Silver Sunrise Euro TMT Daily

研报英文原文证据摘录

Silver Sunrise Euro TMT Daily

Grace etc. Please also join Nan Ya Plastics Director today Tues Jun 23 5pm HKT hosted by Parsley link

MTK: press reports MTK recently issued a written price increase notice to its customers, citing component shortages,

constrained cpaacity and longer lead times as Gokul forecasts TSMC 10% N3 and 5-10% N2 price increases into FY27. Press

reports have also cited Realtek, Novatek, Silergy putting thru price increases, as we prefer Vanguard, as a greater direct

beneficiary of TSMC power orders overflow and entering the CoWoS supply chain via their Interposer outsourcing

Innostar: please see William’s initiation on Innostar, a leading MEMS probe card automation equip supplier, benefiting from

Technoprobe (sole dual-arm equip provider) upward revisions and glass core substrate trends. We believe Innostar stands to

benefit from Broadcom Tomahawk network switch glass core substrate adoption into late-’27/early-’28 and is also in

discussions w/ Mellanox (NVDA). William is projecting 200% EPS CAGR thru FY28 w/ 2-3x/year probe card equip rev

growth; name is a hidden gem w/ no peer global analyst coverageLink

• Josh Meyers (US Hardware / Semis Specialist): Memory has been one of the most consensus AI longs, and it remains not

only one of our most crowded longs in tech, but indeed across our entire book (though it’s actually been higher in recent

months). The demand picture continues to improve (most recently with the unexpected boom in agentic CPU demand), with

the ASP trajectory seemingly rising with every new company meeting/check. Demand destruction is real, but for now

the supply response is only modest.Expect the key focus point of the call to be on how much higher the team sees AI