PDF 原檔：報告_MS_面板報價9月下旬_20260921_original.pdf
圖片清單（已驗證 2026-09-24）
ingest 時建立的「眼見為憑」圖片索引，是 lib/ 嵌圖的唯一真相來源；嵌入時只從這裡挑分類為「真資料圖」的。本報告全數 11 張圖皆低於慣用 40KB 篩選門檻（19–63KB），因原文逐張標為 Exhibit 1–11（面板價格／稼動率／股價對比走勢圖），判斷為向量線圖壓縮後檔案偏小之真資料圖，故全數逐張 Read 核對，不套用預設略過規則。
| 檔名 | size | 分類 | 親眼所見內容 |
|---|---|---|---|
報告_MS_面板報價9月下旬_20260921_001.png |
22KB | 真資料圖 | Exhibit 1：TFT-LCD TV Panel Price Trends，32"/43"/55"/65"/75" 面板報價指數化折線圖，Jan-18 至 Jul-26 |
報告_MS_面板報價9月下旬_20260921_002.png |
27KB | 真資料圖 | Exhibit 4：IT Panel Price (QoQ)，Monitor／NB 面板價格 QoQ 長條圖，4Q20–3Q26E，3Q26E 以紅框標示 |
報告_MS_面板報價9月下旬_20260921_003.png |
20KB | 真資料圖 | Exhibit 3：TV Panel Price Trend (QoQ) 長條圖，4Q20–3Q26E，3Q26E 以紅框標示 |
報告_MS_面板報價9月下旬_20260921_004.png |
40KB | 真資料圖 | Exhibit 5：Industry Average Utilization at Display Fabs 折線圖，1Q18–3Q26E，稼動率約 65–93% 區間震盪，近期回升至約 85% |
報告_MS_面板報價9月下旬_20260921_005.png |
40KB | 真資料圖 | Exhibit 6：AUO Share Price vs. Panel Price，32" TV Open-Cell 美元報價（左軸）vs 友達股價 NT$（右軸）雙軸折線圖，Jan-10至Jul-26，友達股價近期急拉 |
報告_MS_面板報價9月下旬_20260921_006.png |
39KB | 真資料圖 | Exhibit 8：BOE Share Price vs. Panel Price，32" TV Open-Cell 美元報價 vs 京東方股價 Rmb 雙軸折線圖 |
報告_MS_面板報價9月下旬_20260921_007.png |
38KB | 真資料圖 | Exhibit 7：Innolux Share Price vs. Panel Price，32" TV Open-Cell 美元報價 vs 群創股價 NT$ 雙軸折線圖，群創股價近期急拉 |
報告_MS_面板報價9月下旬_20260921_008.png |
39KB | 真資料圖 | Exhibit 9：TCL Share Price vs. Panel Price，32" TV Open-Cell 美元報價 vs TCL 股價 Rmb 雙軸折線圖 |
報告_MS_面板報價9月下旬_20260921_009.png |
30KB | 真資料圖 | Exhibit 10：GLW Display Volumes vs. Utilization，「Panel Maker Utilization vs. GLW Display Volume (MSe) QoQ」長條圖，1Q15–1Q25E |
報告_MS_面板報價9月下旬_20260921_010.png |
32KB | 真資料圖 | Exhibit 11：GLW Display Revenue vs. Utilization；與 009 呈現同一張「Panel Maker Utilization vs. GLW Display Volume QoQ」長條圖，疑為抽圖重複（原文 Exhibit 10／11 應分別為 Volume／Revenue 版本，但兩張圖檔內容相同） |
報告_MS_面板報價9月下旬_20260921_011.png |
63KB | 真資料圖 | Disclosure 區塊 LG Display 股價與評等／目標價沿革圖：O／E／U 評等標記＋KRW 目標價階梯線（8,600–18,800）疊加股價走勢，Sep-2023至Sep-2026（非面板報價主題，屬法遵揭露附圖） |
原始內容
M Idea September 21, 2026 04:52 PM GMT
Greater China Technology Hardware | Asia Pacific
TFT-LCD Panel Prices for Sep26: TVs, Monitors and NBs Flat MoM
Chinese panel akers are planning to raise panel prices in the co ing onths to itigate the cost pressure, which we believe could find so e resistance a ong their brand custo ers. Glass opportunities in advanced packaging re ain the key reasons that ajor panel akers are trading at 1.5-2.0x P/B.
Key Takeaways
- Current valuation of 1.5- .0x P/B have already priced in the expectation of glass in advanced packaging from H 8.
- Nonetheless, the risk in commercialization and competition are worth monitoring.
