JPM | APAC Technology - Apple / TEL / MTK

研报英文原文证据摘录

JPM | APAC Technology - Apple / TEL / MTK

Specialist Sales

APAC Specialist Sales J P M O R G A N

02 July 2026

Duncan Wagner

+852 2800 8874

duncan.wagner@jpmorgan.com

Apple: Bloomberg reports Apple in negotiations to purchase memory from CXMT and YMTC, which faces serious opposition

from US authorities, as Apple prior 2022 attempt was derailed. YMTC is capable of stacking NAND and procuring onshore semi

cap equip; even possesses tech leadership as has licensed V10 technology to SEC. Investors thus consider NAND as a more

viable threat of disruption w/ the most impacted pure play Kioxia. Some investors consider CXMT a peer competitor towards

Nanya Tech, Winbond w/ their DDR4 capability and DDR5 ramp. DRAM narrative has shifted towards capital equip spend - MU

pulling in incremental cleanroom capacity and SEC Pyeongtaek pull-in, potential Gwangju new expansion even thou incremental

capacities do not hit until beyond 2030. Investors widely watch SEC Chairman JY Lee incremental propensity to spend capex to

support robust AI demand, based on his increasingly positive narrative

TEL: mgmt bought back ~207k shares, totalling ~Y11bn for the month of June; total board approval up to 7.5m shares / Y150bn

thru Mar-end ‘27. Investors question TEL share gains at SEC/MU which Mio believes are achievable in DRAM etchers to reclaim

lost FY25 share. Secondarily, we believe TEL equip is ~30% cheaper vs industry leader LRCX given the Japanese vendors price

in JPY, and thus can implement price revisions to offset input cost increases plus further ASP mix and pricing increases into

FY27. Global long-term investors are generally positive towards TEL; peer SCREEN is popular among Asia investors but not