Memory industry- Positive interpretation of Micron guidance, SCA information

研报英文原文证据摘录

Memory industry- Positive interpretation of Micron guidance, SCA information

Taiwan Equity | Memory

Event Analysis

Fubon Research Memory industry

June 25, 2026

Positive interpretation of Micron guidance, SCA information

Figure 1: Taiwan’s memory stocks

Company Ticker Fubon Rating Financial results, guidance exceed market expectations, SCA confirms customer

Winbond 2344 TT Buy investment intentions, positive interpretation

NTC 2408 TT Buy 1. F3Q26 revenue of US$41.5bn, GM of 85%, EPS of NT$24.7, all better than consensus,

Powertech 6239 TT Buy company guidance.

AP Memory* 6531 TT Neutral 2. F4Q26 guidance: revenue up 18-23% QoQ, GM of 86%, implying ASP climb of high

Phison 8299 TT Buy single digit.

Source: Fubon Research

3. SCAs cover 20% of DRAM and 33% of NAND output, with GM estimated at least

above 60%.

Conclusion, recommendation

Micron held its earnings call this morning. The stock closed at US$1,048.51, down 0.31%,

but surged 15.35% after-hours to NT$1,207.99, mainly due to positive guidance and SCA

contract announcements. Micron’s short-term share price has surged, but the positive

messages from the call provide support for the coming month. We believe the share price

should find support in the next month, though further upside is clearly limited by the tail

end of the price rally. In short, we believe Micron’s share price should remain elevated

post-earnings, while Taiwan memory stocks have lagged significantly behind Micron’s

gains. Therefore, we expect a catch-up rally in the next month, with our current top picks

being NTC (2408 TT), Winbond (2344 TT), and Phison (8299 TT), in that order.

F3Q26: DRAM price hike at 61~63%, NAND price increase at 84-86%, GM of 84.6%

On June 25 (Taipei time), Micron announced F3Q26 financial results (based on Micron’s