TAIWAN FIRST TO MARKET

研报英文原文证据摘录

TAIWAN FIRST TO MARKET

Gokul Hariharan AC Asia Pacific Equity Research

(852) 2800-8564 14 July 2026 J P M O R G A N

gokul.hariharan@jpmorgan.com

new supplier for the time being (hence, this suggests potential upside to our modest expectation for a newcomer’s share in the

upcoming cycle). So far there is no sign that such developments will delay the overall GPU server project timeline. Again, we

don’t view the issue as serious in nature. Meanwhile, we also note that Unimicron is already experiencing very tight supply for

its PCB/HDI even without the improving share, due to its shifting of resources to other fast-growing areas such as optical

transceiver mSAP boards.

Taiwan Telcos (Ranjan Sharma, CFA/Sigrid Qiu)

June-26 trading update: Healthy earnings growth continues

Taiwan telcos’ June 2026 and 1H26 earnings releases confirm our expectations of healthy earnings growth. FET, our Taiwan

telco top pick, continues to lead the sector on both mobile and ICT revenue growth, with both segments expanding above the

industry average. CHT’s ICT momentum remains strong, underpinned by IDC and cloud services revenues. TWM’s bottom line

is growing faster than expected, at 25% yoy, driven by higher non-operating investment income. We believe there are upside

risks to market expectations for Taiwan telcos’ earnings. FET remains our preferred Taiwanese telco.

TSMC (Gokul Hariharan) (2330 TT, OW)

2Q26 sales reaching high-end of guidance; GM likely to beat

TSMC's June revenue reached NT$443bn, up 6% MoM and 68% YoY. Preliminary 2Q26 sales came in at NT$1,270bn, up 12%

QoQ and 36% YoY, largely in line with JPMe/Consensus and reaching the high end of 2Q26 USD guidance (US$39.0-40.2bn).

The strong 2Q top-line was primarily driven by sustained datacenter AI momentum.