Electronic Components Sector: FC-BGA (ABF) substrate technology seminar report

Research evidence excerpt

Electronic Components Sector: FC-BGA (ABF) substrate technology seminar report

J P M O R G A N Asia Pacific Equity Research

21 July 2026

Electronic Components Sector

FC-BGA (ABF) substrate technology seminar report

We invited Mr. Toshihiko Nishio of SBR Technology to conduct a seminar on Japan Equity Research

future technological trends for flip chip ball grid array (FC-BGA) substrate

Technology - Electronic

(Ajinomoto build-up film [ABF] substrate) on July 14. Main topics of discussion Components

included technological trends for cores (organic cores, glass cores, high-density AC Akinori Kanemoto

interconnect [HDI] cores, and ceramic cores), embedded multi-die interconnect

(81-3) 6736 8628

bridge with through-silicon vias (EMIB-T) from the standpoint of substrate, and akinori.kanemoto@jpmorgan.com

trends for chip-on-wafer-on-substrate (CoWoS), chip-on-panel-on-substrate Ikki Shibata

(CoPoS), and chip-on-wafer-on-platform (CoWoP). We provide an overview of (81-3) 6736 8641

the seminar below and summarize implications for the electronic components ikki.shibata@jpmorgan.com

sector. JPMorgan Securities Japan Co., Ltd.

Our view

• For CoWoS and CoPoS, connection (soldering) reliability during mounting

has become an issue due to larger reticle sizes, and it appears that this could

necessitate the use of high-rigidity substrates and glass core substrates.

Meanwhile, although EMIB-T achieves higher connection reliability than

CoWoS and CoPoS as a result of not using an interposer, Mr. Nishio cited a need

to establish both mass production capabilities for the substrate and assembly

processes. Considering this point, we think that CoWoS and CoPoS will

require substrate technologies that deliver high rigidity and flatness, and that