Greater China Semis: Build for Future AI Infrastructure; GPU and XPUs, Who Are the Winners in AI?

Research evidence excerpt

Greater China Semis: Build for Future AI Infrastructure; GPU and XPUs, Who Are the Winners in AI?

FoundationM

Valuation Comparison: Foundry, Back-end, Memory, IDM and Semi Cap

Dividend FCF Market 3MDailyAvg. P/E Ratio (x) EPS Growth ROAE P/B Ratio (x)

Price Curr Price Upside/ Yield Yield Cap Trading

Ticker Company 6/24/2026 ency Target Downside Rating (%) (%) (US$M) (US$M) 2026e 2027e 2028e 2026e 2027e 2028e 2026e 2027e 2028e 2026e 2027e 2028e

Foundry

2330.TW TSMC 2,390.0 TWD 2,588.0 8% O 1.4% 1.8% 1,956,701 2,907.9 23.1 18.5 15.1 56% 25% 23% 41% 38% 35% 8.2 6.1 4.7

2303.TW UMC 178.5 TWD 138.0 -23% O 5.1% 5.3% 71,156 792.5 39.7 31.5 25.8 35% 26% 22% 14% 17% 19% 5.4 5.1 4.7

0981.HK SMIC 85.7 HKD 85.0 -1% O 0.0% -5.0% 76,261 1,034.5 NM NM NM 142% 45% 20% 7% 10% 11% NM NM NM

5347.TWO Vanguard 220.0 TWD 180.0 -18% E 4.9% 3.1% 12,910 166.7 40.3 32.6 26.4 31% 24% 23% 12% 14% 17% 4.8 4.5 4.2

1347.HK Hua Hong 193.4 HKD 118.0 -39% E 0.1% -4.6% 42,973 532.6 NM NM NM 584% 55% 27% 5% 7% 8% NM NM NM

6770.TW PSMC 83.2 TWD 88.0 6% O 0.0% 5.6% 11,097 417.7 NM NM NM -136% 259% 18% 3% 8% 7% 1.8 1.5 1.2

3105.TWO WIN Semi 463.0 TWD 300.0 -35% U 0.5% -3.8% 2,264 510.0 NM 52.1 36.0 59% 40% 45% 6% 9% 12% 4.6 4.5 4.3

8086.TWO AWSC 150.5 TWD 130.0 -14% U 1.1% -3.9% 934 37.3 23.8 21.1 17.0 89% 13% 24% 14% 14% 16% 3.2 2.8 2.5

Mean: 1.6% -0.2% 32.0 35.2 26.5 108% 61% 25% 13% 14% 16% 4.7 4.1 3.6

Median: 0.8% -1.0% 31.7 31.5 25.8 58% 33% 23% 10% 12% 14% 4.7 4.5 4.3

Memory

603986.SS Giga Device 764.7 CNY 585.0 -23% O 0.3% 4.1% 70,946 2,609.5 59.7 36.9 33.1 417% 62% 11% 37% 42% 35% 18.7 13.2 10.2

2408.TW Nanya Tech 477.0 TWD 380.0 -20% O 0.0% 13.6% 46,423 1,212.0 7.8 5.9 10.7 NM NM NM 74% 53% 21% 4.0 2.3 1.9