AP Memory Technology Corp: Too early to be concerned about Si-Cap competition; OW

Research evidence excerpt

AP Memory Technology Corp: Too early to be concerned about Si-Cap competition; OW

Idea

May 21, 2026 03:05 PM GMT

Morgan Stanley Taiwan Limited+MAP Memory Technology Corp | Asia Pacific Daniel Yen, CFA

Equity Analyst

Too early to be concerned Daniel.Yen@morganstanley.comCharlie Chan +886 2 2730-2863

Charlie.Chan@morganstanley.com +886 2 2730-1725

about Si-Cap competition; OW Morgan Stanley Asia Limited+

Daisy Dai, CFA

We think the market is overly concerned oabout competition in Equity Analyst

Daisy.Dai@morganstanley.com +852 2848-7310

the early cycle. Our supply/demand model suggests ongoing

supply shortage in the next three years. Time to accumulate Morgan Stanley Taiwan Limited+ Tiffany Yeh

more. Equity Analyst

Tiffany.Yeh@morganstanley.com +886 2 7712-3032

Our further thoughts on the Si-Cap competition (link): SEMCO (covered by Morgan Stanley Asia Limited+

Shawn Kim) was already a player in the Si-Cap market, but we believe its recently Ethan Jia

announced ~US$1bn contract introduces competition to AP Memory's market share. Research Associate

Ethan.Jia@morganstanley.com +852 3963-2287

We believe SEMCO's Si-Cap business uses a stacking technology as well and aims to

address a similar application – i.e., EMIB; the advantage is the better foundry process AP Memory Technology Corp (6531.TW, 6531 TT)

from a potential Taiwanese partner, Winbond. That said, we think it will take time to Greater China Technology Semiconductors | Taiwan

acquire the equipment and go through qualification with substrate vendors, EMIB, Stock Rating Overweight

Industry View Attractive

and end customers. Price target NT$1,555.00

Up/downside to price target (%) 78

Our supply/demand model suggests supply shortage in the next three years: For Shr price, close (May 21, 2026) NT$876.00