<p>[新加坡] 投資者紛紛湧入市值僅為 5000 萬新元的鮮為人知的新加坡上市科技微型股，導致一些股票在最近幾周飆升至多年高點。</p>
<p>半導體制造商 Asti Holdings 的市值約為 1.5 億新元，在過去一個月中上漲超過 120%。</p>
<p>Avi-Tech Holdings 的股票，市值剛好低於 5000 萬新元，在同一時期上漲了 70%，在 5 月 7 日達到了四年來的最高點 0.3150 新元。</p>
<p>在過去一週，戰略投資者增加了對這些股票的持股，推動了股價的上漲。</p>
<p>在 5 月 6 日，Asti 首席執行官 Eddie Ng 以 360 萬新元的價格在場外交易中收購了 4000 萬股，成為公司的控股股東。</p>
<p>一天後，零售投資者 Global Wave Ventures 披露收購了超過 5000 萬股 Avi-Tech，持股比例達 29.9%。</p>
<h3>在新的全球秩序中導航亞洲</h3>
<p>獲取洞察信息，直接發送到您的郵箱。</p>
<p>《商業時報》探討了是什麼推動了這些小型科技股的激增，以及這種勢頭是否能夠持續。</p>
<h2>乘着科技反彈的浪潮</h2>
<p>對這些小型股的興趣正值全球科技反彈的大背景下。</p>
<p>追蹤主要全球芯片股票的 iShares 半導體 ETF（交易所交易基金）在 4 月份上漲了 40%，創下了有記錄以來的最大月度漲幅。</p>
<p>另見</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/129f0013b550c15ec4d9d86c1cb70439373d9aa63d42d823453469e315ba392b/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/129f0013b550c15ec4d9d86c1cb70439373d9aa63d42d823453469e315ba392b/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>新加坡前 100 家 SGX 上市公司女性董事長比例上升至 10%：多樣性委員會</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/f8864a41cff14445088665c67dab816368cd3f80cf956b38f3ebc7dfb409c074/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/f8864a41cff14445088665c67dab816368cd3f80cf956b38f3ebc7dfb409c074/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>這些股票在戰略舉措後被重新評估。它們能激勵其他公司效仿嗎？</h3>
<p>這波反彈不僅限於領先的芯片製造商，還擴展到涉及傳統芯片和半導體基礎設施的小型公司。</p>
<p>分析師指出，許多在新加坡交易所（SGX）上市的半導體和精密工程公司為主要的美國上市科技公司提供供應，導致它們的股價與全球同行和客户的股價同步波動。</p>
<p>例如，精密工程公司 Frencken Group 的股票，自年初以來上漲了約 110%，其客户包括芯片設備製造商 ASML 和 Applied Materials。</p>
<p>同樣，Avi-Tech Holdings 的反彈與半導體客户德州儀器的漲幅相一致，後者因數據中心擴張而需求上升，Phillip Securities Research 的研究分析師 Chong Yik Ban 表示。</p>
<p>這波反彈還受到投資者尋找具有追趕潛力的低估科技股的推動。</p>
<p>Azure Capital 的創始人兼首席執行官 Terence Wong 表示，投資者越來越多地轉向小型科技股，因為大型基準股票在強勁上漲後變得更加昂貴。</p>
<p>“他們開始尋找那些潛力尚未被髮掘，或者尚未上漲太多的股票，” 他説。“這就是為什麼你會看到對鮮為人知的名字越來越感興趣。”</p>
<p>特別是 Asti 因其引人注目的 “扭轉” 敍事而吸引了投資者的關注，Phillip 的 Chong 表示。</p>
<p>該公司因持續虧損和治理問題於 2022 年暫停交易，此後已完成幾次逾期的股東會議，任命了新的審計師，並改善了財務表現。</p>
<p>它還將其虧損大幅縮減至 2025 財年第四季度的 468,000 新元，而 2024 財年第四季度為 2030 萬新元。</p>
<h2>這波反彈能持續多久？</h2>
<p>分析師表示，科技反彈仍有上升空間，Phillips 的 Chong 預計這種勢頭將持續到今年年底。</p>
<p>他補充説，2026 年下半年美國人工智能公司如 OpenAI 和 Anthropic 的潛在首次公開募股可能為半導體股票提供新的催化劑。</p>
<p>在本地微型股方面，Chong 指出，儘管 Avi-Tech 最近的業績仍然平平，2026 財年上半年截至 12 月 31 日的毛利潤為 70 萬新元，淨虧損為 100 萬新元，但其股票可能會受益於來自主要客户德州儀器的強勁前景信號。</p>
<p>與此同時，Asti 可能會因工業和汽車應用中對集成電路測試的需求擴大而受益，他説。</p>
<p>SGX 市場策略師 Geoff Howie 表示，Avi-Tech 目前的價值在於其淨現金頭寸和低槓桿，因為該公司選擇不支付中期股息以保留資本。</p>
<p>這支持了運營穩定性，並允許重新部署到效率改善和選擇性增長領域，他補充道。</p>
<p>對於 Asti Holdings，他將 CEO Ng 的增持描述為在公司以 “重置” 資產負債表和恢復盈利能力的過程中加強控制的一種方式。</p>
<p>然而，他警告説，長期價值將取決於其半導體服務平台的執行和可擴展性。</p>
<p>儘管語氣樂觀，觀察人士警告投資者應保持選擇性。</p>
<p>“投資者在交易小型和流動性較低的股票時必須謹慎，檢查適當的估值以進入市場，” Chong 説。</p>
<p>解碼亞洲通訊：您在新的全球秩序中導航亞洲的指南。點擊此處註冊以獲取解碼亞洲通訊，直接發送到您的郵箱，免費。</p>

