Marketing feedback: stay the course on names with more structural growth

研报英文原文证据摘录

Marketing feedback: stay the course on names with more structural growth

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Technology - Taiwan

Marketing feedback: stay the course on

names with more structural growth

Industry Overview

Key discussions on AI server substrates and CCL 15 July 2026

We met over 30 investors last week during our Singapore marketing trip, and we Equity

summarize the key takeaways and feedback in this report. Overall, we sense that Taiwan

investors are not turning negative on the long-term growth driven by AI server capex, Technology

while being keen to know the upcoming catalysts with discussions centered on substrate Mike Yang >>

and CCL space. We summarize our view and valuation of each subsector, and growth Research Analyst

potential by application in Exhibit 1-6 on pages 2-4. Merrill+886 2Lynch2376 (Taiwan)3729

mike.c.yang@bofa.com

Focus on price hike & margin improvements for substrates Haas Liu >>

For the substrate space, FAQs include the expectation of price hike for both ABF and BT ResearchMerrill LynchAnalyst(Taiwan)

substrate, the trajectory of gross margin improvement by firm, and the S/D outlook of +886 2 2376 3727

haas.liu@bofa.com

the industry. In near-term, we expect greater pricing flexibility and GM uptick by NYPCB

Cathy Hsu >>

and Kinsus, while we note Unimicron will still boast the best technology and customer Research Analyst

profile out of the three names (all Buy-rated) in longer term. Merrill Lynch (Taiwan)

+886 2 2376 3726

cathy.hsu3@bofa.com

CCL: looking for the valuation floor amid price hike

On CCL side, the outlook for further price hike and supply of different raw material (e.g.

glass cloth, copper foil) remains the focal point for investors. In addition, we also note AI - artificial intelligence