JPM | APAC Technology - MU / NYP / MTK / Innostar: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

Research evidence excerpt

JPM | APAC Technology - MU / NYP / MTK / Innostar: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

ecured several customer wins, and we expect SiPh to contribution 5% of FY26 revenue w/ continued

growth thereafter. Incorporating SiPh contribution and strong adoption across multiple customers for gold bumping, we are

raising FY26 estimates by 8%, and intro FY27/28 EPS NT$7.89/NT$10.01, PT -> NT$225. SiPh is likely to be 20% of FY28

revenue, N. Key upside 1) stronger qualification pipeline across large SiPh customers 2) further GM improvement from better

utilization / pricing, downside increased competition, as Chipmos likely to enter

Sector Key Newsflow

• China bans government procurement from 46 US companies (China Daily)

• AI server supply chain expansion accelerates across Southeast Asia (Digitimes)

• TSMC's first CoPoS demo tools enter validation (Digitimes)

• TSMC glass substrate rollout unlikely before 2030 (Digitimes)

• Toto to Invest 80b Yen Over 5 Years in Chip Materials (Nikkei)

• Korea Markets Chief Regrets Allowing Single-Stock Leveraged ETFs (Bloomberg)

• SK Hynix Tops Samsung to Become South Korea's Most Valuable Company (Dow Jones)

• Samsung sees ongoing SoC losses drag down System LSI's 2026 performance (Digitimes)

• Huawei expands Vietnam footprint through energy, AI, and 5G partnerships (Digitimes)

• YMTC NAND share rises to 13%, alarming South Korean rivals (Digitimes)

• ASMedia launches second transformation plan, targets revenue doubling, AI server market expansion (Digitimes)

• India plans semiconductor buildout with ₹7,100 crore incentives in FY27 (MINT)

• Micron and Anthropic Announce Strategic Agreement to Scale Next-Generation AI Infrastructure (Globe Newswire)