TV panel prices stayed flat MoM in September: Mainstream 3 ", 43", 55", 65" and 75" TV panel prices all stood flat for the month of September, in line with our expectations. While the overall TV panel demand was lackluster, there is still some seasonal demand as brands are preparing for year-end promotions. Recently, the major Chinese panel makers have notified their customers of price hikes from September/October in order to mitigate increasing margin pressure caused by rising costs of various components, including driver ICs, glass substrates and PCB. Although major Chinese panel makers might leverage their annual maintenance of three to seven days during October 0 6 as a bargaining chip, we think it might take more negotiations with brand customers before they can really raise panel prices, since order momentum will slow down in the coming months. On a quarterly average basis, TV panel prices declined in the low-single-digits % QoQ in 3Q 6.
IT panel prices were flat MoM in September: Monitor and notebook panel prices stayed flat MoM during the month. Both applications continues to see slower demand in H 6 post the earlier restocking in 1H 6 amid concerns about increasing component costs. That said, panel makers are under cost pressure and reluctant to given more price concessions. On a quarterly average basis, we expect IT panel prices to remain flat QoQ in 3Q 6.
Risk/reward less attractive: We think that the current valuation of Taiwanese panel makers, AUO ( 409.TW) and Innolux (3481.TW) both at 1.7x P/B, has already baked in some expectations of glass in advanced packaging for revenue contribution in 0 8. However, some supply chain players think this might take longer, and there seem to be more suppliers from different supply chains vying for this opportunity. In China, while expectations are also building for the glass core substrate, we have a relative preference for BOE (0007 5.SZ; 1.5x P/B) over TCL (000100.SZ; 1.8x P/B), on its scale advantage and faster progress in glass core substrates.
Morgan Stanley Taiwan Limited+
Derrick Yang
Equity Analyst
D rrick.Yang@morganstanl y.com
+886 2 2730-2862
Morgan Stanley & Co. International plc+
Shawn Kim
Equity Analyst
+44 20 7677-1018
Morgan Stanley & Co. International plc, Seoul Branch+
Ryan Kim
Equity Analyst
+82 2 399-4939
Morgan Stanley Taiwan Limited+
Vivi Huang
R s arch Associat Vivi.Huang@morganstanl y.com
Morgan Stanley Asia Limited+
Andy Meng, CFA
Equity Analyst
+886 2 2730-2860
+852 2239-7689
Greater China Technology Hardware
| Asia Pacific Industry View | In-Line |
|---|---|
| S. Korea Technology | |
| Asia Pacific Industry View | Attr ctive |
Exhibit 1 : TFT-LCD TV Pan l Pric Tr nds
Source: Trendforce, Morgan Stanley Research
Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.
For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report.
= Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to FINRA restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.
M Idea
Pricing Chart
Exhibit 2: TFT-LCD Pan l Pric s - S pt mb r 2026
| Screen Size 75" Change (%) 65" Change (%) 55" Change (%) 32" Change (%) 23.8" Change (%) 14.0" WUXGA Change (%) 11.6" Change (%) | Format Resolution BLU 4K2K 3840x2160 Open-Cell 4K2K 3840x2160 Open-Cell 4K2K 3840x2160 Open-Cell HD 1366x768 Open-Cell FHD 1920x1080Edge-LED 1920x1200 Flat-LED HD 1366x768 Flat-LED | 1/1/2025 253 1.2% 184 1.1% 135 0.7% 35 2.9% 49.2 0.0% 42.10 0.0% 25.05 0.0% | 2/1/2025 256 1.2% 186 1.1% 136 0.7% 35.5 1.4% 49.2 0.0% 42.10 0.0% 25.05 0.0% | 3/1/2025 257 0.4% 187 0.5% 137 0.7% 36 1.4% 49.4 0.4% 42.10 0.0% 25.05 0.0% | 4/1/2025 257 0.0% 187 0.0% 137 0.0% 36 0.0% 49.7 0.6% 42.10 0.0% 25.05 0.0% | 5/1/2025 257 0.0% 187 0.0% 137 0.0% 36 0.0% 49.9 0.4% 42.10 0.0% 25.05 0.0% | 6/1/2025 256 -0.4% 186 -0.5% 136 -0.7% 36 0.0% 49.9 0.0% 42.10 0.0% 25.05 0.0% | 7/1/2025 253 -1.2% 183 -1.6% 134 -1.5% 35 -2.8% 49.9 0.0% 42.10 0.0% 25.05 0.0% | 8/1/2025 253 0.0% 183 0.0% 134 0.0% 35 0.0% 49.9 0.0% 42.10 0.0% 25.05 0.0% | 9/1/2025 253 0.0% 183 0.0% 134 0.0% 35 0.0% 49.9 0.0% 42.10 0.0% 25.05 0.0% | 10/1/2025 251 -0.8% 181 -1.1% 133 -0.7% 35 0.0% 49.9 0.0% 42.10 0.0% 25.05 0.0% | 11/1/2025 248 -1.2% 178 -1.7% 131 -1.5% 34 -2.9% 49.9 0.0% 42.00 -0.2% 25.05 0.0% | 12/1/2025 245 -1.2% 178 0.0% 131 0.0% 34 0.0% 49.9 0.0% 41.90 -0.2% 25.05 0.0% | 1/1/2026 245 0.0% 179 0.6% 132 0.8% 35 2.9% 49.9 0.0% 41.70 -0.5% 24.95 -0.4% | 2/1/2026 247 0.8% 182 1.7% 134 1.5% 36 2.9% 50.1 0.4% 41.50 -0.5% 24.85 -0.4% | 3/1/2026 250 1.2% 185 1.6% 136 1.5% 37 2.8% 50.4 0.6% 41.50 0.0% 24.85 0.0% | 4/1/2026 251 0.4% 187 1.1% 136 0.0% 37 0.0% 50.7 0.6% 41.50 0.0% 24.85 0.0% | 5/1/2026 251 0.0% 187 0.0% 136 0.0% 37 0.0% 50.9 0.4% 41.50 0.0% 24.85 0.0% | 6/1/2026 251 0.0% 187 0.0% 136 0.0% 37 0.0% 51 0.2% 41.50 0.0% 24.85 0.0% | 7/1/2026 248 -1.2% 184 -1.6% 134 -1.5% 36 -2.7% 51 0.0% 41.50 0.0% 24.85 0.0% | 8/1/2026 Sept-26 247 -0.4% 183 -0.5% 133 -0.7% 35 -2.8% 51 0.0% 41.50 0.0% 24.85 0.0% | (A) Sept-26 (E) Diff % 247 247 0.0% 0.0% 0.0% 183 0.0% 133 0.0% 35 0.0% 51 0.0% 41.50 0.0% 24.85 0.0% |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sourc : Tr ndForc , Morgan Stanl y R s arch Note: To be more consistent with the industry practice, WitsView changed the way it publishes panel price quotes in January 2025 It now only provides expectations of the fullmonth panel price outlook on the 5th of every month, instead of specific quotes for the first half of the month It will then provide finalized prices for the month on the 20th of every month, which will be similar to the original 2H panel pricing quotes M Idea
TV Panel Prices Trending Down from 3Q 6
TV panel prices started to edge up at the beginning of this year, rising 1% MoM in January, % MoM in February and % MoM in March. April, May and June were largely flat, while July was down % MoM, August was down 1% MoM, and September was flat MoM, in line with our expectation that TV panel prices would start trending down from 3Q 6. That said, we do not expect a significant decline as supply-side discipline should provide downside support.
Exhibit 4: IT Pan l Pric (QoQ)
Below-seasonal Panel Shipments in H 6
Over the past decade, TV panel shipments have typically been split 49%:51% between 1H and H. In 0 6, we expect the mix to skew toward 1H, as TV brands restocked ahead of major promotional events, including the Winter Olympics in February, the FIFA World Cup in June-July, and China's 618 shopping festival. We see no clear evidence that these events will materially boost global TV demand, but they have historically shifted shipment timing across quarters. As a result, we expect the restocking momentum seen since the start of the year to fade, with panel order momentum slowing in H 6.
Display Fab Utilization at ~85% in 3Q 6
Stronger TV panel shipments supported display fab utilization of ~80% in 4Q 4 and 8 % in 1Q 5. Utilization declined to 78% in Q 5 as brands adopted a more cautious stance following earlier pull-ins and as the impact of China's trade-in program moderated. Utilization rebounded to 80-85% in 3Q 5 as brands restocked for year-end promotions and remained at similar levels in 4Q 5 despite seasonal softness as well as in 1Q 6. Industry utilization stayed broadly flat QoQ, at 80-85% in Q 6, reflecting continued supply discipline, followed by a slight uptick in 3Q 6.
Over the medium to long term, we continue to believe the display industry is undergoing structural change. Chinese panel makers have shifted their focus from top-line growth to profitability, while lower government subsidies have reinforced supply discipline. We believe investors increasingly recognize that the industry's production-to-order model can remain sustainable, particularly as panel price cycles shortened to quarters in 0 3- 4 vs. multiyear cycles in the previous decade. Consolidation actions, including LG Display's sale of its Gen 8.5 Guangzhou fab to TCL and Sharp's closure of its Gen 10 Sakai fab, also
Exhibit 3: TV Pan l Pric Tr nd (QoQ)
TV Panel Price QoQ
Sourc : Tr ndforc , Morgan Stanl y R s arch (E) stimat s M Idea support a healthier supply backdrop (for more information, see Display - Structural Changes on Supply Side Not Fairly Priced In, June 17, 0 1).
Exhibit 5: Industry Av rag Utilization at Display Fabs
Sourc : WitsVi w, Morgan Stanl y R s arch (E) stimat s M Idea
Risk/Reward Fair After Recent Correction
We view risk-reward as broadly balanced following the recent correction in panel stocks. Below are our current views:
- UO (2409.TW, Derrick Yang): We rate AUO Equal-weight with a PT of NT $ 7.00, based on a 1.4x 0 6e P/B multiple. While we believe the current round of TV panel price increases is nearing an end, major panel makers should continue to demonstrate solid supply discipline, providing downside support. We appreciate AUO's efforts to diversify its business, but meaningful earnings contributions are likely to take time.
- BOE (000725.SZ, Derrick Yang): We prefer BOE due to its scale advantage, higher exposure to display and faster progress in glass core substrates. Our PT of Rmb9.30 is based on .5x 0 6e P/B, which we view as reasonable given our estimated ROE of 5-8% over 0 6- 8 compared with BOE's average P/B of 1.1x and ROE of -4% during 0 3- 5.
- Innolux (3481.TW, Derrick Yang): In semiconductors, our supply-chain checks suggest that Innolux is participating in a foundry customer's glass core substrate project. However, we do not expect meaningful contributions before 0 8, and additional competitors could enter as the industry moves toward mass production. We maintain our Equal-weight rating and PT of NT$60.00, based on a .1x 0 6e P/B multiple.
- LG Display (034220.KS, Ryan Kim): Meaningful OLED revenue contribution should increasingly improve earnings from H 5, but potentially weaker endmarkets keep us from turning bullish on LGD. The stock trades at 0.6x 0 6e P/B vs. a historical mid-cycle level of 0.5x.
- TCL (000100.SZ, Derrick Yang): We are EW with a price target of Rmb4.70 (1.7x 0 6e P/B). The stock is trading at 1.8x 0 6e P/B vs. its mid-cycle average of 1.4x since 0 .
- Greater China DDIC supply chain implications - Novatek (3034.TW, Daniel Yen): Our Underweight thesis reflects weaker PC, smartphone and automotive demand, gross margin pressure, and a lack of new growth drivers. That said, Novatek's OLED DDI roadmap appears more competitive than those of its key Korean peers in terms of both performance and cost, helping it gain share in Apple's iPhone supply chain.
M Idea
Exhibit 6: AUO Shar Pric vs. Pan l Pric
Sourc : Company data, WitsVi w, FactS t, Morgan Stanl y R s arch
Exhibit 8: BOE Shar Pric vs. Pan l Pric
Sourc : Company data, WitsVi w, FactS t. Morgan Stanl y R s arch
Exhibit 7: Innolux Shar Pric vs. Pan l Pric
Sourc : Company data, WitsVi w, FactS t, Morgan Stanl y R s arch
Exhibit 9: TCL Shar Pric vs. Pan l Pric
Sourc : Company data, WitsVi w, FactS t, Morgan Stanl y R s arch
Past performance is no guarantee of future results Results shown do not include transaction costs
Exhibit 10: GLW Display Volum s vs. Utilization
Exhibit 11: GLW Display R v nu vs. Utilization
Panel Maker Utilization vs. GLW Display Volume (MSe) -Q/Q
Sourc : Company data, WitsVi w, Morgan Stanl y R s arch stimat s
Sourc : Company data, WitsVi w, Morgan Stanl y R s arch stimat s M Idea
Where We Could Be Wrong
- Stronger end demand: If end demand for major applications turns out to be better than expected, there could be stronger panel shipments and less panel price pressure.
- More stringent output control: If major panel makers collectively adjust utilization to an extreme extent, they could mitigate pricing pressure in the case of softer demand.
- Non-commodity display business: If the non-commodity business progresses faster than expected, panel makers could show better financial results.
M Idea
INDUSTRY COVERAGE: Greater China Technology Hardware
| Company (Ticker) | Rating (As Of) | Price* (09/21/2026) |
|---|---|---|
| Andy Meng, CFA | ||
| AAC Technologies Holdings (2018.HK) | O (01/29/2024) | HK$40.28 |
| Accelink Technologies Co. Ltd. (002281.SZ) | U (05/12/2022) | Rmb193.76 |
| BYD Electronics (0285.HK) | O (04/28/2023) | HK$23.52 |
| China TransInfo Technology Co Ltd (002373.SZ) | E (07/18/2023) | Rmb7.42 |
| Dahua Technology Co. Ltd. (002236.SZ) | E (12/12/2024) | Rmb15.82 |
| Eoptolink Technology Inc Ltd (300502.SZ) | O (02/27/2026) | Rmb456.73 |
| Genius Electronic Optical Co. Ltd. (3406.TW) | U (09/10/2026) | NT$952.00 |
| GoerTek Inc (002241.SZ) | E (08/14/2026) | Rmb23.80 |
| Gosuncn Technology Group Co Ltd (300098.SZ) | U (11/07/2022) | Rmb4.38 |
| HIKVision Digital Technology (002415.SZ) | E (12/12/2024) | Rmb32.58 |
| Largan Precision (3008.TW) | E (09/10/2026) | NT$6,400.00 |
| LianChuang Electronic Technology Co Ltd (002036.SZ) | U (06/12/2024) | Rmb6.33 |
| Lingyi Itech Guangdong Co (002600.SZ) | U (04/23/2025) | Rmb12.54 |
| Lingyi Itech Guangdong Co (1688.HK) | O (08/14/2026) | HK$6.09 |
| Luxshare Precision Industry Co., Ltd. (2475.HK) | O (08/14/2026) | HK$59.00 |
| Luxshare Precision Industry Co., Ltd. (002475.SZ) | O (10/24/2016) | Rmb54.44 |
| OFILM Group Co Ltd (002456.SZ) | U (06/12/2024) | Rmb7.04 |
| Q Technology (Group) Company Ltd (1478.HK) | U (03/23/2026) | HK$5.37 |
M Idea M Idea Stock Ratings ar subj ct to chang . Pl as s lat st r s arch for ach company.
| Quectel Wireless Solutions Co Ltd (603236.SS) | E (10/09/2024) | Rmb73.72 |
|---|---|---|
| Shanghai Conant Optical Co Ltd (2276.HK) | O (04/10/2026) | HK$43.92 |
| Shenzhen Transsion Holdings Co Ltd (688036.SS) | E (03/23/2026) | Rmb54.45 |
| Sunny Optical (2382.HK) | E (03/23/2026) | HK$67.35 |
| Suzhou TFC Optical Communication Co Ltd. (300394.SZ) | E (11/06/2025) | Rmb279.26 |
| Wingtech Technology Co Ltd (600745.SS) | U (05/18/2026) | Rmb16.86 |
| Xiaomi Corp (1810.HK) | O (04/14/2021) | HK$27.58 |
| Yangtze Optical Fibre and Cable JSC Ltd (601869.SS) | U (10/13/2021) | Rmb458.99 |
| Yangtze Optical Fibre and Cable JSC Ltd (6869.HK) | O (07/15/2026) | HK$185.50 |
| Yongxin Optics Co Ltd (603297.SS) | E (11/15/2022) | Rmb115.02 |
| Zhejiang Crystal-Optech Co Ltd (002273.SZ) | O (11/15/2022) | Rmb25.61 |
| Zhongji Innolight Co Ltd (300308.SZ) | O (09/07/2026) | Rmb941.00 |
| Zhongji Innolight Co Ltd (3308.HK) | O (09/07/2026) | HK$1,250.00 |
| ZTE Corporation (0763.HK) | O (06/04/2026) | HK$23.54 |
| ZTE Corporation (000063.SZ) | E (06/04/2026) | Rmb33.15 |
| Derrick Yang | ||
| Accton Technology Corporation (2345.TW) | O (06/06/2024) | NT$1,840.00 |
| Advantech (2395.TW) | O (01/20/2021) | NT$706.00 |
| AirTAC International (1590.TW) | O (04/16/2025) | NT$1,240.00 |
| Asia Vital Components Co. Ltd. (3017.TW) | O (07/30/2024) | NT$3,415.00 |
| AU Optronics (2409.TW) | E (02/10/2026) | NT$33.35 |
| Auras Technology Co Ltd (3324.TWO) | E (05/04/2023) | NT$1,520.00 |
| Bizlink (3665.TW) | O (03/10/2025) | NT$2,300.00 |
| BOE Technology (000725.SZ) | O (09/06/2019) | Rmb6.07 |
| Chenbro (8210.TW) | O (07/23/2025) | NT$900.00 |
| Chroma Ate Inc. (2360.TW) | O (10/05/2021) | NT$2,375.00 |
| Delta Electronics Inc. (2308.TW) | O (07/13/2017) | NT$1,875.00 |
| E Ink Holdings Inc. (8069.TWO) | E (08/10/2026) | NT$144.50 |
| Ennostar Inc (3714.TW) | U (09/23/2022) | NT$68.80 |
| Fositek Corp (6805.TW) | O (06/25/2025) | NT$2,415.00 |
| Hiwin Technologies Corp. (2049.TW) | O (03/30/2026) | NT$334.00 |
