> **来源：[研报客](https://pc.yanbaoke.cn)** # Asia Technology Outlook Summary ## Core Content This document provides an analysis of the Asia technology sector, focusing on valuation metrics, investment theses, and market dynamics. It includes detailed financial data and market outlook for various technology companies and segments, such as memory, hardware, and battery materials, with an emphasis on relative value and investment opportunities in the Korean market. ## Main Points ### Investment Summary - **Valuation and Financial Metrics Comparison**: The table compares key financial metrics including market cap, price targets, price-to-earnings (P/E), price-to-book (P/B), return on equity (ROE), and earnings growth across several technology companies. - **Rating Overview**: Companies are rated as OW (Overweight), N (Neutral), or UW (Underweight) based on J.P. Morgan's analysis. - **Key Companies**: Samsung Electronics, SK Hynix, Kioxia, SEMCO, ISU Petasys, Leeno Industrial, Hanmi Semiconductor, LG Display, Nanya Tech, and others are included in the analysis. ### Market Dynamics - **Tech Cycle and Dynamics**: The tech cycle is expected to continue with a five-year up-cycle driven by AI computation demand, memory intensity in server architecture, and token economics. - **Memory and HBM**: Memory remains a core investment thesis in Korea, with HBM pricing potentially increasing in the next year. NAND is also seen as a positive area due to TAM expansion. - **AI Hardware**: MLCC (Multilayer Ceramic Capacitors) is expected to benefit from AI proliferation and continued EV (Electric Vehicle) traction. Substrate and MLB (Mobile Logic Board) demand is also strong. - **Cyclical Hardware**: Improved iPhone EMS (Electronic Manufacturing Services) could benefit LG Innotek and LG Display, although rising BOM (Bill of Materials) costs may impact margins. - **Battery/Materials**: SKC is seen as a negative relative value (UW), while others like SEMCO and ISU Petasys are viewed as Overweight (OW). ### Holdco (Holding Companies) - **Samsung C&T**: Rated as OW, with strong dividend income and asset value. - **SK Inc**: OW, with high upside potential. - **LG Corp**: Neutral (N), with limited upside and a conservative stance. ## Key Insights ### Tech Valuation Comparison | Company | Rating | Price (as of 2026-6-3) | Market Cap (US$bn) | EV/EBITDA (26E) | EV/EBITDA (27E) | P/E (26E) | P/E (27E) | P/B (26E) | P/B (27E) | ROE (26E) | ROE (27E) | Sales Growth (26E) | OPM (26E) | OPM (27E) | Return (5D) | Return (3M) | Return (6M) | ADV (1M) | ADV (3M) | ADV (6M) | |----------------------|--------|-----------------------|--------------------|----------------|----------------|----------|----------|----------|----------|----------|----------|----------|-------------------|----------|----------|------------|------------|------------|---------|---------|---------| | Samsung Electronics | OW | 362,500 | 1,389.1 | 5.1 | 3.9 | 8.4 | 6.2 | 3.5 | 2.4 | 48.7% | 42.5% | 102.7% | 24.8% | 50.7% | 62.9 | 94.9 | 201.1 | 15,074 | 8,767 | 6,502 | | SK Hynix | OW | 2,324,000 | 1,086.4 | 6.0 | 4.2 | 7.9 | 5.6 | 5.1 | 2.7 | 89.4% | 60.8% | 240.4% | 42.6% | 76.4% | 79.6 | 159.1 | 256.4 | 16,668 | 7,676 | 5,444 | | Kioxia | OW | 79,830 | 272.8 | 40.0 | 6.4 | 84.1 | 9.8 | 34.0 | 9.2 | 52.6% | 114.5% | 37.0% | 259.3% | 35.3% | 119.3 | 295.2 | 665.0 | 17,380 | 7,732 | 5,496 | | Nanya Tech | N | 402 | 44.2 | 6.8 | 5.4 | 8.7 | 7.2 | 4.0 | 2.6 | 20.2% | 14.5% | 300.5% | 28.6% | 68.9% | 86.5 | 56.7 | 108.3 | 1,962 | 1,048 | 845 | | Micron | OW | 1,064 | 1,200.0 | 13.4 | 8.1 | 17.9 | 10.2 | 10.2 | 5.2 | 70.5% | 62.7% | 196.3% | 63.6% | 71.7% | 96.3 | 180.3 | 272.8 | 53,669 | 26,647 | 19,415 | | Western Digital | OW | 563 | 194.1 | 38.1 | 22.1 | 56.8 | 32.5 | 19.5 | 14.0 | 58.3% | 60.6% | 35.1% | 37.2% | 36.2% | 30.5 | 124.7 | 226.9 | 3,454 | 2,919 | 2,578 | | Seagate | OW | 927 | 207.8 | 47.2 | 26.9 | 62.6 | 34.9 | 15.0 | 35.2 | 398.6% | 158.1% | 32.2% | 37.0% | 35.3% | 27.5 | 159.1 | 236.5 | 3,082 | 2,323 | 1,937 | | TSMC | OW | 2,420 | 1,997.8 | 16.0 | 12.7 | 24.6 | 19.7 | 8.3 | 6.4 | 38.0% | 36.5% | 36.3% | 26.6% | 57.3% | 13.3 | 25.1 | 56.1 | 4,335 | 2,890 | 2,458 | | GlobalFoundries | N | 85 | 46.4 | 17.8 | 14.9 | 44.2 | 33.3 | 3.8 | 3.5 | 8.3% | 10.2% | 7.0% | 10.8% | 16.7% | 30.3 | 79.2 | 142.3 | 803 | 310 | 249 | | UMC | N | 132 | 52.4 | 13.0 | 11.1 | 28.7 | 24.2 | 4.1 | 3.8 | 14.7% | 16.4% | 14.8% | 13.9% | 20.8% | 70.1 | 110.1 | 167.0 | 1,583 | 556 | 406 | | SMC | N | 84 | 105.1 | 21.2 | 17.8 | 44.2 | 33.3 | 3.8 | 3.5 | 4.7% | 5.8% | 23.0% | 18.0% | 11.6% | 18.7 | 34.5 | 17.8 | 2,001 | 894 | 734 | ### Relative Value Investment Thesis - **Memory Sector**: Memory remains a core long-term investment thesis in Korea, with strong momentum and long-term setup. SK Hynix, Samsung Electronics, and Kioxia are rated as OW. - **AI Hardware**: MLCC and substrate demand is expected to increase due to AI and EV growth. SEMCO and ISU Petasys are rated as OW, while Leeno and SKC are rated as N and UW, respectively. - **Cyclical Hardware**: LG Innotek (OW) and LG Display (N) are noted for their potential to benefit from improved iPhone EMS, but BOM cost pressures could impact margins. - **Battery/Materials**: SKC is rated as UW, while others like SEMCO and ISU Petasys are OW. - **Holdco**: Samsung C&T and SK Inc are rated as OW, while LG Corp is N. ## End Demand Estimates by Major Application | Application | 2026E (mn) | 2027E (mn) | Penetration (%) | |---------------------|-----------|-----------|------------------| | Smartphone | 1,215 | 1,183 | - | | AI Smartphone | 46 | 56 | 55% | | 5G | 840 | 880 | 69% | | OLED TV (W+QD) | 6.6 | 7.0 | 3.3% | | xEVs | 41.9 | 46.5 | - | | BEV | 15.2 | 17.4 | 27% | | BEV+PHEV mix | 27% | 29% | - | | Server | 15.6 | 18.9 | - | | AI Server | 2.9 | 4.3 | 19% | | PV | 196 | 198 | - | | Tablets | 108 | 102 | - | ## Key Takeaways - The tech cycle is expected to continue with a focus on memory and AI-driven demand. - Memory remains a core investment thesis in Korea, with strong fundamentals. - AI proliferation and EV growth are key drivers for MLCC and substrate demand. - Rising BOM costs may impact margins in cyclical hardware segments. - Semiconductor companies like TSMC and Micron are rated as OW, while others like GlobalFoundries and UMC are N. - Holdco companies like Samsung C&T and SK Inc are viewed positively for dividend income and asset value.