*J.P. Morgan Asia FTM 6 Jul 26 Buy Nanya Tech; Recruit Kanzhun in the roster; More conviction in Tencent’s Weixin; China Healthcare’s low market correlation; Shift in China to non-AI; A look at China Bank yields

研报英文原文证据摘录

*J.P. Morgan Asia FTM 6 Jul 26 Buy Nanya Tech; Recruit Kanzhun in the roster; More conviction in Tencent’s Weixin; China Healthcare’s low market correlation; Shift in China to non-AI; A look at China Bank yields

Asia Pacific Equity Research

This material is neither intended to be distributed to Mainland China investors nor to provide securities

investment consultancy services within the territory of Mainland China. This material or any portion hereof

may not be reprinted, sold or redistributed without the written consent of J.P. Morgan.

Asia First to Market 06 July 2026

Top Stories

| Nanya Technology (2408.TW, OW – NT$409.50), Taiwan (Jay Kwon)

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

NT$710

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.

Init | Kanzhun, China (Daniel Chen)