聯達科技控股

<p>投資者越來越多地購買不太知名的新加坡上市科技微型股，一些股票如聯達科技控股和 Avi-Tech Hldg 的價格出現了顯著上漲。聯達科技控股的股價在一個月內上漲超過 120%，而 Avi-Tech 的股價上漲了 70%。這一趨勢受到戰略投資和全球科技反彈的推動，尤其是在半導體股票方面。分析師建議，這一勢頭可能會繼續，主要受到對集成電路測試需求和美國人工智能公司潛在 IPO 的驅動。然而，對於這些交易量較小的股票，投資者應保持謹慎</p>

<p>[SINGAPORE] Investors have been piling into little-known Singapore-listed tech micro-caps worth as little as S$50 million, sending some counters soaring to multi-year highs in recent weeks.</p>
<div class="lb-trans"><p>[新加坡] 投資者紛紛湧入市值僅為 5000 萬新元的鮮為人知的新加坡上市科技微型股，導致一些股票在最近幾周飆升至多年高點。</p>
</div><p>Semiconductor manufacturer Asti Holdings , which has a market capitalisation of about S$150 million, has surged more than 120 per cent in the past month.</p>
<div class="lb-trans"><p>半導體制造商 Asti Holdings 的市值約為 1.5 億新元，在過去一個月中上漲超過 120%。</p>
</div><p>Shares of Avi-Tech Holdings , valued at just under S$50 million, climbed 70 per cent over the same period to a four-year high of S$0.3150 onMay 7.</p>
<div class="lb-trans"><p>Avi-Tech Holdings 的股票，市值剛好低於 5000 萬新元，在同一時期上漲了 70%，在 5 月 7 日達到了四年來的最高點 0.3150 新元。</p>
</div><p>The rallies gathered pace after strategic investors increased their stakes in these counters in the past week.</p>
<div class="lb-trans"><p>在過去一週，戰略投資者增加了對這些股票的持股，推動了股價的上漲。</p>
</div><p>On May 6, Asti chief executive Eddie Ng acquired 40 million shares for S$3.6 million in an off-market transaction, becoming the company’s controlling shareholder.</p>
<div class="lb-trans"><p>在 5 月 6 日，Asti 首席執行官 Eddie Ng 以 360 萬新元的價格在場外交易中收購了 4000 萬股，成為公司的控股股東。</p>
</div><p>A day later, retail investor Global Wave Ventures disclosed the acquisition of more than 50 million shares in Avi-Tech, giving it a 29.9 per cent stake.</p>
<div class="lb-trans"><p>一天後，零售投資者 Global Wave Ventures 披露收購了超過 5000 萬股 Avi-Tech，持股比例達 29.9%。</p>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中導航亞洲</h3>
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<div class="lb-trans"><p>獲取洞察信息，直接發送到您的郵箱。</p>
</div><p><em>The Business Times</em> looks at what is fuelling the surge in these tiny tech counters, and whether the momentum can last.</p>
<div class="lb-trans"><p>《商業時報》探討了是什麼推動了這些小型科技股的激增，以及這種勢頭是否能夠持續。</p>
</div><h2>Riding the tech rally</h2>
<div class="lb-trans"><h2>乘着科技反彈的浪潮</h2>
</div><p>Interest in these smaller-cap stocks comes amid a broader global tech rally.</p>
<div class="lb-trans"><p>對這些小型股的興趣正值全球科技反彈的大背景下。</p>
</div><p>The iShares Semiconductor ETF (exchange-traded fund), which tracks major global chip stocks, surged 40 per cent in April, marking its biggest monthly gain on record.</p>
<div class="lb-trans"><p>追蹤主要全球芯片股票的 iShares 半導體 ETF（交易所交易基金）在 4 月份上漲了 40%，創下了有記錄以來的最大月度漲幅。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另見</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/129f0013b550c15ec4d9d86c1cb70439373d9aa63d42d823453469e315ba392b/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/129f0013b550c15ec4d9d86c1cb70439373d9aa63d42d823453469e315ba392b?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Share of female board chairs at top 100 SGX listcos edges up to 10%: diversity council</h3>
