THMY Holdings Bhd has broken ground on a new factory and corporate headquarters at Batu Kawan Industrial Park in Penang, scaling up its automated test solutions for the artificial intelligence (AI), data centre, and cloud computing sectors.
The facility, targeted for completion by the second quarter of 2028, will initially house 20 advanced automated test solution workstations. But that is just the starting point. According to The Star, the factory was originally planned at 88,000 square feet in THMY’s IPO prospectus. The company has since tripled the scope to 300,000 square feet, driven by rising complexity in data centre testing.
“The facility we initially planned may not be sufficient to meet the needs of data centre-related products, as these products require higher power and load capacity,” chief executive officer Ooi Can Nix told StarBiz in June.
The automated test solutions provider for the electrical and electronics (E&E) industry has grown rapidly since listing on the ACE Market in October 2025. Its share price has surged 400% since IPO, making it the most expensive technology stock on Bursa Malaysia. The stock trades at a historical PE of 111.1 times, as reported by NST.
The stock trades at 58.6 times its financial year 2027 earnings based on coverage from Affin Hwang Investment Bank, which maintains a “buy” call on the counter. THMY counts one of the world’s top three hyperscalers as a client contributing roughly 40% to 50% of group revenue, with the market speculating the client is Google.
A key part of THMY’s growth story is its expansion into system-level testing, which involves validating entire server rack systems, alongside its existing board-level testing work. “We cannot tell our customers that we only do board-level testing. If we want to increase the company’s value, we need to move further up the value chain,” Ooi said.
The company is also shifting its focus from lower-margin electronics manufacturing service (EMS) clients towards higher-value original equipment manufacturers (OEMs) and hyperscalers. THMY works with customers during the prototype and validation stage, often brought in before current-generation products even reach the market.
Its confirmed purchase orders are roughly two to 2.5 times higher than the previous quarter, providing order visibility for the next three to six months. The company serves multinational clients across the US, Europe, and Asia-Pacific, with Thailand and Taiwan as its largest overseas markets.
The new Penang facility, located about 3km from THMY’s existing Batu Kawan plant, is expected to be completed by the second quarter of 2028. THMY raised RM44.6 million through its IPO to fund the expansion, with 58.1% allocated for factory construction and the land acquired from Penang Development Corporation for RM14.87 million.
