The Point for Asia Pacific

研报英文原文证据摘录

The Point for Asia Pacific

Point |

Thursday, 02 July 2026

Top Call | Country Top Calls

Top Call

Nichicon (6996.T) - Staying Buy – high hopes for growth in unit volumes in AI

servers

We revise our earnings forecasts and risk premium (from 4.0% to 3.0%), shift out

our base year to FY3/29 to FY3/28 raise our target price from ¥2,500 to ¥5,500,

and maintain our Buy rating. The market is hiking its demand outlook for large

aluminum capacitors due to a shift to higher voltages in AI data centers. Coupled

with medium-term growth expectations, we expect profitability in film capacitors

for xEVs and increased NECST sales this FY. We forecast upside to guidance via

raw material cost pass-throughs. In our view, the stock remains attractive relative

to future growth expectations, and we maintain our Buy rating.

Takayuki Naito

Taiwan PCB & Laminates - ABF/BT Sector: GM/pricing Upcycle Underway; Buy

with Higher TPs

Both ABF and BT substrate demand are rising on AI applications. With rising AI

GPU/ASIC/CPU demand, we expect the ABF supply tightness to continue

throughout 2027 with continued price hikes. For BT, we also see improving S/D

status, given peers’ less willingness in BT production. T glass is likely to still be a

constraint throughout 2027, if new capacity ramps slower than expected. We

expect substrate makers to enjoy GM expansion cycle evidenced by recent

monthly earnings release. We raise TPs of NYPCB (new TP NT$1,550), Kinsus (new

TP NT$1,100) and Unimicron (new TP NT$1,500) and reiterate our Buy ratings. In

the short term, we prefer NYPCB and Kinsus on more aggressive pricing strategies.

We open 30-day upside CWs for NYPCB and Kinsus on potential sales/GM upbeat

on price hikes.

Jack Chen

China Sportswear - Nike’s 4QFY26 narratives: Positive for Topsports, neutral to