Earnings Takeaways - MTK (2454 TT) * 2Q26 revenue NT$152.2B (+2% QoQ, +1% YoY) was above guidance. * 2Q26 GM/EPS in line: 46.2% GM; EPS NT$15.28. * Smart Edge +19% QoQ, offsetting smartphone weakness. * 3Q26 guide: Revenue NT$152.2–159.8B (flat to +5% QoQ) better than recent broker’s -5% but inline with us * 3Q26 GM: 46.0% ±1.5%, inline. * Maintain Buy: TP NT$6,420 * ASIC guidance raised: 2026 from $2B to >$2B. * 2027 ASIC share target: Raised to 15–20% (from 10–15%). * We estimate Zebrafish shipments to be 2–3 months earlier than Sunfish * MTK’s Triggersfish to drive inference share gains with larger SRAM (4x 250MB) in 2028 * Reit SpaceX is the likely 2nd datacenter ASIC customer * We est. MTK’s Icefish is by now the only official v10 project. * Smartphone better than feared; 2nm SoC to drive share gains in Android’a Ultra models #MTK# #Mediatek#