J.P. Morgan Taiwan FTM 26 Jun 26 Accton; Taiwan Financials; Power industry; Jentech Precision Industrial Co.; ASPEED Technology Inc. and More

Research evidence excerpt

J.P. Morgan Taiwan FTM 26 Jun 26 Accton; Taiwan Financials; Power industry; Jentech Precision Industrial Co.; ASPEED Technology Inc. and More

Gokul Hariharan AC Asia Pacific Equity Research

(852) 2800-8564 26 June 2026 J P M O R G A N

gokul.hariharan@jpmorgan.com

Raise estimates on better-than-expected 2Q26 outlook and solid content growth in Rubin Ultra; OW

We revise up our 2Q26 revenue estimate to 30% QoQ growth, up from the company’s previous guidance of ~10% QoQ and

also above consensus estimates, driven mainly by the higher ASP of its Rubin GPU 1-piece lid shipped in May and June given

placed as rush orders. Although we think ASP will return to normal from 3Q26, we still model 10% QoQ revenue growth due to

increasing shipments. In addition to the better-than-expected near-term outlook, we are more constructive on the company’s

2027 and 2028 growth potential, as the heat spreader content growth of Rubin Ultra GPU (with the potential design of stiffener

+ disposable lid) could be >100% vs the current Rubin 1-piece lid design, even without Micro-channel Lid (MCL) adoption. Also,

we believe the continued heat spreader spec upgrade of both AMD GPU and each CSP ASIC, along with the surge of general

server CPU demand, will support structural growth for Jentech as well. In our view, the recent share price weakness

(underperforming Taiex by 16% in the past 1 month) has fully reflected the Rubin design change impact and some market

chatter on slower upgrade of AMD MI450 heat spreader design (which we believe is still on track), but we think the better-than-

expected June/2Q26 revenue should revive sentiment. Maintain OW.

ASPEED Technology Inc. (Albert Hung) (5274 TT, OW)

Key takeaways from the JPM APAC All Stars London Conference