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

研报英文原文证据摘录

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

Specialist Sales

APAC Specialist Sales J P M O R G A N

29 July 2026

JPM | APAC Technology - Advantest / Unimicron / SEC / TY

Duncan Wagner

+852 2800 8874

duncan.wagner@jpmorgan.com

Advantest: focus on the print post-market, following peer TER strength ahead of their call link. On the Advantest call, mgmt.

will likely re-iterate its share dominance for GPU and ASIC testers, ahead of likely TER competing commentary of their own

share gain, plus expansion of CPU and CPO opportunities link. Investors have also questioned TEL weakness following Screen

F1Q 27 China memory pushout and margins link; generally TEL should command a stronger position given their scale, ability to

raise pricing, and DRAM/HBM order book strength, along w/ logic. ASMPT print focus will be on 3Q rev forecast $630-690m

above cons $596.1m, driven by TCB, Photonics strength w/ >50 C2S TCB tools from OSAT customers, also indicating ASE

strength link

Unimicron: 2Q GMs ~3ppt ahead of street and slightly ahead of Jerry’s estimates, as we believes GMs can reach Street-high 40%

by year-end. Our thesis remains mix improvement, given numerous 2H AI accelerator launches, as opposed to price hikes

(mimicking Ibiden strategy), which has been queried by investors. Mgmt. has also significantly increased FY26 capex from NT

$34bn -> NT$53.7bn, as we believe likely pulling in KF2 and YM2 which reads positively for the co and critical litho tool

supplier Ushio. We also expect the co to share their LT plan up to FY30 for ABF capacity, the notable new site likely YM3

SEC: Korea levered ETFs value has been widely watched by investors as a signal for final capitulation; Mixo Das notes