KIOXIA (+) : Asia Technology Virtual Corporate Day Takeaways

研报英文原文证据摘录

KIOXIA (+) : Asia Technology Virtual Corporate Day Takeaways

EQUITIES

IT HARDWARE

KIOXIA OUTPERFORMPRICE* JPY62,460  TARGET PRICE JPY66,600 (UPSIDE 7%)

FLASH NOTE

Asia Technology Virtual Corporate Day Takeaways

26 MAY 2026 Securities Research Report Production time: 12:31* (London time)

Research Analyst & Publishing Entities

Alex Chang BNP Paribas Securities (Asia) Limited +852 28251849 alex.q.chang@asia.bnpparibas.com

What happened?

We hosted a conference call with Kioxia management at our Asia Technology Virtual Corporate Day event. Key themes

discussed were:

Mar-26 quarter snapshot: The March quarter saw pricing jump more than 100% q-q, driven primarily by consumer

price catch-ups and strong data center demand. While overall bit growth fell c10%, data center eSSD experienced

growth.

Jun-26 quarter guidance: Quarterly guidance projects a 74% revenue increase, with prices rising 60-70% and mid-

single-digit volume growth. Fiscal year capital expenditure is forecast at JPY460bn, heavily weighted toward the second

half to fund equipment for technology migration.

Technology roadmap and capacity: Gigabyte capacity growth is driven entirely by technology migration rather than

new wafer additions. BiCS 8 crossed over BiCS 5 in March 2026 to become the primary product. Offering 2.6x higher

bit density. 100% of BiCS 8 production utilizes CBA (CMOS Directly Bonded to Array) technology. Kioxia aims to begin

BiCS 10 sampling by late 2026, offering 332 layers and 60% higher bit density than BiCS 8. A planned BiCS 9 will pair

new CMOS wafers with existing memory cells to efficiently serve AI edge devices without requiring unnecessary capex.

AI focused strategy: Kioxia maintains a clear strategic direction to shift its product portfolio toward data center and

enterprise clients.