JPM APAC Technology - SEC 2Q26 Off The Call: APAC Technology – Specialist Sales Commentary Hardware - Semiconductors

研报英文原文证据摘录

JPM APAC Technology - SEC 2Q26 Off The Call: APAC Technology – Specialist Sales Commentary Hardware - Semiconductors

tinized by investors, indicate substantial advanced payments (up to one-fourth upfront) aiding

FCF, minimum price floors (which historically have not held), along w/ many investors also expecting a price ceiling, w/out

an over-reliance on a single customer. The LTA concept, and as related to the cycle, remains highly debated among investors;

thus would refer back to s-d which indicates a more severe FY27 shortage and thru FY28 - as the market prices the name on

2+ years of visibility.

• HBM: one area where investors have highlighted is SEC increasing HBM share and competitive advantage vs its peers w/ 1c

and bundling own 4nm logic die. Mgmt. guided a rapid 2H HBM expansion, w/ smooth HBM4 customer qualification, now

>60% of mix and FY27 believes to attain HBM share in line w/ leading DRAM share, which investors further called into

question peers’ potential share dynamics.

• NAND: mgmt. highlighted strong Enterprise eSSD demand growth across general purpose computing and KV cache

offloading demand, w/ a significant contribution to solid memory performance, which investors read positively towards

Kioxia upcoming F1Q27 OP print. Similar to its DRAM segment, the co is in talks w/ customers for multi-year LTAs, which

more optimistic investors expect Kioxia to elaborate as a positive development.

• Capex: maintaining disciplined capex, w/ flexibility based on demand conditions which aligns w/ investors w/ a more

positive inclination. Capex commentary may not have been as aggressive as the most optimistic SPE bulls, but SPEs also tend

to trade as a second derivative to memory and logic names and price trends. Investors anticipate TEL report today post Japan