JPM | APAC Technology - AMZN / TEL / ASE / SEC: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

研报英文原文证据摘录

JPM | APAC Technology - AMZN / TEL / ASE / SEC: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

ent installation times and 5) optimizing prices, which it expects to yield significant benefits in C4Q26. TEL

raised its WFE market outlook to CY26/27 $150bn+/$190bn+, reflecting growing demand not only for GPU and HBM

applications but also for general-purpose memory and CPU applications, w/ further upside potential – which benefits TEL

across Logic, DRAM, NAND, Probing applications, similar to Advantest trends. TEL has received investment plans from

customers for the next 2 years, and is expanding production capacity based on these plans. Production capacity will increase

3x from FY25 after starting up Miyagi Innovation Production Center, scheduled for completed in summer ’27. Gokul believes

tester lead times are 6-9 months, and 9-12 months for Advanced Packaging equip, which benefits TEL

ASE (OW PT -> NT$700): Upside in LEAP, mainstream and opex; continuing to catch up on LEAP demand – Gokul

Hariharan link

• ASE delivered strong 2Q results and revised up its FY26 rev growth, capex and exit GM (in 4Q) expectations, also

guiding LEAP rev to double in FY27. At this point, demand for advanced packaging appears to be running well ahead of

supply, which indicates further upside to LEAP revenues in FY27-28 as ASE brings on more capacity. As LEAP and testing

mix improves, and mainstream capacity gets fully utilized w/ favorable pricing, we expect ATM GMs to move into the 30%+

range in FY27-28. We expect capex to be further raised for FY27, which should be a positive signal for sustained demand

growth into FY28. ASE is likely to remain the primary partner for TSMC and represent the largest wafer-level packaging

capacity provider outside TSMC.