Global Memory Tech: Theme of the week: NAND surprise, Samsung labor strike, TCB sales miss

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Global Memory Tech: Theme of the week: NAND surprise, Samsung labor strike, TCB sales miss

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Global Memory Tech

Theme of the week: NAND surprise,

Samsung labor strike, TCB sales miss

Industry Overview

Kioxia’s guidance signals significantly strong NAND ASPs 16 May 2026

We were surprised by Kioxia’s more-than-doubled 1Q CY26 ASP QoQ, which was 20ppt Equity

higher than Korean chipmakers’ results (80%+/-). We believe Kioxia’s SSD sales increase Global

(including enterprise solutions) vs 4Q CY25 was one of the key contributors. Its 2Q CY26 Technology

sales guidance (+74.5% QoQ) also implies upbeat NAND ASP (~70% QoQ increase vs Simon Woo, CFA >>

consensus / our estimate: sub-50%). Taiwan-based NAND module maker, Phison Research Analyst

Electronics (8299 TT), also reported super-cycle-level April results (sales +237% YoY; Merrill+82 2 3707Lynch0554(Seoul)

pre-tax profit margin 45%; net profit margin 38%). Overall, we acknowledge high upside simon.woo@bofa.com

risk to our global NAND ASP forecasts (+34%/+9%/+3% QoQ in 2Q/3Q/4Q26) or even Dai Shen >>

Research Analyst

bullish camp’s view (e.g., TrendForce expects only 8-13% increase after 70-75% in 2Q). Merrill Lynch (Hong Kong)

dai.shen@bofa.com

Samsung labor strike may lead to stronger contract pricing Vivek Arya

Samsung Electronics is the No. 1 supplier of DRAM and NAND. Thus, its potential labor BofAS

strike should affect global memory chip supply. Since the labor union is targeting only an vivek.arya@bofa.com

18-day strike (21 May - 7 June) if special bonus payments (15% of OP) are not settled, Mikio Hirakawa >>

the actual impact may theoretically be not significant. However, it usually takes at least BofAS Japan

a few months to normalize fab operations after a full suspension.