TAIWAN FIRST TO MARKET

研报英文原文证据摘录

TAIWAN FIRST TO MARKET

Asia Pacific Equity Research

Taiwan First to Market 08 July 2026

Top Stories

Taiwan: Upbeat June CPI inflation tests CBC patience (Tingting Ge)

June inflation beat expectations, driven by summer electricity tariffs, rain-hit vegetables, and holiday tourism demand, even as

energy impulse moderated.

Food and core inflation both firmed, while pump-price cuts late in the month helped cap the energy lift.

AP Memory Technology Corp (William Yang) (6531 TT, OW)

Second foundry qualification done; key player in silicon capacitor; OW

We once again increase our estimates and reiterate our positive view on AP Memory (APM). First, we believe that silicon

capacitor is a new market for many suppliers and should benefit all the qualified value chain players. We also believe that APM

has an early mover advantage versus its peers as the company should be into the production stage in 2026, which is 2-3

quarters ahead of potential competitors. Second, the company has recently qualified another foundry partner, UMC (2303.TW,

Neutral, covered by Gokul Hariharan) for its interposer. Thus, we believe PSMC (6770.TW) will focus on IPD products while

UMC could focus on interposers from 2H27. The share price, in our view, is yet to reflect the positives. This could be a positive

catalyst if the Street realizes that APM has secured more capacity from its foundry suppliers.