Korea Tech: Semiconductors — Memory Chips: Key Takeaways from Korea Memory Industry Expert Call

English summary

We held an online seminar with a Korea memory industry expert on July 28. Key takeaways: 1) DRAM prices will rise steadily this year, with significant upside for HBM next year; 2) Long-term supply agreements will create strong binding constraints; 3) Chinese memory companies pose limited threat in the short to medium term; 4) Capacity expansion is increasing, but bit growth is limited; 5) Hybrid bonding technology is expected to gradually roll out. We reiterate our Buy rating on Samsung Electronics. DRAM prices will rise steadily this year, with significant upside for HBM next year: The expert expects regular DRAM prices to see robust double-digit QoQ growth in Q3 2026, consistent with recent spot market strength. The expert also believes prices may record another double-digit QoQ increase in Q4 2026 due to persistent supply shortages. For HBM prices next year, the expert believes there is potential for prices to double, driven by regular DRAM price increases. …