ASIA TECHNOLOGY TRACKER

研报英文原文证据摘录

ASIA TECHNOLOGY TRACKER

Asia Pacific Equity Research AC Asia Pacific Equity Research

17 July 2026 J P M O R G A N

aprr.publications@jpmorgan.com

grow its mature node capacity, while also welcoming new sources of back-end capacity such as Intel EMIB,

given the acute shortage in advanced packaging.

Japan Reports/Notes

Electronic Components Sector

Component Data Deposition: METI production statistics (electronic components, semiconductors)

for May 2026: ABF substrates remain strong (Akinori Kanemoto)

METI released May 2026 production statistics on July 14. Domestic production value (in USD terms) for

both electronic components and semiconductors fell broadly in line with seasonality in May, reflecting the

Golden Week holidays. Within electronic components, MLCCs came in well below typical seasonal levels,

suggesting a lack of momentum. That said, METI's MLCC production-value data and the Ministry of

Finance’s ( MoF) MLCC export value appear to have diverged of late. Given the gradual uptrend in the

MoF’s MLCC export value, we see no need for undue concern at this point. Among passive components,

aluminum electrolytic capacitors remain solid. Meanwhile, production value and ASP for rigid module

substrates (including ABF substrates/FC-BGA) continue to trend upward, a positive signal for Ibiden. Our

top picks in the electronic components sector are Rohm and Murata Manufacturing.

Europe Reports/Notes

ASML, Netherlands, United Kingdom

Final word on ‘27, ‘28 has not been said. Co. can raise estimates again. Reiterate OW rating.

(Sandeep Deshpande)

Investors are trading ASML as if it is 2025 or before, when ASML gave order guidance. The guidance from

the co. over the last 2 quarters has indicated that the co. is not giving the sort of guidance it gave in the past,