PETALING JAYA: SkyeChip Bhd has gained a good reputation for being the only pure-play semiconductor intellectual property (IP) company listed in the region that is profitable.
In a report, Apex Research said the group was the only commercialised HBM3/HBM3E IP house in Asean, making it one of very few companies globally with commercially deployed HBM3E memory interface IP at an advanced process node. The projected growth of the HBM IP market is from US$201mil in 2024 to US$513mil in 2032.
According to the research house, SkyeChip is different to its peers – it creates design blueprints for memory interfaces and on-chip interconnects and licenses these designs to customers who integrate them into their own chips.
“Once the IP is silicon-proven, each subsequent licence generates revenue with near-zero marginal cost.
“Revenue per engineer has grown to RM425,000 in financial year 2026 (FY26), and we forecast it reaching more than RM690,000 by FY31 as the licensable portfolio broadens and each IP block is licensed to progressively more customers,” it noted.
Furthermore, SkyeChip’s diversification story has been one of quality.
“The most significant development in FY26 was the emergence of the United States as 23.1% of its revenue coupled with South Korea as a new market, which incidentally reduced China and Taiwan’s concentration,” Apex Research said.
It added US artificial intelligence chip startups are sophisticated, so them choosing SkyeChip’s interface IP without any geopolitical pressure is the strongest possible independent validation of its technical credibility.
Separately, SkyeChip’s UCIe-AP 32G PHY IP was listed on Samsung Foundry Connect in February 2026, enabling every Samsung Foundry customer globally to discover and engage with SkyeChip at zero incremental cost, a channel that appears to have generated its first South Korean customer engagement shortly after going live.
Apex Research said that it will initiate coverage on the stock with a “buy” rating and a target price of RM4.67 based on 76.6 times mid-FY28 core earnings per share of 6.1 sen.
The research house projects SkyeChip’s core earnings to grow at a compound annual growth rate or CAGR of 48% for FY26 to FY29, while its gross margin expands from 45.1% to 50.9% in FY29 on the IP licensing flywheel.
