Asia Pacific Reports/Notes

研报英文原文证据摘录

Asia Pacific Reports/Notes

Asia Pacific Equity Research

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Asia Technology Tracker 24 July 2026

Unimicron (Overweight), Taiwan

We are 25% above consensus in 2027, but still see substantial upside (Jerry Tsai)

Looking beyond like-for-like price hikes. For months, investors have focused on the chatter of price hikes

which adjust prices for ongoing products. We believe that going forward, seeking price adjustments for

ongoing products won’t be the priority for Unimicron, which will instead focus on securing/solidifying market

share for new leading edge substrate projects, which are entering new realms in terms of size and layer

counts. Keep in mind, such an approach could allow Unimicron to out-grow its peers which are typically

more vocal on price hikes, as the unit area ASPs for these new products are rising even faster than

periodical adjustments of like-for-like pricing, due to the rapidly rising specs that can be met by a very limited

number of suppliers. We expect per unit area ASP to at least match that for 2022 (the peak of the last cycle;

during which super-hot run fees were more common) with potential upside of 30% or even more vs. our

updated assumptions, which already result in 25% higher earnings for 2027 vs. consensus.

Asian Tech

Key takeaways from TXN 2Q26 results (Gokul Hariharan)

Key takeaways from Texas Instruments’ 2Q26 earnings for Asia Tech are as follows:

Industrial demand continues to pick up (partly driven by DC spillover), but is still ~5–6 ppts below