JPMorgan: Asia Technology — Asian Investor Marketing Feedback on Memory/Korea Tech and Holdcos
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Key Views
Investors broadly agree memory fundamentals remain favorable over the next 12–24 months but flag concerns around crowded positioning and elevated volatility from ETF flows. The market appears to be transitioning from an "infrastructure build-out" phase to an "optimization" phase. Near-term sentiment may stay subdued until CSP earnings clarify the magnitude of capex revisions.
LTAs and HBM pricing dominated discussions. While investors show growing LTA optimism, most remain cautious. On HBM, the buy-side expects ASPs to double year-over-year, whereas JPMorgan models a more conservative 25–30% increase. HBM4E 12Hi is seen as mainstream versus 16Hi. DRAM tightness exceeds NAND, with the DRAM shortage likely persisting through 2028E. Korea's $3 trillion AI investment plan drew investor skepticism.
Recommended Securities
JPMorgan maintains Overweight ratings on Samsung Electronics (005930 KS, TP KRW 480,000), Kioxia (285A JP, TP JPY 155,000), Nanya Tech, SEMCO (009150 KS, TP KRW 2,400,000), ISU Petasys (007660 KS, TP KRW 185,000), and LG Innotek (011070 KS, TP KRW 1,100,000).
Key exhibits
Exhibit 1