| Innolux (3481.TW) | E (04/07/2025) | NT$50.40 |
| King Slide Works Co. Ltd. (2059.TW) | O (11/08/2023) | NT$12,800.00 |
| Lens Technology (300433.SZ) | E (07/22/2020) | Rmb34.83 |
| Lite-On Technology (2301.TW) | E (01/15/2025) | NT$288.50 |
| TCL Corp. (000100.SZ) | E (04/07/2025) | Rmb5.08 |
| Tianma Microelectronics (000050.SZ) | U (01/24/2018) | Rmb6.72 |
| Wuhan Jingce Electronic Group Co Ltd (300567.SZ) | E (11/26/2021) | Rmb214.60 |
| Howard Kao | ||
| Acer Inc. (2353.TW) | U (04/23/2025) | NT$32.15 |
| Asustek Computer Inc. (2357.TW) | U (11/16/2025) | NT$946.00 |
| Catcher Technology (2474.TW) | U (11/17/2025) | NT$211.00 |
| Compal Electronics (2324.TW) | U (04/23/2025) | NT$37.60 |
| Elite Material Co. (2383.TW) | O (09/14/2026) | NT$4,895.00 |
| FIT Hon Teng Ltd (6088.HK) | O (11/03/2025) | HK$5.41 |
| Foxconn Industrial Internet Co. Ltd. (601138.SS) | O (07/10/2019) | Rmb63.60 |
| Giga-Byte Technology Co. Ltd. (2376.TW) | E (11/16/2025) | NT$368.00 |
| Gold Circuit Electronics Ltd. (2368.TW) | O (10/06/2022) | NT$1,045.00 |
| Hon Hai Precision (2317.TW) | O (03/15/2024) | NT$250.00 |
| Inspur Electronic Information (000977.SZ) Kingboard Laminates Holdings Ltd. (1888.HK) | E (08/28/2023) O (09/14/2026) | Rmb71.85 HK$48.76 |
| LandMark Optoelectronics Corporation (3081.TWO) | E (03/26/2026) | NT$2,875.00 |
| Lenovo (0992.HK) | O (07/10/2026) | HK$35.74 |
| Lotes Co. Ltd. (3533.TW) | E (05/12/2025) | NT$1,590.00 |
| Nan Ya PCB (8046.TW) | O (02/23/2026) | NT$1,060.00 |
| Pegatron Corporation (4938.TW) | E (03/25/2026) | NT$90.80 |
|---|---|---|
| Quanta Computer Inc. (2382.TW) | O (05/01/2023) | NT$344.50 |
| Shengyi Technology Co Ltd. (600183.SS) | E (05/26/2022) | Rmb146.27 |
| Shennan Circuits Co Ltd (002916.SZ) | E (08/24/2023) | Rmb395.02 |
| Unimicron (3037.TW) | O (02/23/2026) | NT$1,020.00 |
| Visual Photonics Epitaxy Co Ltd (2455.TW) | E (09/11/2023) | NT$572.00 |
| Wistron Corporation (3231.TW) | O (07/12/2023) | NT$186.50 |
| Wiwynn Corp (6669.TW) | O (11/10/2025) | NT$2,150.00 |
| Yageo Corp. (2327.TW) | O (10/28/2025) | NT$557.00 |
| Zhen Ding (4958.TW) | ++ | NT$470.00 |
| Irene Yen | ||
| Co-Tech Development Corp. (8358.TWO) | O (09/14/2026) | NT$491.50 |
| Taiwan Union Technology Corporation (6274.TWO) | O (09/14/2026) | NT$1,435.00 |
- Historical pric s ar not split adjust d.
INDUSTRY COVERAGE: S Korea Technology
| Company (Ticker) | Rating (As Of) | Price* (09/21/2026) |
|---|---|---|
| Ryan Kim | ||
| Fadu Inc (440110.KQ) | O (09/21/2025) | W65,500 |
| Hanmi Semiconductor Co. Ltd. (042700.KS) | E (07/22/2026) | W236,500 |
| HD Hyundai Electric Co Ltd (267260.KS) | O (03/25/2025) | W714,000 |
| Isu Petasys Co. Ltd. (007660.KS) | O (02/03/2025) | W110,300 |
| Leeno Industrial Inc. (058470.KQ) | O (04/03/2025) | W69,800 |
| LG Display (034220.KS) | E (06/11/2025) | W8,520 |
| LG Electronics (066570.KS) | O (08/11/2026) | W202,500 |
| LG Innotek (011070.KS) | O (08/11/2026) | W519,000 |
| Lotte Energy Materials Corp (020150.KS) | U (04/03/2025) | W41,400 |
| LS Electric (010120.KS) | O (01/22/2026) | W209,000 |
| SK Square Co Ltd. (402340.KS) | O (05/06/2026) | W1,127,000 |
| Wonik IPS Co Ltd (240810.KQ) | O (08/08/2025) | W129,000 |
| Shawn Kim | ||
| Samsung Electro-Mechanics (009150.KS) | O (07/31/2025) | W1,429,000 |
| Samsung Electronics (005935.KS) | O (11/18/2019) | W208,000 |
| Samsung Electronics (005930.KS) | O (11/18/2019) | W274,000 |
| SK hynix (000660.KS) | O (09/21/2025) | W1,868,000 |
Stock Ratings ar subj ct to chang . Pl as s lat st r s arch for ach company.
