JPM | APAC Technology - SEC / ASE / GLW: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

研报英文原文证据摘录

JPM | APAC Technology - SEC / ASE / GLW: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

Specialist Sales

APAC Specialist Sales J P M O R G A N

30 June 2026

JPM | APAC Technology - SEC / ASE / GLW

Duncan Wagner

+852 2800 8874

duncan.wagner@jpmorgan.com

SEC: mgmt indicated to pull-forward Yongin fab ramp timeline by 7-12 years -> 2033-2040, potentially new W400trn Gwangju

manufacturing hub to ramp 2035, indicating a greater willingness by the co to increase capex spend to meet robust AI demand acc

to Jay. Top SPE beneficiaries are TEL, a consensus global long as gains share in SEC/MU deposition; SCREEN more overlooked

by global investors as Mio believes will attract increased focus due to SEC/MU cleaning equip share gains. Investors anticipate

ASML ramping memory orders; for Lasertec the market focus remains on TSMC A14 mass production qualification timing

ASE: recently the board approved issuance up to $1bn CBs, as Gokul believes mgmt’s tone sounded closer to securing multiple

brownfield facilities. The co also filed to sell up to 2% of USI in Shanghai to help fund this potential incremental capex. We see

upside risk to our current estimates if indeed ASE can secure incremental capacity, as Advanced Packaging biz comes in at higher

structural margins

GLW: remains in focus as recently mgmt considered Korea a a potential production base for semi glass substrates used in chip

packaging. The market has suggested that GLW glass core substrates can potentially be used in CPO production; William believes

this specific GLW technology may be 2-3 generations out until commercialization. We continue to see Genius ramping -> Lintes -

> COHR, w/ a significant ramp into FY27/28. Largan is attempting its own solution not compatible w/ the current gen TSMC