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 29 July 2026

Macronix (Overweight), Taiwan

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

Huang)

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

reduction (we see 50-60% reduction by comparing 1Q27 and 1Q25) remains the biggest tailwind for MXIC’s

shipment growth and elevated pricing. Stay OW with a higher Dec-26 PT of NT$205 (2.6x 2027E P/B).

SKC (Underweight), South Korea

2Q beat but loss-making trend continues; Distant glass substrate business; Cut PT to W69K and

stay UW (Jay Kwon)

SKC’s 2Q26 operating profit was ahead of consensus and our estimates, but the company continued to

record losses (17 consecutive quarters of losses). Core operational momentum indicates a slight