KIOXIA Holdings: Japan Summit 2026 Feedback

研报英文原文证据摘录

KIOXIA Holdings: Japan Summit 2026 Feedback

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May 21, 2026 03:42 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MKIOXIA Holdings (285A) | Japan Kazuo Yoshikawa, CFA

Equity Analyst

Japan Summit 2026 Feedback Kazuo.Yoshikawa@morganstanleymufg.comHidetaka Suzuki +81 3 6836-8408

Research Associate

Hidetaka.Suzuki@morganstanleymufg.com +81 3 6836-8402

On May 21, we hosted a fireside chat session with KIOXIA

Holdings at our Japan Summit 2026.

Strategic technology priorities for FY3/27: In FY3/27, KIOXIA plans to focus on

ramping up production of BiCS-8, launching BiCS-10, expanding the CM series for KV

cache applications requiring high performance and high reliability, obtaining KIOXIA Holdings (285A.T, 285A JP)

certifications for the high-capacity QLC-based LC series (adoption in Dell servers Top Pick

was already announced in May), and shipping samples of Super High IOPS SSDs for Japan Semiconductors | Japan

a GPU vendor. Stock Rating Overweight

Industry View In-Line

Pricing trends: KIOXIA completed price negotiations with some customers early in Price target ¥70,000

Up/downside to price target (%) 26

the Dec-Q 2025, resulting in ASP growth in the low teens QoQ during the quarter, Shr price, close (May 21, 2026) ¥55,340

which was relatively modest compared with peers. However, ASP in the Mar-Q Mkt cap, curr, basic (bn) ¥30,220.4

Div yld (03/27e) (%) 2.9

increased by more than 100% QoQ, driven particularly by smart-device applications.

Fiscal Year Ending 03/26 03/27e 03/28e 03/29e

For the Jun-Q, KIOXIA guides for 75% QoQ revenue growth, consisting of a mid- Revenue, net (¥bn) 2,337.6 7,807.6 7,988.8 7,269.8

Operating profit (¥bn)* 870.4 6,102.9 6,113.0 5,256.4