J.P. Morgan Taiwan FTM 18 May 26 Greater China Data Watch; TSMC; Silergy Corp; Equity Thematic Strategy and More

研报英文原文证据摘录

J.P. Morgan Taiwan FTM 18 May 26 Greater China Data Watch; TSMC; Silergy Corp; Equity Thematic Strategy and More

Asia Pacific Equity Research

Taiwan First to Market 18 May 2026

Top Stories

Greater China (Feng Zhu)

• China: Trump-Xi summit concluded with no major breakthroughs

• Exports rebounded more than expected with broad-based gains

• CPI and PPI surprises may indicate further reflation

• New loan creation contracted in April

• Next week: China FAI, IP, retail sales, housing, LPR; Hong Kong labor, CPI; Taiwan: export orders, labor

TSMC (Gokul Hariharan) (2330 TT, OW)

CoWoS and Advanced Backend Updates

Raising CoWoS estimates for 2027/28; continue to expect a strong SoIC ramp: We raise our CoWoS estimates and now

expect TSMC to build 115K/175K/220K wfpm CoWoS capacity by end 2026/27/28, with upside coming from a faster ramp of in-

house capacity in 2027-28 and leveraging OSATs and VIS for interposer manufacturing. We now expect TSMC’s CoWoS

capacity to reach 1.1/1.9mm and 2.4mn annual CoWoS wafer output in 2026/27 and 2028, respectively. With a more

conservative view on CoPoS technology adoption and extension of CoWoS to larger reticle size packages (up to 14x by 2028),

we now anticipate a faster CoWoS capacity ramp into 2028, aligned with TSMC’s recent guidance of 80+% CAGR in CoWoS

capacity over 2022-27. We continue to expect a strong ramp in SoIC reaching 40/65k wfpm by end 2027/28, as 3DSoIC

packaging adoption picks up meaningfully from 2H27 for several ASICs, NVDA and CPO projects.

Silergy Corp (William Yang) (6415 TT, OW)

Successful price hike plus stronger server and auto outlook beat expectations; OW

Silergy’s share price was down 7% today (15 May), mainly given its reported 1Q26 results with a GM miss. We believe