JPM | APAC Technology - Lasertec / JX / Fujikura: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

研报英文原文证据摘录

JPM | APAC Technology - Lasertec / JX / Fujikura: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

Specialist Sales

APAC Specialist Sales J P M O R G A N

19 June 2026

JPM | APAC Technology - Lasertec / JX / Fujikura

Duncan Wagner

+852 2800 8874

duncan.wagner@jpmorgan.com

Lasertec: Mio has raised FY3/27 orders -> Y359.6bn above prior earnings call indication Y300bn, led by the A200 HiT series.

We believe Lasertec order environment will further improve w/ ASML EUV lithography shipments as Sandeep writes can

produce 110 systems/year w/out needing new buildings link. Mio/Gokul believe the critical catalyst to watch is TSMC A14 mass

production qualification which investors highly anticipate

JX Advanced Metals: Mio believes JX stands to benefit from AI demand due to its strong leadership in semi target materials and

high-purity processing. We have confirmed mgmt’s 7-10x InP (Indium phosphide) capacity expansion plan which was earlier

reported by Nikkei link. Investors continue to seek optics plays, as JX is experiencing outgrowth in this biz segment

Fujikura: mgmt surprisingly revised up FY3/27 OP -> Y310bn (prior Y211bn vs latest cons Y255bn) as orders for optical

component products from hyperscalers not assumed in the prior forecast have been secured, raised its selling price, and hydrogen

shortages that previously anticipated has eased link. Investors largely have not been positioned for this move, as it is highly

unusual for a Japan corporate to pull guidance then dramatically revise up within a span of a month. Stock likely does not trade

today at limit up, given the ADR +33.1%

Corporate / Analyst Access: please join Nan Ya Plastics Director next Tues Jun 23 5pm HKT link; Chipbond IR next Tues 9pm

HKT / 9am NY ET link

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