ASIA TECHNOLOGY TRACKER

研报英文原文证据摘录

ASIA TECHNOLOGY TRACKER

) Customer

demand visibility for Advantest has extended to 18 months for a lot of cases, vs historically 6-month

forecasts from customers. 6) CPU volumes are growing a lot and driving some of the SoC tester TAM

increase. On the final test (FT) stage, the test time for CPU is quite a bit lower than that for the accelerators,

given the difference in chip complexities.

Samsung C&T (Overweight), South Korea

2Q26 beat and robust E&C order outlook; share sentiment likely to remain volatile in the near term

(Jay Kwon)

2Q26 results beat on stronger E&C and Bio margin, historically high tech backlog order ahead. Post

1Q26 one-off, SCT came back with strong 2Q26 earnings at above W1trn quarterly OP (quarterly record

high), surprising consensus and our estimates. Except for the leisure business, all divisions surpassed our

initial estimates - E&C (higher high-tech project completion) and Bio (Bioepis turning to black with solid

Biologics result) led the overall profit growth. SCT management noted a robust order pipeline: Pyungtaek 5-

1 fab completion, 5-2 fab opening, Kiheung R&D, and other projects; from high-tech projects (mainly captive

customer groups related to semiconductor infrastructure buildout) and expects 2026E new backlog orders to

be at a historically high level (previous peak at W12trn in 2023), indicating SEC’s accelerating infrastructure

capex spending trend amidst memory up-cycle. This is likely to be a strong tailwind to the E&C division's

sales and margin outlook in the next 12-18 months. We expect consensus earnings to move up post results.

Syrma SGS Technology (Neutral), India

First Take: Beat on both revenues and margins, Board approves Rs10bn QIP (Bhavik Mehta, CFA)

Our First Take: The 1QFY27 print beat on both revenues and margins.