GLOBETRONICS TECHNOLOGY BHD (GTRONIC)

Globetronics Technology Bhd (7022) — Company Profile

Globetronics Technology Bhd (GTRONIC) is a Penang-based OSAT (Outsourced Semiconductor Assembly and Test) company founded in 1991. For over 30 years, the company has provided semiconductor assembly and testing services to global chip manufacturers — covering sensors, LED components, quartz/timing devices, and now expanding into IC packaging through a strategic contract with ChipMOS Technologies of Taiwan.

GTRONIC is listed on Bursa Malaysia under the Semiconductors sector, with primary markets spanning Asia and the United States. As of April 2026, with the share price hovering around RM0.275 — near its all-time low — the central question for investors is whether this represents genuine value or a value trap.

Core Business Segments

• Sensors — Largest segment. Proximity/ambient light sensors and encoders for industrial automation, consumer electronics, and mobile devices.
• LED Components — LEDs and optoelectronics for various applications.
• Quartz Crystal & Timing Devices — Used in smartphones, GPS, and personal computers.
• IC Packaging & Testing (NEW) — Executed through a minimum RM145 million contract with ChipMOS Technologies Taiwan (Nov 2024–Nov 2027). This is the company's most critical growth segment.
• IT Solutions — Minor segment contributing a small share of revenues.

Shariah Compliance Status ⚠️

GTRONIC is NOT Shariah-compliant. It was reclassified Shariah non-compliant by Malaysia's Securities Commission Shariah Advisory Council effective 29 May 2026 (previously compliant). Islamic institutional investors and Shariah-based unit trusts are therefore not permitted to hold this stock.

Core Narrative: A Legacy OSAT Seeking Reinvention

GTRONIC's story over the past five years is one of significant structural decline. Annual revenues have fallen by more than half — from RM206 million (FY2021) to RM107 million (FY2025, an 18-month period). Legacy products such as smartphone sensors and LED components are losing volume as product cycles mature and competition from Asian manufacturers intensifies. The ChipMOS contract announced in November 2024 represents the company's most significant bet on reversing this trajectory.

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