JPM | APAC Technology - SEC / TSMC / NYP: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

研报英文原文证据摘录

JPM | APAC Technology - SEC / TSMC / NYP: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

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Nan Ya Plastics (OW PT -> NT$300): 2Q beat, rising AI tide lifts all boats – Parsley Ong link

• We now forecast NPC electronic material OPM to rise to a new record high of FY27 30%, driven by the co’s successful

entry into T-glass and AI-grade CCL, and persistent shortages in commodity-grade electronic materials. We are seeing faster

than expected volume growth and price hikes in CCL and glass fiber divisions. We forecast +230% y/y and +80% y/y rev

growth for glass fiber and CCL in FY26, respectively. NPC inventory of 4300 weaving looms and integrated production

model across glass fiber (E glass -> T glass), copper foil (RTF, HVLP1-3), CCL (M4-M8, pending new products M3, M9,

M10), Epoxy and PCB gives it strong production stability, price competitiveness and ability to expand share while

competitors face sourcing challenges. Commodity-grade electronic material upcycle might persist thru FY28. NVDA denies

Kyber delay – M10 CCL presents upside optionality if realized. Raise NPC FY26-28 NP 27-32%, JPMe 28-78% above Street.

Driver IC: Pricing firms, but DDIC demand tepid into 2H26 – Gokul Hariharan link

• Overall DDIC demand will likely remain soft into 2H26, in our view, given the absence of 1H26 pull-in orders, when

customers front-loaded ahead of further memory hikes. Pricing across DDIC value chain is firming, as DDIC fabless vendors

raise price across LDDIC, TDDI, Auto and potentially OLED DDIC to pass thru rising foundry (VIS, Nexchip, UMC) and

OSAT (Chipbond, ChipMOS) costs – w/ foundries and OSATs already implemented hikes into 2Q/3Q26. This ASP

improvement should cushion some shipment downtick for DDIC fabless and support industry GMs.