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 29 July 2026

Top Stories

ASEAN & Taiwan Telcos (Ranjan Sharma, CFA/Sigrid Qiu)

Strong start to 2Q26 results

We have been of the view that the Street underestimates earnings growth at telcos during price repair. This has been clearly

seen in the Thai telcos since industry consolidation. 2Q26 results have further supported our view with stronger than expected

earnings growth at Taiwanese telcos and ISAT. In our view, ST, TRUE, and ADVANC are likely to see positive earnings

revisions with results over the coming quarters. We believe TDC is a structural growth story and earnings are likely to

compound for the foreseeable future. We reiterate OW on ST, TRUE, ADVANC, 4904, TDC and ISAT. We are UW on T,

AXIATA, EXCL and CDB.

Asian Tech (Gokul Hariharan)

Key takeaways from AMKR 2Q26 results

Key takeaways from Amkor’s 2Q26 earnings for Asia Tech are:

Macronix (Jimmy Huang) (2337 TT, OW)

Solid beat and raise; 2D NAND unchanged supply tightness; NOR driven by AI servers; OW

Macronix (MXIC) reported 2Q26 results which beat on all the metrics. eMMC revenue ramp (+300% QoQ) and 3D MLC NAND

production both remain on track. Key catalysts for the stock include 1) unchanged supply tightness for 2D NAND and 2) AI

server demand surge for NOR flash. MXIC announced a new Capex of NT$15.8bn (on top of the planned NT$22.0bn) to add

another 4-5kwpm flash capacity (on top of the already planned ~25kwpm), aiming to capture unfulfilled demand. Some

investors are concerned about the mainstream NAND supply-demand dynamics in 2H27 or 2028, and thus turn bearish on

MXIC. In our view, global NAND suppliers will not return to the 2D NAND market after phase-out or EOL, the supply side