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

研报英文原文证据摘录

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

Specialist Sales

APAC Specialist Sales J P M O R G A N

23 July 2026

JPM | APAC Technology - MTK / SEC

Duncan Wagner

+852 2800 8874

duncan.wagner@jpmorgan.com

MTK: investors are broadly positive on MTK TPU order prospects, w/ rising expectations for v8 thru FY27 and v9 into FY28 as

Gokul writes MTK the primary supplier. Investors are doing more work on related beneficiaries as Substrate, as Jerry writes

Unimicron is the MTK primary TPU Substrate supplier, w/ ongoing qualification at ZDT and NYPCB to secure additional

capacity. Investor v9 optimism is also helped by additional EMIB-T Substrate progress at Ibiden, as Jerry notes Unimicron is also

leading; w/ ZDT, NYPCB and AT&S working on this technology. We also see continued interest in TSMC and AI proxy names as

ASE, Delta, Chroma, Hon and others

SEC: Mixo’s Korea ETF and HF de-leveraging note is highly requested, w/ investors questioning the extent of the selling and if

positioning is now favorable link. Investors’ memory narrative has also shifted from pegging valuations based on structural

factors and P/E, reverting towards traditional metrics as cyclical factors and P/B, indicating a healthier reduction of market

expectations. Optimistic investors highlight FY27 DRAM bit growth is below FY26, thus will see a more severe shortage. Thus,

SEC capex commentary, cleanroom capacity unlock will be widely watched by the market to help solve this shortage, and reads

positively towards critical front-end semi cap equip suppliers TEL/SCREEN. We also received many queries on NAND

sequential pricing flattening out into 2027, which Mio/Jay already incorporate into our Kioxia & SEC models. Bullish investors