*J.P. Morgan Asia FTM 10 Jul 26: TSMC: Raise CoWoS capacity estimates; Taiwan drone exports on the rise; Lenskart: Initiate at OW; CH Shipbuilding: Multi-year visibility; Korea 2Q preview: CH AI chip fabless. Thu Jul 09 2026

研报英文原文证据摘录

*J.P. Morgan Asia FTM 10 Jul 26: TSMC: Raise CoWoS capacity estimates; Taiwan drone exports on the rise; Lenskart: Initiate at OW; CH Shipbuilding: Multi-year visibility; Korea 2Q preview: CH AI chip fabless. Thu Jul 09 2026

Asia Pacific Equity Research

This material is neither intended to be distributed to Mainland China investors nor to provide securities

investment consultancy services within the territory of Mainland China. This material or any portion hereof

may not be reprinted, sold or redistributed without the written consent of J.P. Morgan.

Asia First to Market 10 July 2026

Top Stories

TSMC (2330.TW, OW – NT$2415.0), Taiwan (Gokul Hariharan)

CoWoS and Advanced Packaging Updates

Raising CoWoS capacity further at TSMC and at a faster pace at OSATs: We are raising our FY26/27/28

CoWoS capacity estimates further by 1%/9%/11%, with TSMC’s CoWoS capacity reaching 115k/190k/225k

wfpm by end 26/27/28. TSMC appears to have accelerated its capacity expansion plans in AP7 Phase 2

(now 50-60% allocated to CoWoS, compared to 100% SoIC in prior plans) and also outsourcing interposer

wafer manufacturing selectively to Vanguard, to bring on more capacity. TSMC also seems to be again

expanding some CoWoS-R capacity, in response to strong CPU and accelerator demand from NVDA and

AWS, respectively. At the same time, OSAT capacity expansion for CoWoS-like processes is picking up

momentum, and we expect OSATs CoWoS-like capacity to reach 15k/50k/85k wfpm by end 26/27/28. Bulk

of OSAT capacity is likely to be deployed for server CPU packaging, followed by networking and small

volumes for accelerator chips such as LPU or Trainium 3. Overall, the demand-supply gap has recently

expanded to ~20%, given the meaningful upside from agentic AI CPU demand.

Trend Tapestry (Hannah L Lee)