JPM | APAC Technology - SEC / TSMC / NYP: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

Research evidence excerpt

JPM | APAC Technology - SEC / TSMC / NYP: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

tain, as Intel owns the capacity. We believe TSMC

is pushing back on the thesis that its mature 12” capacity is likely to shrink dramatically, which was the basis for some of the

UMC price hikes put thru in early FY26. As TSMC continues to expand mature 12” capacity and also supports VSMC to

ramp its new 12” fabs, we believe UMC will face increased competition, esp for non-Greater China 12” capacity that

industrial and auto customers increasingly seek

FUJIFILM (OW PT Y5,000): Expect electronics to drive earnings even more strongly in FY26 – Seiji Wakao link

• We revise our earnings estimates to factor in F4Q results. We forecast a slight beat to FY26 OP guidance driven by

electronics segment due to the continued elevated demand for AI semis in FY26

Sector Key Newsflow

• Samsung, SK Hynix: President ramps up regional growth blueprint, putting AI, chips at center - Lee broadens private sector

outreach with Samsung, SK (Korea Times)

• Samsung develops industry's fastest UFS 5.0 memory for on-device AI (Yonhap)

• Samsung Electro-Mechanics rides Qualcomm's data center push into servers (Digitimes)

• SK Hynix’s Commodity DRAM Focus Suggests Robust Margins: UBP (Bloomberg)

• MediaTek issues official price hike notice, products facing supply constraints likely to increase first (Digitimes)

• Intel expands Taiwan chip chain orders, October 2026 talks grow (Digitimes)

• AWSTrainium 3 ramp set to boost Taiwan suppliers in the second half of 2026 (Digitimes)

• High-end fiberglass cloth supply tightens; shortages to persist through 2027 (Digitimes)

• Taiwan OSAT sector's strongest 1H in years puts 2026 full-year revenue records in sight (Digitimes)