JPM | APAC Technology - Kioxia / LGI / Rohm: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

研报英文原文证据摘录

JPM | APAC Technology - Kioxia / LGI / Rohm: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

Specialist Sales

APAC Specialist Sales J P M O R G A N

03 July 2026

JPM | APAC Technology - Kioxia / LGI / Rohm

Duncan Wagner

+852 2800 8874

duncan.wagner@jpmorgan.com

Kioxia: mgmt released10th-Generation BiCS Flash sample shipments using 332-layers stacking, lower than peers’ 400-layer

specs link. re: memory, we believe the narrative has shifted towards capacity additions vs simply rising inference demand.

Investors remain focused on YMTC ramp, even w/ a portion dedicated towards DRAM and specifically HBM, as the co possesses

the technical capability to stack NAND layers. Gokul notes the memory narrative will increasingly shift towards reducing

memory consumption, specifically for DRAM, to offload inference demand from DRAM -> NAND. Gokul believes SIMO biz to

NVDA for boot drive SSD has grown to $300-400m as NVDA + hyperscalers increasingly offload more expensive DRAM usage

-> cheaper NAND link

LGI: Jay sees LGI full scale expansion into ABF Substrate, similar to its domestic peer SEMCO, as believes the co is ramping

significant customers’ QCOM, NVDA, MTK, Intel ABF Substrate orders. Customers are seeking incremental ABF Substrate

suppliers as the team believes could face a more severe shortage than N3 wafers next year. We have received many queries on

Ibiden on its high multiple as domestic investors value on FY30 OP >Y300bn and Unimcron, as Jerry sees Sep/Oct price

negotiations for FY27 which may see a greater increase than FY26 +40% (thou may not see incremental increases this year). We

also believe MTK is seeking ZDT and NYPCB as alternate ABF Substrate suppliers to secure additional capacity besides existing

suppliers Unimicron and Ibiden