KIOXIA Holdings (285A) Multiple re-rating catalysts, raise our price target to ¥155,000

Research evidence excerpt

KIOXIA Holdings (285A) Multiple re-rating catalysts, raise our price target to ¥155,000

J P M O R G A N Asia Pacific Equity Research

19 June 2026

KIOXIA Holdings (285A) Overweight

285A.T, 285A JP

Multiple re-rating catalysts, raise our price target to Price (19 Jun 26):¥108,600

¥155,000 ▲Price Target (Dec-26):¥155,000 Prior (Dec-26):¥80,000

We continue to remain bullish on Kioxia’s medium- to long-term growth trajectory

and competitive positioning. With the pressure on supply-demand from the stake Japan Equity Research

sale by a major shareholder receding, we see multiple new catalysts (LTA, Technology - Semiconductor/

shareholder returns, and software solutions) arising and leading to a rise in Technical Materials

valuations. Furthermore, the company’s presence in the NAND market will likely AC Mio Shikanai

be enhanced by a higher ratio of BiCS8/10 leading to further reductions in bit costs (81-3) 6736 1313

and by the emergence of super high IOPS SSDs. After revising up our FY2026-28 mio.shikanai@jpmorgan.com

EPS estimates by 8-11% (9-41% ahead of the Bloomberg consensus estimates JPMorgan Securities Japan Co., Ltd.

through the forecasting period), we raise our December 2026 price target to Jay Kwon AC

¥155,000 from ¥80,000, and we recommend investors accumulate the company’s (82-2) 758-5725

shares. jay.h.kwon@jpmorgan.com

J.P. Morgan Securities (Far East) Limited, Seoul

Branch

• Increase in valuations in sight, with focus on rise in LTA mix and upside Sangsik Lee

for shareholder returns: Following Bain Capital’s recent divestment, we (82-2) 758 5146

think the risk of supply-demand worsening due to stake sales by major sangsik.lee@jpmorgan.com

shareholders is now much lower than in the past. Furthermore, Kioxia also J.P. Morgan Securities (Far East) Limited, Seoul