JPM | APAC Technology - SEC / Yageo / VIS / Disco / TSMC: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

研报英文原文证据摘录

JPM | APAC Technology - SEC / Yageo / VIS / Disco / TSMC: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

Specialist Sales

APAC Specialist Sales J P M O R G A N

01 July 2026

Earnings Calendar

Detailed Highlights

Electronic Components: Marketing feedback – Akinori Kanemoto link

• Longer-term investors remain divided on MLCCs. Some are willing to chase TDK if missed Murata, Taiyo Yuden. We

expect demand for high-capacitance AI Server MLCCs to emerge in C4Q, and as FY27 negotiations progress, we believe

MLCC supply-chain tightening will become more apparent, which could lead towards price increases. Investors are debating

whether Nichicon and Nippon Chemi-Con can pass thru real price hikes beyond aluminum input cost increases, and the

market sees as 800V HVDC beneficiaries. For Ibiden, investors see further AI server GPU, ASIC and general-purpose server

CPU demand. Many investors model Ibiden FY30 OP >Y300bn, and question how far the valuation can be stretched. We also

see hedging interest in Alps, TDK, Taiyo Yuden, Kyocera (risk to trade is buybacks) and Minebea

Sector Key Newsflow

• S. Korea's Lee says gov't will actively support chip cluster project in southwest (Yonhap)

• Samsung, SK Hynix Cite Surging Chip Demand for New Korea Fabs (Bloomberg)

• Samsung, SK Hynix, Micron Sued for DRAM Price-Fixing (The Chosun)

• Samsung union approves confidence vote for chairman after wage deal backlash (Yonhap)

• TSMC fast-tracks CoPoS—whole supply chain under gag order (Digitimes)

• Super Micro: Taiwan Raids Super Micro in Widening China Chip Smuggling Probe (Bloomberg)

• Intel-UMC tie-up talk runs into hard realities of process gaps and cash needs (Digitimes)

• Lenovo warns elevated memory prices could become the new norm beyond 2030 (Digitimes)