ASIA TECHNOLOGY TRACKER

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ASIA TECHNOLOGY TRACKER

Asia Pacific Equity Research

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Asia Technology Tracker 22 June 2026

Asia Reports/Notes

Powerchip Semiconductor Manufacturing Corp.(Overweight), Taiwan

Memory foundry pricing to drive strong GM uptick, new avenues for memory and logic growth;

upgrade to OW (Gokul Hariharan)

We upgrade PSMC to OW with a Jun-27 PT of NT$100 (14x 12M forward earnings, vs NT$50 previously,

based on 1.7x P/B, given the clearer growth trajectory now) to reflect stronger memory Foundry ASP

upgrades, potential new collaboration on HBM packaging and DDR4 process with Micron and upside from

Silicon capacitor Foundry opportunity in logic Foundry. Now that PSMC’s fundraising is behind us, we

believe that the stock is likely to respond to GM uptick, and new logic revenue growth drivers. We expect

GMs to go from 10% in 1Q26 to 47% in YE27, given limited cost increases, strong ASP hikes in memory

foundry (we model 3x from the bottom in 2Q25), price increases in logic Foundry and better utilization. We

believe that PSMC’s ability to eventually migrate its DDR4 process to sub-20nm nodes could also enhance

its competitiveness vs. Chinese memory peers. We raise our earnings estimates by 4%/85% for 2026/27.

Transition Talks

El Niño: Sunbaked summer and transition trades (Alan Hon)

We hosted a call with with Hannah Lee (APAC Equity Thematic and Sustainable Investing Research), Khoi

Vu (Vietnam and Southeast Asia Equity Strategy), Atul Tiwari (India Industrials, Electric Utilities, and