- Historical pric s ar not split adjust d.
INDUSTRY COVERAGE: Telecom & Networking Equipment
| Company (Ticker) | Rating (As Of) | Price* (09/18/2026) |
|---|---|---|
| Meta A Marshall | ||
| Arista Networks (ANET.N) | O (10/31/2023) | US$199.39 |
| Axon Enterprise Inc (AXON.O) | O (12/03/2024) | US$447.76 |
| Ciena Corporation (CIEN.N) | E (10/10/2025) | US$348.80 |
| Cisco Systems Inc (CSCO.O) | O (04/08/2024) | US$109.51 |
| Coherent Corp (COHR.N) | E (12/13/2023) | US$317.36 |
| Corning Inc (GLW.N) | E (06/13/2024) | US$150.13 |
| F5 Inc (FFIV.O) | E (04/12/2022) | US$432.03 |
| Keysight Technologies Inc (KEYS.N) | O (07/13/2026) | US$335.00 |
| Lumentum Holdings Inc (LITE.O) | E (05/12/2021) | US$930.91 |
| Motorola Solutions Inc (MSI.N) | O (12/17/2025) | US$458.67 |
| Zebra Technologies Corporation (ZBRA.O) | E (12/02/2024) | US$346.63 |
M Idea
Stock Ratings ar subj ct to chang . Pl as s lat st r s arch for ach company.
- Historical pric s ar not split adjust d.
INDUSTRY COVERAGE: Greater China Technology Semiconductors
| Company (Ticker) | Rating (As Of) | Price* (09/21/2026) |
|---|---|---|
| Charlie Chan | ||
| Advanced Wireless Semiconductor Co (8086.TWO) | U (07/14/2025) | NT$109.50 |
| Alchip Technologies Ltd (3661.TW) | O (05/14/2021) | NT$3,665.00 |
| ASE Technology Holding Co. Ltd. (3711.TW) | O (09/15/2024) | NT$663.00 |
| Cambricon Technology Corporation (688256.SS) | O (04/27/2026) | Rmb1,112.77 |
| CXMT Corp (688825.SS) | O (08/26/2026) | Rmb56.88 |
| Global Unichip Corp (3443.TW) | O (06/24/2026) | NT$7,615.00 |
| GlobalWafers Co Ltd (6488.TWO) | E (05/19/2026) | NT$931.00 |
| Gudeng Precision (3680.TWO) | O (11/25/2025) | NT$548.00 |
| Hua Hong Semiconductor Ltd (1347.HK) | E (03/12/2026) | HK$115.50 |
| Iluvatar CoreX Semiconductor Co., Ltd. (9903.HK) | O (04/27/2026) | HK$135.10 |
| King Yuan Electronics Co Ltd (2449.TW) | O (03/03/2023) | NT$301.50 |
| MediaTek (2454.TW) | O (11/28/2025) | NT$5,010.00 |
| MetaX Integrated Circuits (688802.SS) | E (04/27/2026) | Rmb564.00 |
| Nanya Technology Corp. (2408.TW) | O (05/28/2026) | NT$516.00 |
| OmniVision Integrated Circuits Group Inc (603501.SS) | E (11/17/2025) | Rmb80.78 |
| Phison Electronics Corp (8299.TWO) | E (02/25/2026) | NT$2,150.00 |
| SG Micro Corp. (300661.SZ) | E (11/03/2025) | Rmb122.61 |
| Silergy Corp. (6415.TW) | U (05/19/2026) | NT$427.50 |
| SMIC (0981.HK) | O (10/21/2025) | HK$65.60 |
| TSMC (2330.TW) | O (02/07/2022) | NT$2,480.00 |
| UMC (2303.TW) | O (05/19/2026) | NT$157.00 |
| Vanguard International Semiconductor (5347.TWO) | E (01/14/2026) | NT$172.00 |
| WIN Semiconductors Corp (3105.TWO) | U (07/14/2025) | NT$490.50 |
| Daisy Dai, CFA | ||
| ASMPT Ltd (0522.HK) | O (07/24/2025) | HK$167.40 |
| China Resources Microelectronics Limited (688396.SS) | U (03/02/2026) | Rmb61.50 |
| Empyrean Technology Co Ltd (301269.SZ) | E (01/17/2025) | Rmb89.39 |
| Hangzhou Silan Microelectronics Co. Ltd. (600460.SS) | U (08/25/2025) | Rmb33.27 |
| Hygon Information Technology Co., Ltd. (688041.SS) | O (07/03/2026) | Rmb246.45 |