<div class="lb-trans"><h3>新加坡前 100 家 SGX 上市公司女性董事長比例上升至 10%：多樣性委員會</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/f8864a41cff14445088665c67dab816368cd3f80cf956b38f3ebc7dfb409c074/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/f8864a41cff14445088665c67dab816368cd3f80cf956b38f3ebc7dfb409c074?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>These stocks rerated after strategic moves. Can they inspire others to do the same?</h3>
<div class="lb-trans"><h3>這些股票在戰略舉措後被重新評估。它們能激勵其他公司效仿嗎？</h3>
</div><p>The rally extended beyond leading chipmakers to smaller firms involved in legacy chips and semiconductor infrastructure.</p>
<div class="lb-trans"><p>這波反彈不僅限於領先的芯片製造商，還擴展到涉及傳統芯片和半導體基礎設施的小型公司。</p>
</div><p>Analysts noted that many semiconductor and precision-engineering firms listed on the Singapore Exchange (SGX) supply major US-listed technology companies, causing their share prices to move in tandem with those of global peers and customers.</p>
<div class="lb-trans"><p>分析師指出，許多在新加坡交易所（SGX）上市的半導體和精密工程公司為主要的美國上市科技公司提供供應，導致它們的股價與全球同行和客户的股價同步波動。</p>
</div><p>For instance, the shares of precision-engineering firm Frencken Group , whose customers include chip-equipment makers ASML and Applied Materials, have risen about 110 per cent since the start of the year.</p>
<div class="lb-trans"><p>例如，精密工程公司 Frencken Group 的股票，自年初以來上漲了約 110%，其客户包括芯片設備製造商 ASML 和 Applied Materials。</p>
</div><p>Likewise, the rally in Avi-Tech Holdings has tracked gains in semiconductor customer Texas Instruments amid rising demand linked to data-centre expansion, said Chong Yik Ban, research analyst at Phillip Securities Research.</p>
<div class="lb-trans"><p>同樣，Avi-Tech Holdings 的反彈與半導體客户德州儀器的漲幅相一致，後者因數據中心擴張而需求上升，Phillip Securities Research 的研究分析師 Chong Yik Ban 表示。</p>
</div><p>The rally is also being driven by investors hunting for lower-valued tech stocks with catch-up potential.</p>
<div class="lb-trans"><p>這波反彈還受到投資者尋找具有追趕潛力的低估科技股的推動。</p>
</div><p>Terence Wong, founder and chief executive of Azure Capital, said investors are increasingly rotating into smaller tech counters, with larger bellwether stocks having become more expensive following strong gains.</p>
<div class="lb-trans"><p>Azure Capital 的創始人兼首席執行官 Terence Wong 表示，投資者越來越多地轉向小型科技股，因為大型基準股票在強勁上漲後變得更加昂貴。</p>
</div><p>“They are starting to look for stocks with potential which have not yet risen, or have not risen as much,” he said. “That is why you are seeing growing interest in lesser-known names.”</p>
<div class="lb-trans"><p>“他們開始尋找那些潛力尚未被髮掘，或者尚未上漲太多的股票，” 他説。“這就是為什麼你會看到對鮮為人知的名字越來越感興趣。”</p>
</div><p>Asti, in particular, has attracted investor interest due to its compelling “turnaround” narrative, said Phillip’s Chong.</p>
<div class="lb-trans"><p>特別是 Asti 因其引人注目的 “扭轉” 敍事而吸引了投資者的關注，Phillip 的 Chong 表示。</p>
</div><p>The company, which was suspended from trading in 2022 due to persistent losses and governance issues, has since completed several overdue shareholder meetings, appointed new auditors and improved its financial performance.</p>
<div class="lb-trans"><p>該公司因持續虧損和治理問題於 2022 年暫停交易，此後已完成幾次逾期的股東會議，任命了新的審計師，並改善了財務表現。</p>
</div><p>It also narrowed its losses sharply to S$468,000 in Q4 FY2025, from S$20.3 million in Q4 FY2024.</p>
