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2026-09-04 13:24:17 Nomura noted a divergence between global memory market fundamentals and share price performance. The broker maintained TP at KRW670,000 for Samsung Electronics (005930.KS) and KRW4.7 million for SK Hynix (000660.KS), while reiterating Buy ratings on both stocks. It believes robust demand driven by the positive cycle of artificial intelligence investment, coupled with limited supply expansion, will continue to support the industry's outlook. The broker said memory manufacturers continue to emphasize that severe supply shortages will persist. Newly signed long-term agreements (LTAs) are also expected to make the industry's business model more predictable and stable. Despite pressure from rising memory prices, customers have largely accepted unfavorable terms and have been forced to lower memory capacity per device or cut overall hardware production due to insufficient quotas. The broker believes that even with aggressive capacity expansion by Chinese manufacturers, overall room for industry capacity growth through 2028 will remain limited. Although memory stocks have rebounded after falling about 50% from their peaks, they are still around 37% below their highs. Based on the broker's estimates, the sector's forecast average price-to-earnings ratio for 2027 is only about 3x.(ad/da)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |