J.P. Morgan Taiwan FTM 22 May 26 Asian Tech; Taiwan Financials; Elite Material Co; Silicon Motion and More

研报英文原文证据摘录

J.P. Morgan Taiwan FTM 22 May 26 Asian Tech; Taiwan Financials; Elite Material Co; Silicon Motion and More

Asia Pacific Equity Research

Taiwan First to Market 22 May 2026

Top Stories

Asian Tech (Gokul Hariharan/Albert Hung)

NVDA 1QFY27 key takeaways

Our key takeaways for Asian Tech from NVDA’s 1QFY27 results are as follows:

1Q26 results and 2Q26 guidance beat on strong data center growth: NVDA’s April quarter revenue came in ~3% above

both JPMe and market consensus, primarily driven by stronger-than-expected Data Center revenue growth (+92% YoY, +21%

QoQ). This strength was supported by sustained GB300 demand and a ~3x YoY increase in networking revenue. For the July

quarter, management guided revenue to $91bn, ~4% above Street expectations, led by continued Data Center momentum.

Notably, the outlook excludes China Data Center revenue due to uncertainty around H200 imports to China. Consistent with

what we are seeing in the Asian supply chain—where GB300 demand remains strong—we recently raised our 2026 NVDA

CoWoS consumption estimate by 7%, mainly reflecting stronger Blackwell GB300 orders driven by rising compute demand,

particularly from OpenAI.

Taiwan Financials (Jemmy S Huang/Amanda Chang)

High dividend-yield ETFs: Updated analysis for the upcoming rebalancing of 00919 TT

In our previous report ( link ) we forecasted the potential rebalancing impact for 00919 TT. This report updates our rebalancing

estimates using the official review cut-off date of May 15, incorporating the latest ADT/share price changes and 1Q26 data in

the ROE and dividend yield calculations. The updated results suggest up to 18 stocks may be reshuffled in the upcoming

rebalancing. Among financial names, we expect Chailease and Mega to be added, but TSH to be removed; however, the 7/20