JPM | APAC Technology - TEL / SCREEN / Murata / Apple: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

研报英文原文证据摘录

JPM | APAC Technology - TEL / SCREEN / Murata / Apple: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

ntered around AI Power MLCC driven mix increase vs legacy price hikes, as Kanemoto envisions

leading player Murata 20-30% successive annual ASP increases. Murata is preferred given their leadership in silicon capacitors

in-house facility production, next-generation embedded MLCC plan; as investors look towards Kanemoto FY30 OP estimate

Y1.5672trn

Apple: we have received queries on relative strength given input component and memory price increases, now offset by end

product price increases. Gokul and the team continue to see strong Apple supply chain builds; key lens supplier Largan reported

Apr net profit NT$1.831bn, EPS NT$13.95 tracking slightly above (36.3%) of JPMe 2Q estimate NT$5.037bn/NT$38.4. William

prefers secondary supplier Genius, as believes is ahead in shipping CPO component engineering sample into the TSMC COUPE

supply chain, as Mirrors (Prism Lens) and V-Groove (adjusts the FAU), followed by year-end qualification towards mass

production

Corporate / Analyst Access: please join today Thurs Jun 18 2 pm HKT / 3pm KST Market-structure quirks in Korea - trading

constraints and non-discretionary flows w/ Sergio Shin/Claire Witts/Deepak Garg moderated by Mixo Das link; Chipbond IR next

Tues 9pm HKT / 9am NY ET link; Nan Ya Plastics Director next Tues Jun 23 5pm HKT link

Key Highlights Today

• Tokyo Electron (OW PT -> Y85,000): Raising earnings – we expect sharp profit growth on price increases, market

growth – Mio Shikanai link

• SCREEN (OW PT -> Y18,000): Raising outlook for memory – Mio Shikanai link

• Rigaku (OW PT Y3,100): X-ray importance increases – Mio Shikanai link