Technology - Taiwan: HK marketing feedback – balancing growth visibility and supply tightness

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Technology - Taiwan: HK marketing feedback – balancing growth visibility and supply tightness

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Technology - Taiwan

HK marketing feedback – balancing growth

visibility and supply tightness

Industry Overview

Summarizing HK marketing feedback 25 May 2026

We conducted marketing in Hong Kong (HK) during May 18-21 and met with around 30 Equity

investors during the trip. Below, we summarize our key takeaways/feedback. Taiwan

Technology

#1 – identifying AMD & server CPU beneficiaries Mike Yang >>

At a high level, we received questions from several investors regarding beneficiaries of Research Analyst

1) the AMD server supply chain; and 2) (see report) a strengthening demand outlook in Merrill+886 2Lynch2376 (Taiwan)3729

server CPU. In response, we highlighted Aspeed (server controller), MPI (probe card, with mike.c.yang@bofa.com

potential share gains amid demand overflow), TUC, and substrate names, including Haas Liu >>

Unimicron, NYPCB and Kinsus, given their relatively higher exposure. ResearchMerrill LynchAnalyst(Taiwan)

+886 2 2376 3727

#2 – questions on valuation vs earnings growth haas.liu@bofa.com

Cathy Hsu >>

During discussions on testing interface names (MPI, WinWay), we sensed some concerns Research Analyst

regarding valuation, given the strong share price performance and re-rating over the Merrill Lynch (Taiwan)

+886 2 2376 3726

past few years. However, we would like to remind investors of the companies’ visibility cathy.hsu3@bofa.com

in meeting or beating earnings estimates over the following quarters/years, which could

continue to catalyze share prices along with valuation base rollover (even without any

further valuation multiple re-rating). ASIC – application specific integrated

circuit

#3 – pecking order within hardware substrate/PCB/CCL