J.P. Morgan Taiwan FTM 30 Jun 26: ASE Technology Holding Co Ltd; Chipbond Technology; Hon Hai Precision; Consensus Asset Allocation and More. Mon Jun 29 2026

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J.P. Morgan Taiwan FTM 30 Jun 26: ASE Technology Holding Co Ltd; Chipbond Technology; Hon Hai Precision; Consensus Asset Allocation and More. Mon Jun 29 2026

Asia Pacific Equity Research

Taiwan First to Market 30 June 2026

Top Stories

ASE Technology Holding Co Ltd (Gokul Hariharan) (3711 TT, OW)

Key takeaways from JPM APAC All Stars London Conference

We hosted ASE at the J.P. Morgan APAC All Stars London Conference. Key takeaways are as follows:

Supercharged LEAP revenue trajectory extending into 2027: ASE reiterated its LEAP revenue to reach $3.5bn in 2026,

representing at least 20% of ATM topline (JPMe ~24% of total ATM sales), mainly supported by strong on-Substrate (oS) order

momentum (JPMe +190% YoY reaching ~$2bn in 2026). Looking into 2027, the company noted there should be at least $1.9bn

incremental revenue for LEAP (implying $5.4bn+), given Full-process business likely to significantly step up (JPMe models Full

process revenues to reach 25%+ of LEAP revenue in 2027). For advanced testing, management highlighted the growth is

mainly driven by increasing chip complexity (suggesting longer testing time and thus ASP growth), increased chip probing

outsourcing and saw growing requirements for the burn-in process. With both packaging and testing businesses in LEAP

pointing to sporadic growth, we expect ASE’s LEAP revenue to reach $3.8bn/$7.8bn in 2026/27, implying >100% YoY in both

years.

Chipbond Technology (Gokul Hariharan) (6147 TT, N)

Key takeaways from Chipbond virtual NDR

We hosted Chipbond management during the Non-deal Roadshow (NDR) call on 24 June. Key takeaways were:

Gold bumping emerging as the preferred interconnect solution as Optical networking switches migrate to 200G per