Silver Sunrise Euro TMT Daily: EU TMT Sector Specialist Commentary Telco • Media • Tech

研报英文原文证据摘录

Silver Sunrise Euro TMT Daily: EU TMT Sector Specialist Commentary Telco • Media • Tech

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• Duncan Wagner (APAC Hardware / Semis Specialist): 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 cite higher-for-longer pricing, LTAs and clamor for capital returns in the form of higher dividends from Kioxia and