MediaTek: Trigger for more gains

研报英文原文证据摘录

MediaTek: Trigger for more gains

Deutsche Bank

Research

Rating Company Date

Buy MediaTek 2 July 2026

Forecast Change

Asia

Taiwan

Reuters Bloomberg Exchange Ticker Price at 2 Jul 2026 (TWD) 4,345.00

2454.TW 2454 TT TAI 2454

Price target - 12mth (TWD) 5,000.00

Technology

4,640.00 -

Semiconductor & Equipment 52-week range (TWD) 1,145.00

TAIWAN SE WEIGHTED INDEX 47,019

Trigger for more gains

Valuation & Risks

Robert Sanders

Capturing the potential for more share gain at TPU v9. Target up to NT5,000. Research Analyst

MediaTek is reportedly set to deepen its collaboration with Google on TPU v9 with +44-20-754-58394

Google set to launch an upgraded v9 chip called Triggerfish. This upgraded chip is

Ross Seymore

positioned as a v9 variant with stronger inference capabilities, with greater SRAM Research Analyst

capacity (2-3x Humufish) and upgraded memory (HBM4E). In parallel, there are +1-415-617-3268

reports (Commercial Times) that Broadcom is facing issues with its TPU v9 chip

relating to thermals (the v9 chip was Pumafish 2nm, potentially could now be Key changes

Whalefish 3nm). These issues appear to stem from factors identified post- 2,850.00 to

TP ↑ 75.4%

simulation, pre-tapeout regarding signal integrity, power consumption and thermal 5,000.00

management. Importantly, Broadcom is alleged to have lagged in its execution on 652,108 to

Sales (FYE) ↑ 0.1%

448G SerDes, but we suspect the core challenge actually relates to Google's dense 652,979

compute die design and aggressive requirements. In our view, it is likely that Op prof margin

16.2 to 15.9 ↓ -2.0%

thermal issues are likely to be greater with Google's larger, monolithic compute die, (FYE)

typically designed with Broadcom. MediaTek's superior access to TSMC capacity 105,794.9 to

Net profit (FYE) ↓ -1.5%