.57

Yesterday announced AGM details with a QnA (Link to SGX).

Before I go into the QnA, lets take note of a few key dates / timing.

26 Oct 2026 (likely noon) 1QFY2027 result to be announced.

26 Oct 2026 2pm AGM@Suntec

27 Oct 2026 11am Analyst briefing via Team

Back to QnA.

I always know that some serious value buddies were interested in MMH. Buddies such as Yeomen Yeo Seng Chong, NUS prof Mak Yuen Teen, Local businessman Tan Lark Sye family.

Throughout the years, I had seen all the QnA and this particular QnA is very different from those I read.  These questions was not really questions as they are more concerns that MMH had changed ... not into better but into bad stage.

Ok, let me clarify, it's just my reading of these QnA... my guts feeling. You can disagree 💆🏼‍♂️

Back in Aug 2026, MMH announced by 2031, double its revenue from $75m to $150m with more than 50% GPM.

Question was raised on how (could) MMH archive given that consumable tool business is rather stable business and the growth engine has to come from MMUS. However, MMUS had recently turn +ve with low single digit profits.

I agreed with the concerns as this is factual. In fact, I had almost loss my patient with MMH on its consumable tool business. Let me be very straightforward on my concerns. MM is build to last. It's tightly integrated with its customers operations. Its products takes long time to be burn into the customer process and is super sticky aka not easily replaceable.

I am a bit frustrated that if all these are true, I don't see MMH charging a slightly higher premium to increase its company overall profitability.  I mean, consumable tool is 50% GPM, can't MMH push higher to 60%, 70% GPM? 😅

Not so simple. I got it. So, it simply means to continue to maintain 50% overall GPM, MMUS margin has to be significantly increased to at least 50%. Tall order given that it had been staying -ve for many years and recently turn a bit +ve.

Bottomline, I am not able to see how MMH can double its revenue and maintain 50% GPM.

Top line, it needs MMUS. Bottomline, it will need Comsumble part to increase price (profit margins).  Well, Kyle might be working on this, let's see what happen.

Gratitude ❤️

[¯|_(ツ)_/¯]

MMH@$2.60

This afternoon (12noon) announced Q1 results (Link to SGX)

Rev $24m +45%
GP $13m +55%
NP $6.4m +102%

Drill into segment performance, MMUS top and bottom lines were doing very well.

A rather surprise for me.

Gratitude ❤️