Malaysian Pacific Industries Berhad (3867.KL) Stock Analysis & Winston Score

§Winston Score History

Malaysian Pacific Industries (MPI) is a semiconductor company based in Malaysia that specializes in packaging and testing chips. It doesn't design or make the chips themselves — instead, it takes finished chips and puts them into protective packages, then tests them to make sure they work. MPI is one of the leading outsourced semiconductor assembly and test (OSAT) companies in Southeast Asia.

MPI earns revenue by charging semiconductor companies fees for its packaging and testing services. It operates manufacturing facilities primarily in Malaysia and has customers across the global electronics supply chain, including automotive, industrial, and communications sectors. The company benefits from Malaysia's established position as a hub for semiconductor back-end operations, giving it cost advantages and deep technical expertise. Growth depends on rising global chip demand, particularly from automotive and industrial applications, but the business faces risks from cyclical downturns in semiconductor spending and intense competition from larger OSAT players in China and Taiwan.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+30.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+0.0% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

0 MYR/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

58.7%ownership

Insiders own a meaningful stake in the company

Cash Runway

~2 years

1.2B MYR cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

1.2B MYR cash & investments at current burn rate

Revenue accelerating

Malaysian Pacific Industries Berhad grew revenue 31% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.2% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 198.6M (2022) → 198.9M (2026)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

9.4%

Thin — 9.4% gross margin

Profit after running costs

Operating Margin

7.9%

Modest — 7.9% operating margin

Return on the money invested

ROCE

10.3%

Below par — 10.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+24.3%

Fast-growing sales (+24.3% YoY)

Profit growth

EPS YoY

+23.4%

Earnings growing fast (+23.4% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

235%

Turns 235% of profit into real cash

Spare cash per sale

FCF Margin

-4.9%

Burning cash (-4.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.10

Conservative — low debt load (0.10)

Covers its interest

Interest Cover

53.77x

Comfortably covers interest (53.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

45.1x

Expensive — P/E 45.1

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+11.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (45.1 → 33.4)

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Dividends

Dividend

Dividend Yield

1.40%

Small dividend — 1.40% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+7.1%

Dividend growing modestly (7.1% YoY)

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Malaysian Pacific Industries Berhad

§How the score breaks down

§Winston Score History

Growth Profile

Share count broadly stable

Every number that matters to educated investors.

Quality

Growth

Cash Flow

Stability

Valuation

Dividends