TAIWAN FIRST TO MARKET

研报英文原文证据摘录

TAIWAN FIRST TO MARKET

Gokul Hariharan AC Asia Pacific Equity Research

(852) 2800-8564 02 July 2026 J P M O R G A N

gokul.hariharan@jpmorgan.com

builds. All Ring does not have an agency business and had 90% revenue exposure to CoWoS in 2025 - we think its earnings

power from CoWoS/FOCoS is being overlooked by the Street. While CPO sentiment has been muted since May (following a

rally Feb-Apr), we anticipate improved clarity in late 3Q26, which could serve as an additional catalyst for the stock. Of note, we

do not think GlassBridge will affect All Ring’s earnings power in 2026-27, though the concept unveiling of alternative CPO

technologies could periodically influence market sentiment. Maintain OW with a PT of NT$1,500 (based on 33x 2027E P/E;

supported by a 60%/73% revenue/EPS CAGR in 2025-27E).

Asia Pacific Monthly Wrap (Rajiv Batra/Mixo Das/Joy Wang)

June 2026: Shifting macro/thematic undercurrents drive volatility

MSCI Asia Pacific and MXASJ ended a volatile June down 1.1% and 1.3%, respectively. The month was marked by

heightened volatility and dispersion given: (1) decline in commodity (particularly oil) prices following moves towards a peace

deal in Iran, (2) concerns over a stronger dollar and higher interest rates following continued strong US data and a hawkish

perception of new Fed Chair Kevin Warsh’s first FOMC, (3) sharp pullback (following renewed monetization concerns) but

eventual recovery (following reports from Micron and Broadcom) in AI hardware names , and (4) heightened volatility in Asia’s

market leader ( Korea ) resulting from large outstanding leveraged ETFs. Overall, Momentum delivered another positive month

as North Asia’s AI infrastructure-heavy markets again led regional equities and eked out positive returns as a whole ( Taiwan: