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

研报英文原文证据摘录

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

Specialist Sales

APAC Specialist Sales J P M O R G A N

28 July 2026

JPM | APAC Technology - SEC / TY / Bizlink

Duncan Wagner

+852 2800 8874

duncan.wagner@jpmorgan.com

SEC: press reports Samsung Elec to increase Hwaseong campus DRAM production +15% by year-end link, which Jay believes is

consistent w/ the co’s annual 10-15% annual production output increase. Supply remains a medium-term investor concern, w/

pulling in Yong-in fab cluster from 2031 -> 2029, and converting an R&D facility -> incremental 100k DRAM mass production

fab. CXMT positioning as a commodity DDR4 and DDR5 is more of a direct competitor to Nanya Tech, Winbond which

investors questioned yesterday’s puzzling strength. YMTC is a greater longer-term NAND supply risk, specifically towards pure

player Kioxia, given YMTC can stack NAND layers, and possesses access to semi cap equip and leading technology, as has

licensed V10 -> SEC. Kioxia retail long margin remains highly questioned, the latest weekly (Fri) long margin balance +5.8%

WoW, w/ ~37x the number shares purchased on margin vs sold. Memory is also weighing on SPE names, as the sector also tends

to trend based on the second derivative of memory pricing / perceived cycle turns; combined w/ reports of nascent indigenous

China DUV production

Taiyo Yuden: Taiwan press reports to increase MLCC pricing in Sep link. Jerry / Kanemoto note Taiyo Yuden is issued this price

hike from its Japan HQ to direct accounts, thus may likely see a 20% +/- price increase. Our research indicates major suppliers are

currently focused on AI Power mix increase replacing commodity IT MLCC capacity. Investors await Taiyo Yuden execution vs