Meritz Securities: According to our channel checks, Japan’s Ajinomoto has recently informed customers that, due to an acute supply shortage, it will prioritize allocations for AI and high-end applications. As of 2Q26, its ABF film production lines are already operating at full capacity, while meaningful contributions from new capacity additions will take considerable time to materialize, leaving limited scope to expand supply in the near term. Consequently, limited ABF film volumes are expected to be allocated primarily to key AI customers and high-end products, further concentrating supply among leading substrate manufacturers with proven mass-production track records and stable yields in high-end ABF substrates. This could strengthen the leading players’ bargaining power within the supply chain and provide greater scope for price increases. Ajinomoto’s allocation strategy prioritizing AI and high-end demand is therefore expected to further widen the gap between leading and lagging players.