UBS Taiwan Summit 2026 key takeaways: affirm bike recovery, AI capacity crunch lifts EPC

UBS hosted its Taiwan Summit 2026 non-tech day tour on 17 September, inviting Makalot, PCSC, Giant, TECO (1504 TT, not rated) and CTCI (9933 TT, not rated). On the consumer side, Giant expects e-bikes to grow 10-15% in the US and Europe in 2027, a recovery in China's high-end road bikes, and further gross margin expansion. Makalot benefits from its ability to fulfil higher-margin urgent, short-lead-time orders, supporting gross margin expansion in H226 and an order volume inflection in 2027. PCSC expects a favourable sales mix change plus monetisation of Open Point and consumption data services, though OPM expansion remains constrained by store openings and logistics-centre depreciation;