JPM | APAC Technology - Apple / SEC / Commodity tech: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

研报英文原文证据摘录

JPM | APAC Technology - Apple / SEC / Commodity tech: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

Specialist Sales

APAC Specialist Sales J P M O R G A N

26 June 2026

JPM | APAC Technology - Apple / SEC / Commodity tech

Duncan Wagner

+852 2800 8874

duncan.wagner@jpmorgan.com

Apple: Samik writes the magnitude of the increase on announced SKUs (15-20% for most high-volume products) is higher than

we anticipated due to rising memory costs. The team has highlighted memory and component cost increases impacting key

downstream players as Sony, Asus, MSI, Xiaomi and the broader sector which remains a popular funding trade across the investor

class. Lens makers are trading on CPO optionality, as William has also highlighted Largan is not involved in the current

generation, rather targeting the next w/ an innovative solution, we see limited CPO progress at Sunny which hosted their investor

day, as prefer Genius w/ the highest traction into the TSMC COUPE supply chain

SEC: Maeil reports Samsung Elec will make an announcement of its W1,000trn ($648bn) investment over the next 10 years at a

presidential office meeting June 29, encompassing semis, AI data centers, batteries, displays; which may include ~W300trn

($194bn) Jeolla plant spend link. Jay models SEC FY26-28 capex $75.7bn/$89.3bn/$104.3bn w/ capital intensity in check link.

Mio highlights critical front-end equip suppliers leveraged to memory are TEL and SCREEN given SEC/MU deposition gains

and cleaning equip wins, respectively. We received many investor questions on Advantest strength; Mio has reduced test time

assumptions to 30% contrary to a street report (less positive for KYEC) which is more than offset by new/upgrade ratio, SoC

tester unit prices from flat -> +5% link.