BofA: Hong Kong roadshow focused on the AMD server chain and tight ABF/CCL supply

Overview

This is a Taiwan technology sector research report centered on investor feedback collected by BofA during its marketing trip in Hong Kong. The report focuses on beneficiaries of the AMD server supply chain, valuation versus earnings visibility for test interface companies, relative preferences among ABF substrates/PCB/CCL, supply shortage dynamics, and the relative view on PC fabless companies ASMedia and Parade.

Core views

The report's core views include: first, the AMD server supply chain and stronger server CPU demand are the areas investors care about most; second, although test interface companies face valuation concerns, their share prices may still benefit if they continue to meet or exceed earnings expectations; third, among hardware materials and board-related segments, ABF substrates and high-end CCL are more attractive than PCB; fourth, test interfaces and power semiconductors have longer lead times, indicating intensifying supply tightness; fifth, within PC fabless, the authors relatively prefer ASMedia over Parade.

Analysis framework

The report uses an investor roadshow feedback synthesis approach, classifying questions from about 30 investors by demand, valuation, supply tightness, subsector ranking, and supply chain entry timing, then combining this with exposure analysis of the Taiwan technology supply chain to identify potential beneficiaries.

Methodology notes

• Channel and investor feedbackHong Kong investor marketing feedback

  Summarizing roadshow Q&A into the market's top concerns

  Based on exchanges with about 30 investors in Hong Kong from May 18 to 21, the report summarizes five core issue areas: server chain, valuations, hardware ranking, supply shortages, and PC fabless.

• Supply chain mappingIdentification of AMD server supply chain beneficiaries

  Finding beneficiary companies based on exposure to server controllers, probe cards, substrates, and materials

  The authors specifically name Aspeed, MPI, TUC, Unimicron, NYPCB, and Kinsus because these companies have high relevance to the AMD server chain or stronger server CPU demand.

• Supply-demand analysisAssessing supply tightness and lead times

  Identifying tighter segments through the persistence of supply shortages and product lead times

  The report believes supply constraints are more evident in ABF substrates, high-end CCL, test interfaces, and power semiconductors, with test interfaces and power semiconductors highlighted in particular due to longer lead times.

• Valuation and earningsEarnings delivery framework after valuation re-rating

  Using future earnings delivery or upside surprises to assess whether high valuations can persist

  For test interface companies such as MPI and WinWay, whose shares have performed strongly, the authors believe that even without further multiple re-rating, earnings visibility and the rolling valuation base may continue to act as catalysts for share prices.

Asset mapping & comparison

Structured mapping from thesis to named assets (strengths, weaknesses, peers, risks).

• AMD.US / ADVANCED MICRO DEVICES INC

  The demand anchor of the report; investors are looking for beneficiaries around the AMD server supply chain and stronger server CPU demand.

  Strengths

  Stronger server CPU demand can drive demand for controllers, probe cards, substrates, and related material supply chains.

  Weaknesses

  The report does not directly provide AMD's own rating, target price, or earnings forecast.

  Comparison

  Compared with the PC fabless topic, the AMD server chain is the primary focus of investor questions.

  Risks

  If server CPU demand falls short of expectations, downstream supply chain order visibility may decline.

• Aspeed

  Listed as one of the beneficiaries of the AMD server supply chain, mainly corresponding to server controller exposure.

  Strengths

  Stronger server platform demand may bring higher business relevance and order visibility.

  Weaknesses

  The report does not provide specific earnings forecasts or valuation levels.

  Comparison

  Grouped with MPI, TUC, and substrate companies as higher-exposure beneficiaries.

  Risks

  Slower server demand or share shifts would weaken the beneficiary thesis.

• MPI / WinWay

  These are test interface-related companies and a key focus of investor discussion on valuation versus earnings growth.

  Strengths

  The report believes visibility is strong for meeting or exceeding earnings expectations over the next several quarters to years.

  Weaknesses

  The stocks have performed strongly in recent years and undergone re-rating, increasing valuation concerns.

  Comparison

  Compared with PCB, test interfaces are also identified by the report as an area with more obvious supply shortages.

  Risks

  If earnings delivery is insufficient, share price support from the rolling valuation base may weaken.

• ABF substrates / Unimicron / NYPCB / Kinsus

  The report identifies substrate companies as a key beneficiary direction both in the AMD server chain and in hardware subsector ranking.

  Strengths

  Supply tightness in ABF substrates is more persistent, and some companies have high exposure to the server chain.

  Weaknesses

  The report does not quantify benefit elasticity for each company individually.

