Broker Name: Lim & Tan Securities
Date of Report: 13 October 2025

Excerpt from Lim & Tan Securities report.

• InnoTek Limited has been approved as a recommended vendor for NVIDIA and IEIT Systems, marking its transition from a sub-contractor to a tier 1 supplier for NVIDIA, with production expected to start in 4Q FY2025. This move is anticipated to significantly improve profit margins and sales volumes.
• The company is investing in high-end precision equipment to support AI projects, with expectations for FY26 profits to double and its ex-cash forward PE to be only 5x. Lim & Tan maintains an “Accumulate on Weakness” rating due to the brightening outlook from new customers and orders.

Report Summary:

• InnoTek secures major contracts with NVIDIA and IEIT, positioning itself for growth in AI-related manufacturing and improved financial performance.
• Lim & Tan recommends accumulating InnoTek shares on weakness, citing strong management, financials, and future prospects.

Above is an excerpt from a report by Lim & Tan Securities. Clients of Lim & Tan Securities can be the first to access the full report from the Lim & Tan Securities website: https://www.limtan.com.sg