SeanCCYu

@Arronwei3n This reminded me how sell-side reports screwed everyone in early 2022. At that time, Unimicron earned 20NTD per share, and reports claimed demand wound remain strong until 2030.

It will last through 2028. _ BofA on Substrate Shortage: Lift estimates on bigger magnitude of price hike We raise our POs for Unimicron/NYPCB to NT$625/ NT$680, based on the same 29x/26x 2027E P/E, while raising our 2027E EPS by 22%/ 10%. The change in EPS estimates reflects an accelerating price hike in ABF substrate business. Also, Unimicron's bigger hike can be explained by its higher LTA mix in the business, which makes it benefit more from the price hike during the later part of the industry upcycle. We reiterate Buy on both names on their growing exposure to AI server market. Separately, we double upgrade Kinsus to Buy in view of its penetration into high-end market, via the offering to Vera Rubin platform. Among Taiwan ABF substrate names, Unimicron in our view still has the best technology/position with higher pricing upside in the long-term, yet we believe the revenue growth associated with AI server market could be faster for NYPCB/Kinsus into 2027/28 thanks to the demand overflow on AI ASIC/GPU side. Ibiden: keeps dominant share in GPU; watch EMIB-T Ibiden continues to see good demand for its GPU substrates. At our Tech conference, Ibiden emphasized that they will be able to keep 70-80% share in GPU substrates market, which makes us reiterate Buy. They have already secured T-glass procurement to achieve their medium-term plan revenue. In addition, Ibiden will seek for 2nd or 3rd vendors to achieve the better top-line performance. Going forward, their start of production of EMIB-T substrates in FY3/28 will be worth watching as this product will be more expensive and higher margin. Unimicron: sharing the view of tigtht S/D in high-end We hosted a call with Unimicron on March 25th, in which we learnt a constructive on supply/demand outlook in high-end ABF substrate, though supply constraint from T-glass cloth should last at least throughout 2026. On capacity plan, it will add ~20% for high-end ABF substrate in 2026 (scheduled for output in 2H), then followed by the addition in KF2/YM2 by mid-2027/2028. On the HDI side, the firm cited a more meaningful gross margin improvement from 2H26. Please refer to the key takeaways from the call on p.2-4. NYPCB: continues to benefit from demand overflow NYPCB hosted an analyst meeting last week, during which it cited 1) the continuous spec advancement to bigger body size (140x140 mmsq or bigger) of ABF substrate, with 22+ layer count; and 2) a bigger magnitude of substrate price increase in 2026 (vs the level in 2025). In our view, the latter implies the firm can continue to benefit from demand overflow (vs more constrained supply increase by industry leaders), while the latter is grounded by the potential price increase by a key T-glass cloth vendor from 2Q26.

@amlivemon No dividends or buybacks. PDD smells fishy to say the least.

@QQ_Timmy 三月份的put收盤前要賣掉，這不是常識嗎？這樣也有小作文

今天下午2:30 ET，CBS新聞報導川普總統正在考慮在伊朗派「地面部隊」（boots on the ground）。 在下午3:43 ET，川普總統表示「我不想要與伊朗達成停火」，此時S&P 500 創下2026年新低。 正好90分鐘後，下午5:13 ET，川普總統又說美國正在「考慮結束」（winding down）與伊朗的戰爭。 在下午3:43 ET 到 5:13 ET 這段期間，S&P 500 已經在完全沒有任何公開新聞的情況下上漲近 +1%。 到下午6:15 ET，S&P 500 從當日低點反彈 +1.8%，市值增加約 +9000億美元。 市場現在已關閉，將到星期一才重新開盤。

@Kacper_PK_CH $MOS was hit by several sell-side reports this week. The last one was from BoA. Guess the low is near.

$MOS - Mosaic - closed LTH (Long-Term Hold) It only definitively broke down in the last 2 days, dragged down with everything else. We did a round trip here, earned some on the LEAPS roll, then gave it back and some, overall -3% counting trades on top. Will hunt for a better entry when the markets bottom. Things are getting really ugly right now. Zoom out below.

