JPM | APAC Technology - MU / NYP / MTK / Innostar: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

研报英文原文证据摘录

JPM | APAC Technology - MU / NYP / MTK / Innostar: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

ecured several customer wins, and we expect SiPh to contribution 5% of FY26 revenue w/ continued

growth thereafter. Incorporating SiPh contribution and strong adoption across multiple customers for gold bumping, we are

raising FY26 estimates by 8%, and intro FY27/28 EPS NT$7.89/NT$10.01, PT -> NT$225. SiPh is likely to be 20% of FY28

revenue, N. Key upside 1) stronger qualification pipeline across large SiPh customers 2) further GM improvement from better

utilization / pricing, downside increased competition, as Chipmos likely to enter

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