J.P. Morgan Taiwan FTM 22 Jun 26 Greater China Data Watch; Taiwan Economics; Powerchip Semiconductor Manufacturing Corp. and More

研报英文原文证据摘录

J.P. Morgan Taiwan FTM 22 Jun 26 Greater China Data Watch; Taiwan Economics; Powerchip Semiconductor Manufacturing Corp. and More

Asia Pacific Equity Research

Taiwan First to Market 22 June 2026

Top Stories

Greater China (Feng Zhu)

• China: broad weakness in May domestic activity

• Downgrade 2Q GDP growth forecast, upgrade 2H

• Lower-tier cities still lag in the housing recovery

• Taiwan: CBC on hold as expected

• Next week: China LPR; Hong Kong CPI, trade; Taiwan IP, export orders, labor

Taiwan: CBC on hold as expected (Tingting Ge)

Base case still on hold, though 4Q hike risk rising

CBC was on hold at the 2Q monetary policy meeting, in line with our expectations.

CBC lifted its 2026 forecasts to 9.5% GDP (converging to our constructive view of 9.9%) and 1.9% CPI (more benign than ours

at 2%).

Risks re-ordered: geopolitics/inflation still top the list, followed by Fed/other CBs’ hawkish tilt, and AI/tariff uncertainty.

Nan Ya Plastics Corp (Parsley Ong) (1303 TT, OW)

Blue skies turn to reality, raise PT to NT$200; good progress on M9/M10 CCL and T-glass; AI-grade

might form >50% of mix by 2028

Nan Ya Plastics' share price has rallied by >40% over the past week (vs. Taiex: +8%) due to continued competitor price hikes

across electronic materials, and rising expectations for potential good news from the company's M9/M10 qualification with

Nvidia. We think the vast majority of investors remain skeptical and uninvested in Nan Ya Plastics, preferring more obvious

pure-play PCB chain companies, which on average are up by 182% YTD (Tier 1/2: +221% YTD, see Fig 4). An M9/M10 order

win in coming months might be the much-needed catalyst to trigger a valuation multiple re-rating, in our view. We raise