ASIA TECHNOLOGY TRACKER

Research evidence excerpt

ASIA TECHNOLOGY TRACKER

Asia Pacific Equity Research

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Asia Technology Tracker 02 July 2026

Asia Pacific Reports/Notes

All Ring Tech (Overweight), Taiwan

Accumulate All Ring on strong revenue momentum and attractive risk reward; OW (Jimmy Huang)

We recommend accumulating All Ring stock at current levels, given its catalysts and attractive risk reward.

All Ring is trading at 23x 2027E P/E, making it one of the lowest-P/E CoWoS equipment stocks (Figure 1).

We see solid share price support at the NT900-1,000 range (20x 2027E P/E; 15% downside risk), while we

see upside potential of 41% to our target price. The first key catalyst is the expected robust revenue

momentum in Jun and 3Q26, driven by accelerating CoWoS and FOCoS capacity builds. All Ring does not

have an agency business and had 90% revenue exposure to CoWoS in 2025 - we think its earnings power

from CoWoS/FOCoS is being overlooked by the Street. While CPO sentiment has been muted since May

(following a rally Feb-Apr), we anticipate improved clarity in late 3Q26, which could serve as an additional

catalyst for the stock. Of note, we do not think GlassBridge will affect All Ring’s earnings power in 2026-27,

though the concept unveiling of alternative CPO technologies could periodically influence market sentiment.

Maintain OW with a PT of NT$1,500 (based on 33x 2027E P/E; supported by a 60%/73% revenue/EPS

CAGR in 2025-27E).

MediaTek Inc. (Overweight), Taiwan

Addressing Key Investor Questions (Gokul Hariharan)