J.P. Morgan Taiwan FTM 29 May 26 Asian Tech; PCs; Hua Nan FHC; Lotes and More

研报英文原文证据摘录

J.P. Morgan Taiwan FTM 29 May 26 Asian Tech; PCs; Hua Nan FHC; Lotes and More

Asia Pacific Equity Research

Taiwan First to Market 29 May 2026

Top Stories

Asian Tech (Gokul Hariharan)

Key takeaways from Marvell’s 1QFY27 results

Raising interconnect revenue growth in FY2027 and confident in strong growth next year: MRVL raised its FY27 (Feb

26-Jan 27) interconnect revenue growth outlook to 70%+ YoY (from ~50% previously) and expects the interconnect business to

continue outpacing cloud capex growth (we estimate the top four U.S. CSPs’ capex to increase 80%/50% YoY in 2026/27),

making it the primary growth driver in FY28 (Feb 27-Jan 28). In the scale-out PAM, MRVL noted that 800G demand remains

strong, while its 200G-per-lane 1.6T solution is ramping this year and should become a larger revenue contributor in FY28. For

scale-across, MRVL sees a meaningful opportunity in pluggable DCI modules over the next few years and highlighted that its

DCI solutions are already shipping to all five major U.S. hyperscalers, with line of sight to ~$1bn in annualized revenue in FY28

(roughly 2x FY26).The networking supply chain is poised for very strong growth in the coming years and should contribute to a

broader expansion of the AI TAM, including for TSMC. Key networking related names in our Asian Tech coverage include

Innolight and EMC.

PCs (Albert Hung)

Read-through from HPQ Apr-26 earnings

HPQ (Neutral; covered by J.P. Morgan’s U.S. Equity Analyst, Samik Chatterjee) reported Apr-Q earnings before the Taiwan

market open today. The key implications for the Asian tech supply chain are as follows:

Sub-seasonal PC trend in coming quarters due to negative demand elasticity. HPQ’s PC shipments declined YoY in Apr-