CPO Handler Shipment Starts From October with Demand Outshines; Reiterate OW

研报英文原文证据摘录

CPO Handler Shipment Starts From October with Demand Outshines; Reiterate OW

Update

July 30, 2026 10:56 AM GMT

Morgan Stanley Taiwan Limited+MHon Precision | Asia Pacific Tiffany Yeh

Equity Analyst

CPO Handler Shipment Starts Tiffany.Yeh@morganstanley.comCharlie Chan +886 2 7712-3032

Charlie.Chan@morganstanley.com +886 2 2730-1725

From October with Demand Daniel Yen, CFA

Daniel.Yen@morganstanley.com +886 2 2730-2863

Outshines; Reiterate OW Morgan Stanley Asia Limited+

Daisy Dai, CFA

AlphaSignals Earnings Reaction Daisy.Dai@morganstanley.com +852 2848-7310

Strengthens our thesis Modest upside Modest revision higher

Morgan Stanley Taiwan Limited+

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Lucas Wang

Research Associate

Source: Company data, Morgan Stanley Research

Lucas.Wang@morganstanley.com +886 2 2730-2875

Key takeaways from today's call: Morgan Stanley Asia Limited+

Ethan Jia

• Capacity outlook: Raised 2026 capacity expansion from at least 40% Y/Y to Research Associate

45%. 2027 remains on a 50% Y/Y pace, with most new capacity in Taiwan Ethan.Jia@morganstanley.com +852 3963-2287

Henry Zhao

and China.

• FT handler: Sees strong demand from Tesla, xAI, AMD, and ADI. Customers Henry.Zhao@morganstanley.com +852 2239-7731

are requesting large package size + advanced ATC (over 10kW) solutions,

with shipments starting in Oct 2026.

• SLT handler: Completed first-stage SLT qualification for Rubin Ultra. Now

holds 50% SLT share with US clients and 90% in China.

• China demand: Sees strong AI GPU testing demand, with 2026 revenue

Hon Precision (7769.TW, 7769 TT)

already growing 60–80% Y/Y and likely to double in 2027, including FT

Greater China Technology Semiconductors | Taiwan

handler and SLT.

Stock Rating Overweight