JPM | APAC Technology - Kioxia / Mediatek / Advantest: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

研报英文原文证据摘录

JPM | APAC Technology - Kioxia / Mediatek / Advantest: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

Specialist Sales

APAC Specialist Sales J P M O R G A N

03 August 2026

JPM | APAC Technology - Kioxia / Mediatek / Advantest

Duncan Wagner

+852 2800 8874

duncan.wagner@jpmorgan.com

Kioxia: F1Q/F2Q OP results and guidance were a miss to investor expectations, as sought a higher sequential contract price

increase. Mgmt. announced Y800bn buyback, w/ the possibility to enact further opportunistic buybacks is positive to increase

EPS, thou some investors highlighted only amounts to ~3% of the effective float, and the co needs to beat expectations to work.

Similar to SEC and other tech cos, Kioxia sees Inference / Agentic AI in the early stages, w/ a more severe supply-demand

shortage into FY27; thou investors further question and monitor competitive industry supply into late ‘28 / FY29, esp. from

YMTC ramping greenfield capacity and ahead of its listing. Investors highly anticipate the retail margin data to be released

tomorrow for last week, prior week data indicated net long margin Y868bn ($5bn) +5.8% WoW.

Mediatek: Gokul raises FY27/28 estimates +8%/+7% as mgmt guided to a top-end FY27 TPU v8 ASIC rev contribution of

$16bn, matching investor expectations. Mgmt also indicated smooth progress on TPU v9, both expanding share and addressing

investor concerns re: EMIB-T yields. The market has been concerned about a potential Google move to a full-CoT model for TPU

v10, thou our checks indicate MTK would continue to design both the compute die and high-speed SerDes, as Alchip, GUC bid

for portions of the contract. We have also upgraded GUC -> OW to reflect stronger Google CPU Axion CPU ramp, FY26-28

ramping 4x, w/ potential ASIC optionality into v10.