Powerchip Semiconductor Manufacturing Corp.: Stronger-than-expected GM on near-term price hikes; rising AI contribution in medium term; stay OW

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Powerchip Semiconductor Manufacturing Corp.: Stronger-than-expected GM on near-term price hikes; rising AI contribution in medium term; stay OW

J P M O R G A N Asia Pacific Equity Research

15 July 2026

Powerchip Semiconductor

Manufacturing Corp. Overweight

6770.TWO, 6770 TT

Stronger-than-expected GM on near-term price hikes; Price (14 Jul 26):NT$69.20

rising AI contribution in medium term; stay OW Price Target (Jun-27):NT$100.00

We now believe PSMC's GM ramp could be faster than expected, given stronger Technology and Telecoms

ACprice hikes in its memory foundry business. Meanwhile, logic foundry is tracking Gokul Hariharan

well, with 10–15% price increases across both 8'' and 12'' in 1H26. Beyond pricing, (852) 2800-8564

we expect continued mix improvement (e.g. higher memory contribution, rising gokul.hariharan@jpmorgan.com

PMIC share in logic while reducing DDIC and sensor exposure) to support overall J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

ASP growth of 50%+/25%+ in 2026/27. Longer term, we see several new growth

Jennifer Hsieh

drivers: 1) DRAM process migration to 1X (self-developed) and 1P (technology (886-2) 2725-9868

transferred from Micron); 2) HBM post-wafer fabrication (PWF) outsourced from jennifer.hsieh@jpmorgan.com

Micron; 3) Si capacitor wafers primarily for Intel EMIB; 4) Interposer demand J.P. Morgan Securities (Taiwan) Limited

spillover from tight CoWoS supply at TSMC; and 5) WoW stacking as a more David Chou

power-efficient memory architecture. We therefore believe revenue and margin (886-2) 2725-9618

expansion can extend beyond the near-term pricing momentum and persist into david.chou@jpmorgan.com

2027–28. We maintain OW with a PT of NT$100. J.P. Morgan Securities (Taiwan) Limited

Jason Chen