J.P. Morgan Asia Technology Tracker 9 Jun 26 Victory Giant Technology - H; Scientech; Simplo Technology Co Ltd; India EMS; Memory Market Update and More

研报英文原文证据摘录

J.P. Morgan Asia Technology Tracker 9 Jun 26 Victory Giant Technology - H; Scientech; Simplo Technology Co Ltd; India EMS; Memory Market Update and More

Asia Pacific Equity Research

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Asia Technology Tracker 09 June 2026

Asia Pacific Reports/Notes

Victory Giant Technology - H (Overweight), China

Key beneficiary amid PCB content value growth cycle driven by AI boom; initiate at OW(Cherry Liu)

We are positive on expansion of demand for global PCBs, especially high-end PCBs, driven by robust AI

demand and meaningful content value growth, with spec upgrades to enable high-performance computing.

Victory Giant Technology - H (VGT) should be a key beneficiary of such expansion, backed by its

competitive advantages in technology, large-scale capacity, and long-term collaboration with global tech

leaders. VGT’s price has increased by 61% since its listing in April 2026 (vs HSI -6%) and it trades at a 6%

price discount to its A-share. We note better sentiment on AI and expect accelerating earnings growth for

the company, especially from 2H26 onwards, to drive further share price appreciation. We project

2026/27/28 net profit of Rmb9.0bn/17.2bn/25.6bn (2025-28E CAGR: 81%) and derive a Jun-27 PT of HK

$600. We initiate coverage of VGT with an Overweight rating.

Scientech (Overweight), Taiwan

Raise earnings and PT on stronger equipment; OW (Jimmy Huang)

Scientech’s equipment business prospects for 2027-28 have strengthened further vs. our expectations