SkyeChip Bhd, recently listed on Bursa Malaysia, is expanding globally, with new markets in the United States and South Korea contributing 24% of financial year 2026 (FY26) revenue. Phillip Capital Research noted the group expanded its active customer base to 26 in FY26 (versus 14 in FY25), including two key US customers. Strong demand for artificial intelligence (AI) infrastructure supports its project pipeline, with engineering utilisation reaching 100% in the first quarter (1Q) of FY27. Technical headcount increased to about 400 personnel as of May 2026 (from 365 as of March 2026) and is expected to reach approximately 426 personnel by FY27. The research house raised SkyeChip’s FY28 to FY29 estimated earnings by 11% to 12%, respectively, and raised its 12-month target price to RM3.50 (from RM1.75 previously), based on a higher 65 times price-to-earnings (PE) multiple (from 45 times). The higher PE reflects a 30% premium to global silicon intellectual property (IP) peers, justified by SkyeChip’s position as Malaysia’s only listed semiconductor IP player. SkyeChip prioritises growth over dividends and did not declare a FY26 dividend, despite its IPO prospectus indicating a target payout ratio of up to 25% of profit after tax. Management said retaining cash funds