  Comparison

  The authors are relatively more positive on substrates than on PCB.

  Risks

  If supply shortages ease or server demand weakens, earnings elasticity may come in below expectations.

• CCL / TUC

  TUC is named as a beneficiary related to the AMD server chain, and high-end CCL is listed as a more preferred hardware direction.

  Strengths

  High-end CCL is experiencing more persistent supply tightness, which may bring better pricing and earnings visibility.

  Weaknesses

  The report does not provide detailed orders, capacity, or a financial model.

  Comparison

  Together with ABF substrates, it is one of the authors' more constructive directions and is preferred over PCB in the report.

  Risks

  Improved high-end CCL supply or slower customer demand would weaken the scarcity premium.

• PCB

  One of the hardware subsectors discussed by investors when comparing ABF substrates, PCB, and CCL.

  Strengths

  It still falls within the scope of server and hardware supply chain discussions.

  Weaknesses

  The report believes the PCB competitive landscape is more fragmented and affected by CPO adoption.

  Comparison

  Compared with ABF substrates and high-end CCL, the authors are more cautious on PCB.

  Risks

  Faster CPO adoption could change the traditional PCB demand structure.

• ASMedia / Parade

  Within PC fabless, investors asked about preference between the two, and the report is relatively more positive on ASMedia.

  Strengths

  ASMedia has the higher relative preference, mainly because Parade would enter AMD camp-type ASIC supply chain business later.

  Weaknesses

  The report remains broadly conservative on PC fabless and does not provide a clear quantitative upward revision.

  Comparison

  ASMedia is preferred over Parade; Parade may not enter the relevant supply chain until 2H27 at the earliest.

  Risks

  PC demand, design-in timing, and progress in AMD camp business could all affect the judgment.

Key data

• Hong Kong marketing periodMay 18 to 21, 2026The report says marketing was conducted in Hong Kong during this period and investors were met.
• Number of investorsAbout 30This is the sample size for this round of feedback summary.
• Main text date clueMay 25, 2026The title page contains '25 May 2026'.
• Beneficiaries of the AMD server chainAspeed, MPI, TUC, Unimicron, NYPCB, KinsusThese companies were highlighted for their high exposure to server controllers, probe cards, substrates, or related materials.
• More preferred hardware subsectorsABF substrates and high-end CCLThe authors believe supply tightness or shortages in these areas will be more persistent.
• Relatively pressured hardware subsectorPCBThe main pressures come from a more fragmented competitive landscape and the impact of CPO adoption.
• Areas with more pronounced supply shortagesTest interfaces and power semiconductorsLonger lead times indicate tighter incremental supply.
• Relative PC fabless preferenceASMedia over ParadeThe authors believe Parade may not enter AMD camp-type ASIC supply chain business until 2H27 at the earliest.

Impact & implications

The report implies that companies in the Taiwan technology chain linked to AMD server CPU demand, ABF substrates, high-end CCL, test interfaces, and power semiconductors may benefit from demand visibility and supply tightness; however, re-rated names need continued earnings delivery to sustain performance. PCB and some PC fabless companies require more careful differentiation, as the competitive landscape, CPO substitution, and supply chain entry timing will affect the magnitude of benefit.

Risks

• Valuations have already risen alongside strong share price performance and re-rating over the past several years; if earnings cannot continue to meet or exceed expectations, share price catalysts may weaken.
• If stronger server CPU demand and spillover from the AMD supply chain come in below expectations, the degree of benefit for Aspeed, MPI, TUC, and substrate-related companies may decline.
• If supply tightness in ABF substrates, high-end CCL, test interfaces, and power semiconductors eases, pricing and earnings elasticity may come in below expectations.
• The PCB industry's competitive landscape is fragmented, and CPO adoption may weaken part of traditional PCB demand.
• There is uncertainty around the timing of Parade's entry into AMD camp-type ASIC supply chain business; the report believes the earliest timing is 2H27.
• The report is a summary of investor feedback and industry views, and does not provide a full financial model, target price, or single-stock ratings.

What to watch

• Changes in AMD server CPU demand and order visibility across the server supply chain.
• Subsequent earnings delivery from Aspeed, MPI, WinWay, Unimicron, NYPCB, Kinsus, TUC, and others.
• Lead times and incremental capacity for ABF substrates, high-end CCL, test interfaces, and power semiconductors.
• The pace of CPO adoption and its impact on PCB demand structure.
• Design-in progress of ASMedia and Parade in PC fabless and AMD camp-related business.
• Whether share prices can still be driven by earnings upgrades after the valuation base rolls forward.