@KamiliaHaraQoo 找FBI帥哥當主角

索尼跟泡泡瑪特合作準備拍Labubu電影 索尼罪大惡極…

@Janina02573746 就蔡英文的人啊 之前還很快樂地一起爬山

救命啊，已經夠難了，他還來湊什麼熱鬧啦 上次立委已經把民進黨的搞下來了，再次縣長又來。 他到底是是誰派來的？

@StanPatato 哈 跟劉櫂豪爬山也不會喘

這就是不把蔡英文限制在總統府的後果

@Namzes_G Desks are squeaky clean, and no drinks are allowed. Guess no one needs to pee either. Commies’ work ethic is incredible.

The final boss of monitoring the situation

@pennycheck Grains have gone up for a while.

Why does General Mills chart look like DOGE coin ??

@TMTLongShort x.com/__Inty__/statu… Pretty sure you can get one from temu.

Wen sexbots

@Sino_Market free eggs for openclaw. why not? lol.

🇨🇳🦞MiniMax Surges as OpenClaw Craze Drives Rapid Commercialization MiniMax’s commercialization is accelerating as the OpenClaw-driven “lobster/shrimp farming” trend boosts demand for domestic AI models. The company launched MaxClaw, a cloud AI assistant enabling mobile OpenClaw use with real-time web synchronization. In OpenClaw’s lobster benchmark, MiniMax M2.1 ranked second with a 93.6% success rate. Morgan Stanley reported ARR rising from $100M to $150M in two months (+50%), M2 token usage up 6× (Feb 2026 vs Dec 2025), and inference cost per token down over 50%, maintaining an Overweight rating with a HKD 990 target price (~23% upside). MiniMax last up 12.73% in Hong Kong. (mktnews.com/flashDetail.ht…)

@hsu_steve lol. They went to the event for eggs.

OpenClaw mass install in Shenzhen.

🇨🇳📈CHINA STOCKS CLOSE HIGHER: SHANGHAI COMPOSITE +0.38%, SHENZHEN COMPONENT +0.59%, CHINEXT +0.38% #CHINA $SHCOMP $SSEC $ASHR $HSI $KWEB $FXI $HXC $DRAG $YINN $YANG #STOCKMARKET (mktnews.com/flashDetail.ht…)

@pirrer MI6剛好是Lloyd's的鄰居，有這種鄰居真方便。最近英國被切斷情報來源也真剛好，顆顆

@Kacper_PK_CH nah, another round of fancy virus is the only feasible plan for China.

I'm watching Taiwan next.

@Sino_Market That’s some funny sh*t after what Russia and China did to their neighbors.

🇨🇳🇮🇷🇺🇸🇮🇱CHINA'S MINISTRY OF FOREIGN AFFAIRS URGES ALL SIDES IN THE MIDDLE EAST CONFLICT TO AVOID FURTHER ESCALATION OF TENSIONS, RESUME DIALOGUE AND NEGOTIATIONS CALLS FOR IMMEDIATE HALT OF MILITARY OPERATIONS IN MIDDLE-EAST (mktnews.com/flashDetail.ht…)

@KamiliaHaraQoo 連印度人都有配方要參戰了

瘦瘦針的競爭場開始內卷了？

@Sino_Market Wow, CCP is pumping unprofitabe tech stonks again. x.com/i/status/20242…

HONG KONG AI MODEL STOCKS RISE: ZHIPU +14.5%, MINIMAX +6.9% (mktnews.com/flashDetail.ht…)

@JackWumr @Zayeefffly 中國人沒知識兼不衛生。別的民族早你幾千年就懂得過年，連農曆也是德國人幫你寫的。現在又出來都人現眼。到牆外惹事生非，順便把牆內的人拖下水，真是造孽。

@SeanCCYu @Zayeefffly 😝👉🤡你个蠢猪都不知道中国农历和中东那个阴历是俩东西吗？说你是个傻逼还不承认，台巴子一点历史都不读的啊。搞笑

越南人發了一篇Happy Vietnamese New Year 結果引來大批中國網軍謾罵 底下有人回覆： 「看了留言，我終於理解為什麼中國人到處討人厭」 結果又引來中國網軍謾罵 中國網軍的地點都在加拿大！ 都不是真人帳號。 ⋯連越南都有中國網軍入侵

@JackWumr @Zayeefffly 滾回墻內不要浪費網路好嗎？中國人不識字時，埃及人巴比倫就在過年了。

@SeanCCYu @Zayeefffly 哈批，自己搞清楚历法谢谢。农历新年不等于lunar new year，你所谓的lunar new year是西方人根据中东历法来的😝👉🤡到底哪个是文盲