JP Morgan: Initiated coverage on Victory Giant Technology (02476) with an "overweight" rating, and a target price of 600 Hong Kong dollars.
Citi is optimistic about the growth of global PCB demand (especially high-end PCB), which is mainly benefiting from strong demand for artificial intelligence (AI) and significant growth in content value, as well as specification upgrades for high-performance computing.
JPMorgan released a research report stating that they have initiated coverage on Victory Giant Technology (02476) with a "overweight" investment rating, with a target price of 600 Hong Kong dollars by June of next year. JP Morgan is optimistic about the growth in global PCB (especially high-end PCB) demand, which is primarily driven by strong demand for artificial intelligence (AI) and significant content value growth, as well as specification upgrades for high-performance computing.
Victory Giant Technology is expected to be a major beneficiary of this growth, thanks to its competitive advantages in technology, large-scale production capacity, and long-term collaborations with global technology leaders. Since its listing in April 2026, Victory Giant Technology's stock price has risen by 61% (while the Hang Seng Index has fallen by 6%), currently trading at a 6% discount to its A shares.
The firm notes that market confidence in AI is strengthening, and they expect the company's profitability to accelerate in the long term, especially after the second half of 2026, which will further boost the stock price.
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