<div class="lb-trans"><p>它還將其虧損大幅縮減至 2025 財年第四季度的 468,000 新元，而 2024 財年第四季度為 2030 萬新元。</p>
</div><h2>How long will the rally last?</h2>
<div class="lb-trans"><h2>這波反彈能持續多久？</h2>
</div><p>Analysts say the tech rally still has room to run, with Phillips’ Chong expecting momentum to persist through the end of this year.</p>
<div class="lb-trans"><p>分析師表示，科技反彈仍有上升空間，Phillips 的 Chong 預計這種勢頭將持續到今年年底。</p>
</div><p>He added that potential initial public offerings from US AI firms such as OpenAI and Anthropic in the second half of 2026 could provide fresh catalysts for semiconductor stocks.</p>
<div class="lb-trans"><p>他補充説，2026 年下半年美國人工智能公司如 OpenAI 和 Anthropic 的潛在首次公開募股可能為半導體股票提供新的催化劑。</p>
</div><p>On local micro-caps, Chong noted that while Avi-Tech’s recent results remain lacklustre, with gross profit of S$700,000 and a net loss of S$1 million for H1 FY2026 ended Dec 31, its shares could benefit from stronger outlook signals from key customer Texas Instruments in the coming quarters.</p>
<div class="lb-trans"><p>在本地微型股方面，Chong 指出，儘管 Avi-Tech 最近的業績仍然平平，2026 財年上半年截至 12 月 31 日的毛利潤為 70 萬新元，淨虧損為 100 萬新元，但其股票可能會受益於來自主要客户德州儀器的強勁前景信號。</p>
</div><p>Asti, meanwhile, could gain from expanding demand for integrated circuit testing in industrial and automotive applications, he said.</p>
<div class="lb-trans"><p>與此同時，Asti 可能會因工業和汽車應用中對集成電路測試的需求擴大而受益，他説。</p>
</div><p>SGX market strategist Geoff Howie said Avi-Tech’s value now sits in a net cash position and low leverage, after the company opted not to pay an interim dividend to preserve capital.</p>
<div class="lb-trans"><p>SGX 市場策略師 Geoff Howie 表示，Avi-Tech 目前的價值在於其淨現金頭寸和低槓桿，因為該公司選擇不支付中期股息以保留資本。</p>
</div><p>This supports operational stability and allows redeployment into efficiency improvements and selective growth areas, he added.</p>
<div class="lb-trans"><p>這支持了運營穩定性，並允許重新部署到效率改善和選擇性增長領域，他補充道。</p>
</div><p>For Asti Holdings, he described CEO Ng’s increased stake as a way to strengthen control as the company emerges with a “reset” balance sheet and a return to profitability.</p>
<div class="lb-trans"><p>對於 Asti Holdings，他將 CEO Ng 的增持描述為在公司以 “重置” 資產負債表和恢復盈利能力的過程中加強控制的一種方式。</p>
</div><p>However, he cautioned that long-term value would depend on execution and scalability of its semiconductor services platform.</p>
<div class="lb-trans"><p>然而，他警告説，長期價值將取決於其半導體服務平台的執行和可擴展性。</p>
</div><p>Despite the upbeat tone, observers warned that investors should remain selective.</p>
<div class="lb-trans"><p>儘管語氣樂觀，觀察人士警告投資者應保持選擇性。</p>
</div><p>“Investors have to practise caution in trading smaller and thinly traded counters, by checking on the appropriate valuations to enter the market,” Chong said.</p>
<div class="lb-trans"><p>“投資者在交易小型和流動性較低的股票時必須謹慎，檢查適當的估值以進入市場，” Chong 説。</p>
</div><p>Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.</p>
<div class="lb-trans"><p>解碼亞洲通訊：您在新的全球秩序中導航亞洲的指南。點擊此處註冊以獲取解碼亞洲通訊，直接發送到您的郵箱，免費。</p>
</div>

These little-known SGX tech stocks are beating the market. What’s driving them up?

Businesstimes News

Avi-Tech Hldg

費城交易所 半導體 ETF - iShares

福根集團

阿斯麥

ASML Holding NV

應用材料

德州儀器

OpenAI

這些鮮為人知的 SGX 科技股正在跑贏市場。是什麼因素推動它們上漲？