*J.P. Morgan Asia FTM 16 Jun 26: GUC: AI CPU expectations rise; Alchip: Trn3 ramp starts; L&T PT up as tail risk eases; ASEAN Eq Strat: Sigh of relief; CN Tanker Shipping: Time to revisit CSET; U/g Hengrui-H to OW. Mon Jun 15 2026

研报英文原文证据摘录

*J.P. Morgan Asia FTM 16 Jun 26: GUC: AI CPU expectations rise; Alchip: Trn3 ramp starts; L&T PT up as tail risk eases; ASEAN Eq Strat: Sigh of relief; CN Tanker Shipping: Time to revisit CSET; U/g Hengrui-H to OW. Mon Jun 15 2026

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Asia First to Market 16 June 2026

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GUC (3443.TW, N – NT$4,815.00), Taiwan (Gokul Hariharan)

AI CPU expectations rise, Tesla outlook mixed; stay Neutral and raise PT to NT$4400

We raise estimates to reflect upward revisions in GUC’s AI CPU projects (primarily Google Axion) due to

strong demand from agentic AI workloads and increased bundle rates for CPUs. GUC is likely to remain the

back-end logistics partner for the next generation Google CPU project as well, which should drive continued

growth into 2028, even though gross margins remain under pressure. For Tesla, we believe that the AI5

project should be largely handled by GUC with mass production ramp in mid 2027, but AI6 is likely to move

back to Samsung Foundry. Future allocation for AI projects is more uncertain, given that Tesla is engaging

TSMC (AI 6.5), Samsung and Intel/TeraFab for this project. While GUC’s revenue outlook remains strong,

led by Google CPUs, we remain Neutral due to (1) continued downward pressure on gross margins due to

lower margin CPU engagement, (2) increasing competition for CPU projects as design service space sees

more aggressive pricing, and (3) lack of any CoWoS-based ASICs in GUC’s pipeline. Key upside risks are