JPM | APAC Technology - Kioxia / TEL / TSMC: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

研报英文原文证据摘录

JPM | APAC Technology - Kioxia / TEL / TSMC: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

Specialist Sales

APAC Specialist Sales J P M O R G A N

09 July 2026

JPM | APAC Technology - Kioxia / TEL / TSMC

Duncan Wagner

+852 2800 8874

duncan.wagner@jpmorgan.com

Kioxia: Bloomberg reports a key strategic investor has exited its stake in Kioxia, removing a critical overhang. Investors concur

w/ Jay/Mio NAND thesis of increased CSP KV Cache offloading inference demand, yet remain circumspect of Japan retail

leverage involved in Kioxia, by far the most actively traded stock. Volatility is closely watched by risk managers as is inversely

correlated to the delta their managers can deploy, as 10-day vol has fallen to 120, thou 30-day vol has slightly edged up to 127.

Post SEC, the market is also placing a higher cognizance on differences in offshore/onshore and retail (usually determined by

local press reports) of earnings expectations heading into the Jul 31 F1Q print link

TEL: Nikkei reports TEL to reduce equip delivery lead-time by half. Mio wrote the co was able to reduce lead-times from 4-5

months to 3-4 months, depending on the product as per mgmt’s F4Q earnings call link. Any further evidence of equip lead-time

reduction at the co’s Jul 30 F1Q print would be positively received by the market link. Investors agree memory producers need to

spend capex to fulfill customers’ demand; Mio has highlighted TEL/SCREEN as gaining SEC/MU DRAM etcher and cleaning

equip share, respectively. Thou SPE names do tend to trade weaker according to a second derivative basis if the market believes

memory prices are peaking or set to decline.

TSMC: initial feedback to our buyside bars’ request indicate Gokul’s GM estimates are above, thou investors model higher