TAIWAN FIRST TO MARKET

研报英文原文证据摘录

TAIWAN FIRST TO MARKET

Asia Pacific Equity Research

Taiwan First to Market 23 July 2026

Top Stories

Asia Vital Components (William Yang) (3017 TT, OW)

2Q preview: Another strong GM beat; key beneficiary of ASIC and GPU cooling upgrade; OW

We expect AVC’s 2Q26 results to beat on stronger-than-expected GM expansion (new JPMe 32.5% vs BBGe ~30%), despite

the reported weaker revenue momentum given VR200 delay. The company’s share price has underperformed the Taiex by

~35% in the past 3 months, owing to the VR cold plate order push-out from June to August. As the issues seem largely

resolved, we believe AVC’s revenue should resume momentum with VR mass production in August. The potential 2Q26 GM

beat coupled with the reaccelerating revenue growth should revive sentiment on AVC, in our view. Looking further out, we see

multiple catalysts ahead, including AWS Trainium 3 and Google TPU v8 cold plates entering mass production in 4Q26, as well

as the VR Ultra cold plate content increase. OW.

MediaTek Inc. (Gokul Hariharan) (2454 TT, OW, PT NT$5,300.00)

2Q Preview: Stronger ASIC, weaker smartphones, street EPS ests likely moving higher; OW

We expect MediaTek’s tone in its upcoming 2Q26 earnings call (Jul 31) to be quite upbeat on ASIC, while being incrementally

more guarded on near-term smartphone demand. We believe that ASIC revenues in 2027 (from TPU v8t Zebrafish) should see

upside, given better supply conditions for substrate and CoWoS-wafers, while confidence in the ramp of TPUv9 Humufish is

also likely to strengthen. MediaTek is likely to mention new customer engagements (likely SpaceX in our view) as well as

continuation of its engagement with Google in TPU v10 projects. Smartphone demand remains challenging, and guidance for