Taiwan Monthly Wrap: June 2026: Profit-taking in Tech following two straight months of double-digit gains

研报英文原文证据摘录

Taiwan Monthly Wrap: June 2026: Profit-taking in Tech following two straight months of double-digit gains

5–28, driven by rapid 800G/1.6T switch Source: IBES. Note: As of 30 June 2026.

upgrades, share gains in Meta’s ToR, and a resumption of Figure 5: FINIs net sold in June

AWS ASIC momentum. TAM expansion into server racks

10000 Tech Financials 2250and optical adjacencies adds upside optionality. We upgraded 8000 Materials TAMSCI Index (RHS) 2150

6000 2050PSMC to OW to reflect stronger memory foundry ASP 4000 1950

2000 1850

upgrades, potential new collaboration on HBM packaging and (2000)0 17501650 1550 (4000)DDR4 process with Micron and upside from Silicon capacitor 1450 (6000) 1350 (8000) 1250foundry opportunity in logic foundry. Now that PSMC’s (10000) 1150

fundraising is behind us, we believe that the stock is likely to (12000)(14000) 1050950

(16000) 850respond to a GM uptick, and new logic revenue growth driv- (18000) 750

(20000) 650

ers. 1Q26 results of Taiwan financials under our coverage (22000) 550 (24000) 450

were all better than expected, supported by decent earnings (26000) 350

performance at both banking and securities operations while Jan-21 Jun-21 Nov-21 Apr-22 Sep-22 Feb-23 Jul-23 Dec-23 Jun-24 Nov-24 Apr-25 Sep-25 Feb-26

underlying performance at life insurance operations under

IFRS17 was largely in line. Source: TEJ, J.P. Morgan. Note: LHS: US$mn; RHS: NT$. As of 30 June 2026.

High-dividend-yield ETF AUM

AUM for total high-yield ETFs reached US$79bn in June

(+5% m/m, +15% y/y). The largest AUM amounts were

recorded by Yuanta/P-shares Taiwan Dividend Plus ETF

(0056 TT), Cathay Taiwan Select ESG Sustainability High

Yield ETF (00878 TT), and Capital TIP Customized Taiwan

Semiconductor Dividend Yield ETF (00919 TT).

Equity fund flows and turnover