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

研报英文原文证据摘录

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

Specialist Sales

APAC Specialist Sales J P M O R G A N

30 July 2026

Earnings Calendar

Detailed Highlights

Advantest (OW PT Y41,000): F1Q – strong results well above expectations, tester market headed for next growth phase –

Mio Shikanai link

• Positive: F1Q OP Y190bn far above our estimate Y175bn, revised FY26 guidance Y846bn > JPMe Mio Y778bn also

well above market expectations. Tester demand is growing not only for GPUs but also for custom ASICs and CPUs for AI

inference computing, which led to this demand step up vs investor expectations. Would read positively towards critical

customers as TSMC, ASE, SEC which the latter two report today. Advantest plans to accelerate production capacity

expansion. Advantest maintains a dominant share in the SoC tester market, which was questioned by investors post the strong

TER print, and emphasized sees potential for raising market share above 70%. We believe the TER SoC Tester customer is

potentially for MTK TPUs, as the customer seeks to reduce costs. We also expect potential FY26/27 capex increases for ASE,

dependent on brownfield capacity acquisitions

Unimicron (OW PT -> NT$1,225): ABF GM could reach 60% - Jerry Tsai link

• Unimicron strong 2Q GM expansion and rising capex consistent w/ our thesis. We lift our FY26/27 outlook on faster-

than-expected margin expansion, PT -> NT$1,225. We expect 3Q rev +15% QoQ, while GM could expand by another 6-7ppt.

We found mgmt. comments on LT ABF margin reaching 60% on a recurring basis w/ 2H27 achievement and EMIB-T

developments should boost investors’ confidence. The co echoes our view the importance of mix improvement could