Key Call: MediaTek Inc. "What is behind the correction and why could it..."

研报英文原文证据摘录

Key Call: MediaTek Inc. "What is behind the correction and why could it..."

ast a steady recovery in MediaTek's smartphone sales for 2027, with growth in

12/27E 180.60 120.49

the mid-20% range, underpinned by the market share gains it is making in Samsung's 12/28E 299.18 222.37

flagship models. 3) Lastly, we think the incremental adjustments in MediaTek's N5/4

capacity are more likely to be driven by the company's own inventory management than Sunny Lin

any meaningful cuts in customer orders. We forecast non flagship SoC volume sales at Analyst

MediaTek to be flat in 2027. sunny.lin@ubs.com

+886-2-8722 7346

MediaTek's position in Google TPU ASICs remains intact Ryan Sun

Associate AnalystFollowing Qualcomm's bullish guidance about revenue from the datacentre business,

ryan-za.sun@ubs.com

including cloud ASICs, we have received a number of questions from investors about the +886-2-8722 7267

risk of competition intensifying and the impact that could have on MediaTek. In our

view, Google TPUs, the largest ASIC project, hold the key to MediaTek's outlook in this Christine Chen

Associate Analyst

area and, in this respect, its market position remains solid. Contrary to the concerns over

christine.chen@ubs.com

competition, recent market developments suggest MediaTek stands to expand its +886-2-8722 7352

TPU market share in the future, as we highlighted recently. So far, we have not yet seen

any signs of Qualcomm intending to compete for Google TPUs. MediaTek's position in

the cloud ASIC market segment remains unique to its peers, in our view, given its

extensive experience in leading-edge process and advanced packaging, in-house SerDes

IP, close relationship with TSMC and reasonable cost structure.

Valuation: reiterate Key Call Buy and price target of NT$6,500