J.P. Morgan Asia Technology Tracker 22 Jun 26 Powerchip Semiconductor Manufacturing Corp.; Transition Talks; KIOXIA Holdings (285A); Sony Group (6758) and More

研报英文原文证据摘录

J.P. Morgan Asia Technology Tracker 22 Jun 26 Powerchip Semiconductor Manufacturing Corp.; Transition Talks; KIOXIA Holdings (285A); Sony Group (6758) and More

Asia Pacific Equity Research AC Asia Pacific Equity Research

22 June 2026 J P M O R G A N

aprr.publications@jpmorgan.com

Japan Reports/Notes

KIOXIA Holdings (285A) (Overweight), Japan

Multiple re-rating catalysts, raise our price target to ¥155,000 (Mio Shikanai / Jay Kwon)

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 sale by a major shareholder receding, we

see multiple new catalysts (LTA, shareholder returns, and software solutions) arising and leading to a rise in

valuations. Furthermore, the company’s presence in the NAND market will likely be enhanced by a higher

ratio of BiCS8/10 leading to further reductions in bit costs and by the emergence of super high IOPS SSDs.

After revising up our FY2026-28 EPS estimates by 8-11% (9-41% ahead of the Bloomberg consensus

estimates through the forecasting period), we raise our December 2026 price target to ¥155,000 from

¥80,000, and we recommend investors accumulate the company’s shares.

Sony Group (6758) (Overweight), Japan

Model update: Raising earnings estimates and price target (Junya Ayada)

We revise our earnings forecasts, maintain our Overweight rating, and raise our price target through end-

2026 to ¥5,700 (from ¥5,300). We raise our forecasts, primarily for the game and network services (G&NS)

segment and the imaging and sensing solutions (I&SS) segment. The former is due to an increase in

recurring revenue, such as PlayStation (PS) Plus, and the latter to contributions from larger mobile sensors

and a revision of our depreciation forecasts.