| Innoscience (2577.HK) | E (10/13/2025) | HK$44.88 |
| JCET Group Co Ltd (600584.SS) | O (09/16/2026) | Rmb72.22 |
| Shanghai Fudan Microelectronics (1385.HK) | O (03/07/2025) | HK$27.16 |
| SICC Co Ltd (688234.SS) | O (03/20/2026) | Rmb106.38 |
| SJ Semiconductor Corp (688820.SS) | E (09/16/2026) | Rmb139.20 |
| StarPower Semiconductor Ltd (603290.SS) | E (05/14/2026) | Rmb87.80 |
| Unigroup Guoxin Microelectronics Co Ltd (002049.SZ) | U (01/10/2023) | Rmb61.37 |
| Universal Scientific Ind. (Shanghai) (601231.SS) | O (11/05/2025) | Rmb26.52 |
| Yangjie Technology (300373.SZ) | O (06/10/2022) | Rmb93.13 |
| Daniel Yen, CFA | ||
| AP Memory Technology Corp (6531.TW) | O (07/11/2025) | NT$948.00 |
| ASMedia Technology Inc (5269.TW) | U (10/03/2025) | NT$1,475.00 |
| Aspeed Technology (5274.TWO) | O (06/09/2025) | NT$19,820.00 |
| Egis Technology Inc (6462.TWO) | E (01/28/2026) | NT$98.70 |
| Elan Microelectronics Corp (2458.TW) | O (10/03/2025) | NT$130.50 |
| eMemory Technology Inc (3529.TWO) | O (08/18/2026) | NT$2,830.00 |
| Espressif Systems (688018.SS) | O (05/15/2023) | Rmb112.30 |
| GigaDevice Semiconductor Beijing Inc (603986.SS) | O (05/15/2025) | Rmb391.71 |
| Macronix International Co Ltd (2337.TW) | O (09/18/2025) | NT$120.00 |
M Idea
| Montage Technology Co Ltd (6809.HK) | O (03/18/2026) | HK$286.40 |
|---|---|---|
| Montage Technology Co Ltd (688008.SS) | O (03/18/2026) | Rmb210.10 |
| Novatek (3034.TW) | U (02/04/2026) | NT$548.00 |
| Nuvoton Technology Corporation (4919.TW) | U (11/10/2025) | NT$125.50 |
| Parade Technologies Ltd (4966.TWO) | O (05/27/2026) | NT$567.00 |
| Powerchip Semiconductor Manufacturing Co (6770.TW) | O (10/27/2025) | NT$72.70 |
| Realtek Semiconductor (2379.TW) | E (01/30/2026) | NT$740.00 |
| Shenzhen Goodix Technology Co Ltd (603160.SS) | U (07/14/2025) | Rmb53.16 |
| Winbond Electronics Corp (2344.TW) | O (05/28/2026) | NT$174.00 |
| WPG Holdings (3702.TW) | O (03/16/2026) | NT$114.00 |
| WT Microelectronics Co. Ltd. (3036.TW) | O (01/27/2026) | NT$206.50 |
| Duan iu | ||
| Dosilicon Co Ltd (688110.SS) | U (09/06/2024) | Rmb120.51 |
| Shenzhen Longsys Electronics Co Ltd (301308.SZ) | E (02/25/2026) | Rmb347.79 |
| Henry Zhao | ||
| ACM Research Inc (ACMR.O) | O (03/07/2023) | US$68.51 |
| Advanced Micro-Fabrication Equipment Inc (688012.SS) | O (11/06/2023) | Rmb353.55 |
| Maxscend Microelectronics Co Ltd (300782.SZ) | U (01/11/2021) | Rmb76.34 |
| NAURA Technology Group Co Ltd (002371.SZ) | O (11/06/2023) | Rmb676.61 |
| Tiffany Yeh | ||
| AllRing Tech Co. (6187.TWO) | O (09/23/2025) | NT$1,235.00 |
| FOCI Fiber Optic Communications Inc (3363.TWO) | O (01/15/2025) | NT$661.00 |
| Himax Technologies Inc (HIMX.O) | E (02/04/2026) | US$14.02 |
| Hon Precision (7769.TW) | O (04/17/2026) | NT$6,000.00 |
| MPI Corporation (6223.TWO) | O (04/17/2026) | NT$5,495.00 |
| Silicon Motion (SIMO.O) | O (05/06/2024) | US$272.11 |
| WinWay Technology Co Ltd (6515.TW) | O (04/17/2026) | NT$5,795.00 |
Stock Ratings ar subj ct to chang . Pl as s lat st r s arch for ach company.
- Historical pric s ar not split adjust d.