Greater China Semiconductors: Old Memory: Upside Surprise Ahead

Research evidence excerpt

Greater China Semiconductors: Old Memory: Upside Surprise Ahead

Idea

May 28, 2026 08:00 AM GMT

Morgan Stanley Taiwan Limited+MGreater China Semiconductors | Asia Pacific Daniel Yen, CFA

Equity Analyst

Old Memory: Upside Surprise Daniel.Yen@morganstanley.comCharlie Chan +886 2 2730-2863

Charlie.Chan@morganstanley.com +886 2 2730-1725

Ahead Morgan Stanley Asia Limited+

Daisy Dai, CFA

We think wider supply/demand will boost earnings. SLC NAND Equity Analyst

Daisy.Dai@morganstanley.com +852 2848-7310

and Si Cap should offer re-rating potential. We upgrade

Morgan Stanley Taiwan Limited+

Winbond and Nanya to OW. Tiffany Yeh

Key Takeaways Tiffany.Yeh@morganstanley.com +886 2 7712-3032

Morgan Stanley Asia Limited+

We reduce our supply assumptions from Micron in the near term and for Hynix in

Ethan Jia

the next few quarters. Research Associate

Ethan.Jia@morganstanley.com +852 3963-2287

We believe DDR4 enterprise demand from both eSSD and datacenters is getting

stronger. Greater China Technology Semiconductors

Asia Pacific

Our DDR4 supply/demand model suggests a 19-20% gap for 2H26 vs. the prior Industry View Attractive

14%, and an 18-20% gap for 2027-28. What’s Changed

SiCap and SLC NAND (for servers) could be a potential re-rating factor. Nanya Technology Corp.

(2408.TW) From To

NOR is seeing more tightness on mature foundry shortages. Rating Equal-weight Overweight

Price Target NT$278.00 NT$380.00

We had been too conservative; supply/demand gap widening in 2H: We Winbond Electronics Corp

(2344.TW) From To

downgraded Winbond and Nanya in March 2026, citing a potentially narrowing Rating Equal-weight Overweight

supply/demand gap into 2H26 and moderating pricing hikes. We now believe the gap Price Target NT$100.00 NT$222.00

could widen into 2H.