ASIA TECHNOLOGY TRACKER

研报英文原文证据摘录

ASIA TECHNOLOGY TRACKER

d Hon’s

dominant share in both FT and SLT, and the China business profitability is set to improve (vs margin dilutive

previously); 3) The initial shipment schedule remains unchanged in Oct for Hon’s CPO test insertion 4

optical-electrical co-test handlers (mass production models) signify on-track execution and shall not

disappoint vs market expectations ; 4) Hon maintained its capacity growth guidance for 2026/27 while

flagging worldwide factory expansion projects by OSAT customers, including US onshoring; 5) Hon outlined

multiple growth drivers for FT handlers (70-80% of rev) and reiterated convictions in order wins for SLT

handlers; 6) Management indicated that customer roadmaps for higher thermal capability remain intact, with

engineering targets at multiple customers moving toward ~10kW in 2027-28, boding well for Hon whose

core technologies and competitive moats include temperature control and thermal management. We like

Hon’s EPS power, re-rating potential and enabler role in future AI chip tests. Maintain OW with a Jun-27 PT

of NT$8,350 (38x 2027E P/E; JPMe a 64% and 68% rev and EPS CAGR in 2025-28).

Realtek Semiconductor (Neutral), Taiwan

2Q26 results missed, but better-than-feared 2H26 outlook given price increase (William Yang)

Realtek reported 2Q26 earnings and hosted an investor call. 2Q26 results missed on sharper GM decline

and weaker-than-expected revenue growth, given more severe memory cost hike and OSAT supply

constraint. Looking into 2H26, we believe the outlook could be better than feared, as the company’s product

ASP increase will take effect from 3Q26, which should more than offset the PC shipment decline and

support gradual GM recovery in 3Q and 4Q26. We maintain our Neutral rating, and will continue to monitor if