The Point for Asia Pacific

研报英文原文证据摘录

The Point for Asia Pacific

Doosan (000150.KS) - Announced Agreement to Acquire SK’s 70.61% Stake in

SK Siltron

Doosan decided to acquire SK Inc’s 70.61% stake in SK Siltron (Siltron) at W2.3tr,

with the headline acquisition value at ~9.7x 26E EV/EBITDA. Despite market

concerns about a significant upward repricing, Doosan & SK finally reached an

agreement at a lower-than-expected price, albeit with 8-year earn-out terms.

While the earn-out-adjusted value will depend on Siltron’s future performance, we

see this acquisition as a positive to Doosan as it clears the biggest hurdle and

given its safeguard measures against profit sharing and benefits outweighing the

negative.

Jayden Oh | Peter Lee

Mediatek (2454.TW) - Raising AI ASIC revenue for 2027

MediaTek’s 2Q26 result was better than market expectation with stable GM/OPM

at 46.2% and 15%. The key highlight remained on AI, where MediaTek sees growing

demand from both cloud AI infrastructure and Agentic AI at the edge. Production

of its first AI ASIC is on track for 4Q26, with company expecting its 2026 AI data

center revenue to exceed US$2bn. Management expects AI data center revenue to

continue scaling substantially in 2027, supported by stronger customer demand.

Reflecting this confidence, the company raised its 2027 AI ASIC TAM to US$80bn

and increased its target market share to 15–20% from 10–15%, implying US$12-

16bn revenue (vs our estimate of US$18bn) reinforcing AI ASIC as one of

MediaTek’s most important long-term growth drivers. Maintain Buy.

Laura (Chia Yi) Chen

Jardine Matheson (JARD.SI) - Maintain Buy: Stable Earnings Momentum and

Slightly Raised FY26E Dividend Guidance

Key takeaways from analyst briefing: (1) Management maintained its profit