J.P. Morgan Taiwan FTM 24 Jul 26 Taiwan Economics; Unimicron; Asian Tech; Servers and More

研报英文原文证据摘录

J.P. Morgan Taiwan FTM 24 Jul 26 Taiwan Economics; Unimicron; Asian Tech; Servers and More

Asia Pacific Equity Research

Taiwan First to Market 24 July 2026

Top Stories

Taiwan: June IP strength paves way for a stronger 2H (Tingting Ge)

IP surged 4.6%m/m sa in June, with growth broadening across both tech and non-tech sectors.

This reinforces the signal from strong import growth, pointing to decent capex amid the AI upcycle.

Unimicron (Jerry Tsai) (3037 TT, OW)

We are 25% above consensus in 2027, but still see substantial upside

Looking beyond like-for-like price hikes. For months, investors have focused on the chatter of price hikes which adjust

prices for ongoing products. We believe that going forward, seeking price adjustments for ongoing products won’t be the priority

for Unimicron, which will instead focus on securing/solidifying market share for new leading edge substrate projects, which are

entering new realms in terms of size and layer counts. Keep in mind, such an approach could allow Unimicron to out-grow its

peers which are typically more vocal on price hikes, as the unit area ASPs for these new products are rising even faster than

periodical adjustments of like-for-like pricing, due to the rapidly rising specs that can be met by a very limited number of

suppliers. We expect per unit area ASP to at least match that for 2022 (the peak of the last cycle; during which super-hot run

fees were more common) with potential upside of 30% or even more vs. our updated assumptions, which already result in 25%

higher earnings for 2027 vs. consensus.

Asian Tech (Gokul Hariharan)

Key takeaways from TXN 2Q26 results

Key takeaways from Texas Instruments’ 2Q26 earnings for Asia Tech are as follows: Industrial demand continues to pick up