J.P. Morgan Asia Technology Tracker 6 Jul 26 Nanya Technology; India EMS; Alps Alpine (6770); NISSHA (7915); Wacom (6727) and More

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J.P. Morgan Asia Technology Tracker 6 Jul 26 Nanya Technology; India EMS; Alps Alpine (6770); NISSHA (7915); Wacom (6727) and More

Asia Pacific Equity Research

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Asia Technology Tracker 06 July 2026

Asia Pacific Reports/Notes

Nanya Technology (Overweight), Taiwan

All DRAM moves together during an upcycle; upgrade to OW on higher-for-longer thesis; PT hike to

NT$710 (Jay Kwon)

We are closing our Neutral call on NYT and upgrading the stock to OW as we believe DDR4 S-D dynamics

will follow a similar trajectory to that of DDR5 and the rest of the market where sufficiency ratios remain

extremely low despite slowly increasing supply. Two key notable drivers are: 1) server exposure growth

potential which helps narrow the product mix quality gap between industry peers and technology and 2)

technology optionality to flexibly respond to different memory end-demand market amid a longer-for-higher

up-cycle. Our Neutral call worked relative to the strong OW idea on Asian memory peers, but we missed the

absolute share return opportunity by underestimating memory stocks' tendency to move together during an

upcycle. We continue to maintain our bullish top-down memory cycle view and find NYT’s share risk-reward

profile favorable on a mid-term horizon. After raising FY26E-28E EPS by 48-118%, we lift our June-27 PT to

NT$710 (from Mar-27 NT$230) and recommend investors accumulate.

India EMS, India

1QFY27 preview: Growth divergence to persist; risk-reward favours Dixon (Bhavik Mehta, CFA)