5 February 2026 | 11:42PM CST Equity Research TAIWAN CCL Better pricing outlook and the stronger-than-expected AI projects orders; Buy on EMC/TUC, with ~15% TP upward revision On Feb 5th, EMC reported January revenue of NT$10,863mn (+25% MoM, +55% YoY) and TUC reported January revenue of NT$3,533mn (+9% MoM, +75% YoY). The reported figures already represent 41%/39% of BBG consensus 1Q26 revenue, suggesting a much stronger-than-expected 1Q26 for both names. We believe the key driver of January's solid revenu ...

Accessible version Technology - Asia-Pacific (H/A) ABF substrate & CCL: supply/demand outlook remains benign driven by AI Price Objective Change ABF: stronger AI overtakes the weakness in non-AI We update the ABF substrate S/D model, and now expect 1%/9% (was 1%/6%) under- supply in 2026/27, following a 5% (was 6%) oversupply in 2027E. Key changes include: 1) a stronger demand in regular server from late-2025; 2) a softer outlook in PC/gaming due to the impact from memory shortage and price hike; and 3) the ...