普通外文研报
APAC Signal-to-Noise: China e-glass tightness, India IT divergence
研报英文原文证据摘录
APAC Signal-to-Noise: China e-glass tightness, India IT divergence
in this sector note compares relative AI exposure across names.
Server CPUs - beneficiaries across foundry, OSAT, design and equipment
Server CPUs are entering a new growth phase as workloads shift from AI training to inference and agentic
applications. Our analyst Vivek Arya expects the market to expand (see note) from about US$35bn in 2025 to
over US$170bn by 2030 (37% CAGR). This shift supports a rise in outsourced semiconductor production, from
52% in 2025 to 71% by 2028. Our analyst Haas Liu believes foundries (TSMC), OSATs (ASE, KYEC), design
services (GUC), and equipment/material suppliers (Chroma, Hon Precision, Kinik – upgrade to Buy) benefit
from rising outsourcing and AI demand. He expects foundry TAM to grow from US$6bn in 2025 to US$25bn in
2028, while packaging and testing TAM to jump from US$1.9bn to US$9.6bn by 2028, with strong capacity
expansion led by TSMC and ASE.
Exhibit 1: Stocks mentioned
Ratings, POs, Market Cap, and ADTV for stocks mentioned in this report
PO Pot'l MCap ADTO (1 yr)
Company Name Analyst BBG Ticker Rating PO Upside (USD bn) (USD mn)
Jushi Leung,Edward 600176 CH BUY CNY 96 30% 43.6 355.7
Coforge Tayal,Kunal COFORGE IN BUY INR 1,725 16% 7.0 45.7
Persistent Systems Tayal,Kunal PSYS IN UNDERPERFORM INR 4,875 1% 8.1 36.5
LTM Tayal,Kunal LTM IN UNDERPERFORM INR 3,910 4% 11.8 18.7
Mphasis Tayal,Kunal MPHL IN NEUTRAL INR 2,440 8% 4.6 18.5
ASE Technology Liu,Haas 3711 TT BUY TWD 750 19% 88.4 233.7
Chroma ATE Liu,Haas 2360 TT BUY TWD 3,050 50% 27.1 137.1
Hon Precision Liu,Haas 7769 TT BUY TWD 7,800 20% 36.7 122.7
Kinik Liu,Haas 1560 TT BUY TWD 800 14% 3.3 42.1
Taiwan Semi Mfg Co Liu,Haas 2330 TT BUY TWD 3,060 31% 1903.6 2056.3
Source: Bloomberg, BofA Global Research
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