Jeff Pu

Our South East PCB tour suggests the Copper Foil and Glass Fiber r the key constraint

# Abstract of PCB/Copper Foil (doing PCB tour in South East Asia now) (KB’s px hike notice out today) Prefer PCB upstream of Copper Foil & CCL CCL: Positive — AI-driven HVLP4 → strong volume + pricing tailwind Copper Foil: Positive — structural supply shortage (HVLP4 equivalent demand 1676 tons/m vs supply 1298 tons/m) + capacity constraints → price hikes likely in 2Q26 /4Q26. Demand driver: NVIDIA / AWS / Google platforms r shifting to HVLP4 Supply constraint by limited expansion (equipment bottleneck, yield loss, HTE→HVLP transition)

@bhai_monkey MediaTek and QCOM are bidding the project, and as highlighted in our post, we believe MediaTek has higher chance as the project is mid-end focus as N3 will become mid-end by late-2027/2028.

@sssjeffpu What about Qualcomm and OPENAI SOC Chip ??

Abstract of MediaTek (2454 TT) note – Two More Things! ↑ TP to NT$2,850 (from NT$2,750) # In Talks with OpenAI High chance MTK to win OpenAI’s edge-AI project, likely N3-based SoC and target Tape-out targeted 1H27 • Positive implication — it opens ASIC opportunities with OpenAI. MTK could provide capability proven via TPU 8t tape-out with strong in back-end offerings (CoWoS/EMIB/InFO) # Meta ASIC opportunities • Growing visibility for next-gen AR Glass: 2x SRAM (by AP Memory) + MTK SoC (MTK replacing Qualcomm) • Targeting volume production late-2027 • MTK mgmt earlier expected to highlight 2nd ASIC customer (we think Astrid & Apollo projects were in the bidding process) # Massive broker upgrades after our MTK report on March 25 on Raised CoWoS/EMIB.

# Abstract of HH (2317 TT) & FII (601138 CH) note Hon Hai (2317 TT) Rating: Buy, unchanged TP NT$300 Catalyst # 1: Stronger-than-expected LPX rack volume. Expected ~1.5m–2.5m LP30/LP35 chips-out in 2026E/2027E, or ~6k racks by 1Q27 + ~10k more in 2027 Hon Hai & FII = sole supplier for compute tray + major rack-level share Catalyst # 2: rising market share in VR200 NVL72 2025: estimated total of 12k racks shipped → 43% market share 2026E: Expect 55-60% share in VR, driven by Google, AWS, Microsoft Catalyst #3: Google Exposure: ◦Key supplier for CPU servers ◦Meaningful TPU server share ◦Potential to enter OCS # Financials (2026E / 2027E) ◦EPS: NT$20.2 / NT$25.8 ◦P/E: 11.1x / 8.7x

@rickyho_1989 In my opinion, margin could pull back a bit in near term on higher mix of Panther Lake, but overall be sustainable on tailwinds of CPU pricing, CPU demand scale and the steady improvement in 18A yields/UTR. Starting 2027, depreciation should grow at a slow pace.

@sssjeffpu Do you think the margin is sustainable?

# GF Tech on Intel Report date: April 24 Raise TP to $94.2: Many view the call as materially constructive than a typical Intel update. Indeed, there were brokers’ upgrade to catch up, as the thesis is shifting from “turnaround survival” to “AI beneficiary + external foundry optionality”. In general, we believe Intel’s bread and butter CPU business will continue to be strong, while the key to watch is the supply tightness from substrate and Si-cap, and the foundry wins & execution has been tracking ahead per our consistent report updates. We revise 2026E/2027E/2028E EPS to $1.5/$2.4/$3.1, and lifted TP from $78.5 to $94.2, now based on 3.5x 2027E BVPS.

@MimiVsJames Indeed, we initiated with Buy in July last year, and we were lonely back then.

一堆馬後砲的Sell Side開始在吹了... Source: From X @sssjeffpu

@jukan05 Thanks Jukan! Your post has been really amazing. Appreciate it

Jeff Pu is someone I really look up to. It feels amazing to be followed by someone like him. Welcome to X!!

@edwardtoung Haha, my first post 😜

@sssjeffpu Haha. Welcome to Twitter

#NewProfilePic (新個人資料照片)