Asia Technology Tracker

Research evidence excerpt

Asia Technology Tracker

Asia Pacific Equity Research AC Asia Pacific Equity Research

16 July 2026 J P M O R G A N

aprr.publications@jpmorgan.com

MedTech & Healthcare Services Sector

Impact of DX and AI adoption in healthcare: Initiatives that will lead to future market share gains are

underway behind the scenes (Naoko Saito)

Digital transformation (DX) and AI use seem to have recently advanced under the radar at healthcare

facilities, and we summarize near-term implications. Within our coverage, we believe this could contribute to

longer-term market share growth for monitors and other products in Nihon Kohden’s digital healthcare

solutions (DHS) segment, although the scale of this business is still small. In the healthcare services sector,

M3 and JMDC are moving forward in using AI in various businesses, and while we expect longer-term

contributions to enhancing competitive advantages and raising the profitability of new services, we focus on

higher AI-related investment in the short term (increases in engineer hiring, AI system usage fees, and

capex).

ASMPT Ltd (0522) (Overweight), Hong Kong

TCB TAM upside from CoWoS/HBM; China OSAT and Intel EMIB as medium-term drivers; raise PT to

HK$225 (Gokul Hariharan)

ASMPT’s share price has outperformed the HSTech index after the company reported its 1Q26 results in

April (ASMPT up 20%+ vs. HSTech down ~5%) reflecting stronger momentum in TCB and photonics with

positive sentiment on the back of the mainstream segment’s recovery. We see further upside to the TCB

TAM, driven by our expectations of (1) stronger CoWoS/HBM buildout in 2027/28; (2) rising OSAT capacity

additions for 2.5D packaging; and (3) a delay in HBM stacking migration keeping TCB relevant for longer

(12Hi is likely to remain mainstream for longer than expected).