Powerchip Semiconductor Manufacturing Corp.: Memory foundry pricing to drive strong GM uptick, new avenues for memory and logic growth; upgrade to OW
Report Coverage
- Broker
- JPMorgan
- Region
- Asia Pacific
- Sector
- Semiconductors
- Report Type
- Market Report
- Primary Focus
- We upgrade PSMC to OW, given 1) stronger memory Foundry ASP upgrades, 2) potential new collaboration on HBM packaging an
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Report Summary
We upgrade PSMC to OW, given 1) stronger memory Foundry ASP upgrades, 2) potential new collaboration on HBM packaging and DDR4 process with Micron, and 3) upside from Silicon capacitor Foundry opportunity in logic Foundry. In addition, we believe PSMC’s fundraising is behind us and the stock is likely to respond to GM uptick and new logic revenue growth drivers. We expect GMs to go from 10% in 1Q26 to 47% in YE27, given limited cost increases, strong ASP hikes in memory Foundry, price increases in logic Foundry and better YTD 1m 3m 12m utilization. We believe that PSMC’s ability to eventually migrate Abs 87.6% 19.7% 3.2% 365.2% is DDR4 process to sub-20nm nodes could als
Key Takeaways
- Stronger Memory Foundry price increases, following continued spot Jason Chen
- Memory portfolio strengthening with MU HBM outsourcing and Adj. EPS (NT$)
- Logic Foundry seeing price hikes and better utilization, PMIC and Si-cap
- Gross margins likely to see a very strong ramp in 2H26 and 2027, likely to reach
- GDR proceeds to help ramp HBM backend and DRAM process migration: PSMC
- Please note that the percentages may not add to 100% because of rounding.
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