MediaTek Inc.: Raising FY27 ASIC estimates, strong OP leverage to drive further EPS upgrades; stay OW with PT of NT $5300

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MediaTek Inc.: Raising FY27 ASIC estimates, strong OP leverage to drive further EPS upgrades; stay OW with PT of NT $5300

J P M O R G A N Asia Pacific Equity Research

02 August 2026

MediaTek Inc.

Raising FY27 ASIC estimates, strong OP leverage to Overweight

drive further EPS upgrades; stay OW with PT of NT 2454.TW, 2454 TT

$5300 Price (31 Jul 26):NT$3,555.00

Price Target (Jun-27):NT$5,300.00

We raise Mediatek’s FY27/28 EPS estimates by 8%/7% to reflect stronger ASIC Technology and Telecoms

ACmomentum and better operating leverage and believe that the stock should see a Gokul Hariharan

meaningful move up in the next 6 months, helped by: (1) More clarity on TPUv9 (852) 2800-8564

Humufish ramp up, (2) Potential confirmation of a second customer in Space X, gokul.hariharan@jpmorgan.com

and (3) Increasing evidence in the supply chain that MediaTek could be the primary J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

player in the TPUv10 generation. Google’s strong Cloud revenue growth 80+%

Jennifer Hsieh

in 2Q26 led by TPUs and the potential launch of new Gemini models in 2H26 (886-2) 2725-9868

should provide further positive sentiment to the stock. While the market has been jennifer.hsieh@jpmorgan.com

concerned about a potential move to a full-CoT model by Google for TPUv10, our J.P. Morgan Securities (Taiwan) Limited

checks indicate that the business model for v10 Icefish is likely to be quite similar David Chou

to v9, with high-speed Serdes and Die-2-Die interconnect IP coming from (886-2) 2725-9618

MediaTek. In that regard, the company confirming that 448G Serdes IP is on track david.chou@jpmorgan.com

for commercialization in 2H27 is reassuring, in our view. In the near-term, J.P. Morgan Securities (Taiwan) Limited