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Nomura on Greater China Power Semi: Broad Demand Recovery — Buy Panjit, SDI, Silergy, SG Micro, Vanguard

Posted on by Eben@CANSLIM Research
Eben@CANSLIM Research's avatarEben@CANSLIM Research

Nomura remains positive on Greater China power semiconductor coverage, arguing that a broad-based demand recovery across global integrated device manufacturers (IDMs) plus lengthening lead times and firm pricing will sustain the upcycle into 2027. The broker’s channel checks show select Schottky and switching diodes and low/high-voltage MOSFET lead times reaching 52 weeks in August 2026, versus 20 weeks a year earlier. Nomura’s Buy-rated names include Panjit (2481 TT), SDI (2351 TT), Silergy (6415 TT), SG Micro (300661 CH) and Vanguard (5347 TT).

Key Takeaways

  • Nomura’s coverage of 10 global power semi IDMs showed 2Q26 revenue growth of +11% q-q / +18% y-y, marking four consecutive quarters of year-on-year expansion since 3Q25.
  • Select IDMs guided 3Q26E revenue to +7% q-q / +17% y-y, with several raising prices on selected products effective 2H26E on rising material, foundry and backend costs.
  • Infineon (IFX GR, Not rated) lifted its AI datacenter revenue target to more than €1.6bn in FY26E and €2.5bn in FY27E, against €700mn in FY25.
  • STMicroelectronics (STM US, Not rated) guided datacenter and AI infrastructure revenue to USD1bn in 2026E and USD2bn in 2027E, up from a prior 2026E outlook of above USD500mn.
  • Nomura rates Panjit (2481 TT) Buy with a NT$214 target price and Vanguard (5347 TT) Buy with a NT$220 target price, citing auto and AI datacenter mix upgrades and mature-node foundry dynamics.

What Nomura’s “Greater China power semi” Report Says

In a report titled “Greater China power semi”, published 11 September 2026, Nomura’s Taiwan technology team — Kenny Chen, Aaron Jeng CFA, Donnie Teng and Eric Chen CFA — argues that two forces underpin the sector: a positive demand outlook across global IDMs, particularly fast-growing AI datacenter and infrastructure demand alongside specification upgrades driving auto semiconductor demand; and continued lengthening of delivery lead times with favourable pricing for power discretes, supported by healthy end demand, generally lean distributor inventories and near-term supply chain tightness.

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