ASIA PACIFIC EQUITY RESEARCH: TAIWAN FIRST TO MARKET

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ASIA PACIFIC EQUITY RESEARCH: TAIWAN FIRST TO MARKET

Asia Pacific Equity Research

Taiwan First to Market 24 June 2026

Top Stories

Taiwan: May export orders weaker than expected (Tongfang Yuan)

Taiwan’s export orders rose a weaker-than-expected 0.1%% m/m sa in May, driven by a non-tech pullback and only a tepid

tech rebound. This contrasts with the broad-based strength seen in May merchandise exports. W e would place more weight

on the May trade data which showed the broadening of export strength from tech into non-tech —an encouraging signal that is

consistent with the global capex cycle . Meanwhile, t he overseas production ratio added 1.2%pt to 49.8% in May, suggesting

an increased share of overseas production.

Vanguard International Semiconductor Corp. (Gokul Hariharan) (5347 TT, OW)

Strong 12” expansion, more AI revenues and further 8” price hikes; Stay OW and raise PT to NT$220

We expect VIS to announce its second 12" Fab (Phase 2) in Singapore soon, with an additional 40k wfpm capacity, given

strong demand for non-Greater China 12" wafers, and technology support from TSMC. We believe that VIS could have up to

75-80k wfpm of mature 12" capacity by 2030-31, up from zero currently, which could help to grow its revenues and EBITDA

by 3-3.5x vs. 2025, once fully ramped up. With continued strength in AI power semis, coupled with the start of CoWoS

interposer outsourcing from TSMC, we expect VIS’s AI revenue exposure to reach 30% by 2028, up from mid-teens currently.

In addition, the company is benefiting from robust 8" demand for AI power semis and industrial power, with 5–15% price hikes

across various categories already implemented in 1H26. We expect a second round (another 5–15%) in 2H, extending to

consumer products.