Broker: Lim & Tan Securities
Date of Report: 22 July 2026
Excerpt from Lim & Tan Securities report.
Report Summary
- Super Micro Computer Inc. (SMCI): Shares surged ~15% in extended trading after preliminary results showed a record order backlog exceeding \$60 billion, driven by demand for AI servers using Nvidia chips. Gross margins are estimated at 15%-17%, above forecasts. Fiscal Q4 revenue will be at the low end of previous guidance (\$11–\$12.5 billion). Orders are expected to support future quarters’ revenue. No target price or rating provided.
- Nvidia Corp. (NVDA): The new Vera Rubin AI chip systems are being delivered to major customers, including OpenAI, Google Cloud, Microsoft Azure, Meta, and Dell. Nvidia remains the dominant AI accelerator supplier but faces rising competition from AMD, Broadcom, and in-house designs by major data center customers. OpenAI plans to adopt Vera Rubin “at scale” in Q3. No target price or rating provided.
- Innotek Ltd: Key customers include Super Micro and Nvidia. The company is expected to face a challenging 1H26 due to start-up costs and Super Micro weakness, with stronger 2H26 expected as the Vera Rubin project ramps. Continued share price weakness is anticipated in the near term. Call: HOLD, Valuation: 20x PE, 3.6% yield.
- Hutchison Port Holdings Trust (HPHT): Delivered strong 1H26 results, with net profit up 47.5% YoY to HK\$1.51 billion and profit attributable to unitholders up 85.0% to HK\$490.5 million. Dividend yield is 6.7%. Consensus target price: US\$0.23 (21.7% upside). Valuation: 17.2x forward PE, 0.5x PB.
Key Calls to Action:
- Innotek Ltd: Maintain HOLD. Watch for entry after 1H26 results if ramp-up on Vera Rubin project materializes in 2H26.
- Hutchison Port Holdings Trust (HPHT): Attractive 6.7% yield and consensus target price of US\$0.23 (21.7% upside potential).
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