JPM | APAC Technology - Lasertec / SEC / Ibiden: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

研报英文原文证据摘录

JPM | APAC Technology - Lasertec / SEC / Ibiden: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

rules to disperse rebalancing trades to reduce market impact.

Regulators are also considering stricter entry barriers and enhanced risk controls, as requiring higher capital or experience

thresholds to participate link. Mixo Das views this as window guidance as regulators attempt to manage the situation. Investors

continue to monitor retail over-exposure in these names, as sense current long holders may not have high conviction given the

market volatility. Semi cap equip names are also correlated w/ memory, given the second derivative impact of peaking / falling

memory prices correlating w/ a peak in SPEs

Ibiden: Kanemoto notes Ibiden does not raise like-for-like pricing, rather raises ASPs on new products thru mix increases as

believes co MTP assumptions for GPUs and EMIB-Ts seem cautious. Jerry writes Unimicron FY26 ~40% ABF Substrate price

increases are already baked in, as Sep/Oct is the critical timing for FY27 ABF Substrate price negotiations, as s-d is expected to

be more severe and may see commensurate to larger price increases. Investors queried Murata underperformance, as is generally a

well-held name by longer-term investors and re: pricing, Kanemoto expects FY27 price negotiations into Oct-Dec timeframe w/

expected increases as customers realize that AI power capacity increases are shrinking legacy capacity. Silicon wafers’ weakness

was also queried, as Nakada / Jimmy do not see 2H26 wafer price increase contracts as being accepted by their customers.

Commodity tech sub-sectors’ pushback across MLCCs, Substrates, Wafers are higher multiples than the increasingly debated