CITI'S TAKE KBL announced it raised ASP of 15% on FR4 CCL, 10% on CEM CCL, 15% on prepreg. More significantly, KBL started to inflate value-added profit margin of copper foil at Rmb 5 / kg at 1.5oz and Rmb8 / kg at 2oz, which implies over 25% price inflation. In view of higher-than-expected inflation, we raise our earnings estimates by 11-12% during 2026-28E and lift our TP to HK$130 (from HK$120). We think the recent stock correction is dragged by 1) market rotation away from expensive AI hardware into non ...

Point | The Global Point Tuesday, 07 July 2026 Asia | CEEMEA | Western Europe | Key Rating and Target Price Changes Asia Taiwan Semiconductors - Mediatek and GUC riding on Google; Alchip more back-end loaded and capacity allocation is key Investors have been optimistic about AI ASIC surpassing GPU in AI computing since last year, yet due to a more fragmented supply chain and tight component/material supply, such as wafer foundry, advanced packaging, HBM and ABF, we expect Taiwanese design service companies ...