ABF 基板供需及PCB-人工智能仍是需求驱动力；覆铜板（CCL）供应及中国同业对比-ABF substrate S_D & PCB_ AI still demand driver; cloth_CCL supply & China comps

Accessible version Technology Hardware - Asia-Pacific ABF substrate S/D & PCB: AI still demand driver; cloth/CCL supply & China comps Price Objective Change Lift POs for Taiwan names; highlight Buy-rated Ibiden Datacenter investment will continue to drive demand growth (see report) in AI/compute, and we note that SAP demand size will grow 25%+ during CY25-27, mainly driven by AI server, according to the data from Ibiden. Yet, within the package substrate universe, we reiterate Underperform ratings on Taiwan ...