Semiconductors - Taiwan PO updates on semiconductor names after reflecting rate hike & stronger cyclicality

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Semiconductors - Taiwan PO updates on semiconductor names after reflecting rate hike & stronger cyclicality

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Semiconductors - Taiwan

PO updates on semiconductor names after

reflecting rate hike & stronger cyclicality

Price Objective Change

PO cuts on eMemory and WT Micro 07 July 2026

We update our POs for eMemory, WT Micro and GlobalWafers in this report, including Equity

trimming our POs for eMemory and WT Micro to NT$4,500 (from NT$5,500) and Taiwan

NT$310 (from NT$370) respectively after reflecting the impact from expected US rate Semiconductors

hikes (see Morning Market Tidbits report), and raising our PO for GlobalWafers to Mike Yang >>

NT$685 (from NT$575) along with an increase in our EPS estimates. For eMemory, our Research Analyst

valuation is unchanged based on DCF, where we now assume a 7% WACC (vs 6% prior). Merrill+886 2Lynch2376 (Taiwan)3729

mike.c.yang@bofa.com

Semiconductor IP: stay more constructive on eMemory Haas Liu >>

In our view, eMemory remains well-positioned to benefit from the IP (intellectual ResearchMerrill LynchAnalyst(Taiwan)

property) adoption by BMC (baseboard management controller), CPU (central processing +886 2 2376 3727

haas.liu@bofa.com

unit), and controller/networking chips with Caliptra 1.0 standard from Vera Rubin

Cathy Hsu >>

platform. We also flag its business opportunity in the longer term via providing the OTP Research Analyst

(one-time programmable) IP for SRAM (static random access memory) repair, given the Merrill Lynch (Taiwan)

+886 2 2376 3726

potential adoption of SoIC (system on integrated chip) and CFET (complementary field cathy.hsu3@bofa.com

effective transistor) structure, which counters the difficulty for SRAM shrinkage in more

advanced nodes.