Asia Pacific Reports/Notes

Research evidence excerpt

Asia Pacific Reports/Notes

Asia Pacific Equity Research AC Asia Pacific Equity Research

15 July 2026 J P M O R G A N

aprr.publications@jpmorgan.com

2027E P/E and 1.6x 2027E P/B - we view this as an attractive entry point. We believe the Street

underestimates a structural demand driver - eSSD DRAM cache requirements for DDR4, which could

sustain DDR4 tightness and support pricing over the next two years. In addition, AI servers could contribute

50% of Winbond’s NOR flash shipments in 2027. Overall, we estimate AI-related (eSSD DRAM and NOR)

could make up one-third of Winbond’s memory revenue in 2027. We also expect Winbond’s upcoming 2Q26

earnings meeting to be a positive event, as the management could provide constructive tones on growth

strategies.

China Power Infrastructure, China

Solid State Transformers – Expert Call Takeaways (Stephen Tsui, CFA)

We hosted an expert call yesterday on the development of solid state transformers (SST) and high-voltage

direct current (HVDC) with the following takeaways: the expert views SST as a potentially important long-

term upgrade path for data center (DC) power architecture, given benefits in efficiency, footprint and

intelligent/bidirectional power dispatch, but believes commercialization remains early due to immature

standards, limited reliability validation, ‘good-enough’ HVDC alternatives, and a lack of proven use cases.

He believes near-term adoption will be more likely centered on EV charging, high-energy industrial,

renewables+storage, and microgrids, with a broad DC rollout unlikely before 2028. On the value proposition,

SSTs can lift end-to-end efficiency by 5+ percentage points vs a line-frequency transformer plus

uninterruptible power supply (UPS) chain (typically <90%) and reduce power equipment volume to ~1/5-