Powerchip Semiconductor Manufacturing Co: Beneficiary of mature node up-cycle and EMIB supply chain

研报英文原文证据摘录

Powerchip Semiconductor Manufacturing Co: Beneficiary of mature node up-cycle and EMIB supply chain

Idea

May 18, 2026 11:48 PM GMT

Morgan Stanley Taiwan Limited+MPowerchip Semiconductor Manufacturing Co | Asia Daniel Yen, CFA

Pacific Equity Analyst

Daniel.Yen@morganstanley.com +886 2 2730-2863

Charlie Chan

Equity AnalystBeneficiary of mature node up- Charlie.Chan@morganstanley.com +886 2 2730-1725

Morgan Stanley Asia Limited+

cycle and EMIB supply chain Daisy Dai, CFA

Equity Analyst

What’s Changed Daisy.Dai@morganstanley.com +852 2848-7310

Powerchip Semiconductor Manufacturing Co (6770.TW) From To Morgan Stanley Taiwan Limited+

Price Target NT$71.00 NT$88.00 Tiffany Yeh

We raise our price target from NT$71 to NT$88. EPS estimates Tiffany.Yeh@morganstanley.com +886 2 7712-3032

are down 46% for 2026 but up 71% for 2027. PSMC is set to Morgan Stanley Asia Limited+

Ethan Jia

benefit from a mature node shortage in 2H27, AP Memory's Research Associate

emerging revenue streams from the EMIB supply chain, and Ethan.Jia@morganstanley.com +852 3963-2287

continued price hikes and utilization rate improvements. Powerchip Semiconductor Manufacturing Co (6770.TW,

6770 TT)

Mature node up-cycle begins: In The Foundry Floorplan: All boats riding on the

Greater China Technology Semiconductors | Taiwan

same tide – mature node up-cycle begins, we highlighted that we expect a mature

Stock Rating Overweight

node capacity shortage in 2H27, arising from fast growth of AI power ICs as a key Industry View Attractive

part of future AI infrastructure. AI power ICs should more than offset weak Price target NT$88.00

Up/downside to price target (%) 40

consumer and smartphone semi demand. AI infrastructure build-outs are likely to Shr price, close (May 15, 2026) NT$62.80

52-Week Range NT$78.90-14.50