Excerpt from UOB Kay Hian report.
Report Summary
- Stock Focus: MetaOptics (METAO SP)
- Action/Call: NOT RATED (No actionable BUY/SELL call and no target price provided.)
- Key Highlights:
- MetaOptics, a Singapore-based metalens developer, saw 891% YoY revenue growth in 2025 to S\$0.8m, driven by its first commercial Direct Laser Writer (DLW) equipment sale.
- The company focuses on visible light (colour) metalenses with scalable manufacturing, targeting a high-growth market projected at 75% CAGR through 2029.
- MetaOptics remains loss-making, with 2025 net loss at S\$5.4m, but its valuation is driven by technology validation and scalability rather than near-term earnings.
- Trades at 55x 2026F Price/Sales vs. peers at 2.4x, reflecting its early-stage, high-growth profile.
- Potential catalysts include additional DLW orders, securing large-scale contracts, and a possible NASDAQ dual listing.
- Implications: Investors should note the absence of a BUY/SELL call or target price. The case for MetaOptics hinges on technology adoption, scalability and contract wins rather than immediate profitability. Valuation is high relative to established peers, reflecting early-stage growth and validation potential.
- Ticker: METAO SP
- Current Price: S\$0.45
above is an excerpt from a report by UOB Kay Hian. Clients of UOB Kay Hian can be the first to access the full report from the UOB Kay Hian website : https://research-api.uobkayhian.com/assets/disclaimer/df64a6ea-7980-447c-ae9e-fd19b93257dc
