Sandisk Corporation: F4Q26 preview: Supply/demand imbalance persists, pricing strong; PO to $2500

研报英文原文证据摘录

Sandisk Corporation: F4Q26 preview: Supply/demand imbalance persists, pricing strong; PO to $2500

attacharyaAnalyst

which we view as a win-win for the industry (customers get assured supply and some BofAS

+1 646 855 0315

level of lock-in on NAND price, while SNDK gets better visibility). ruplu.bhattacharya@bofa.com

NBMs provide long-term visibility AislingResearchGrueningerAnalyst

Some clients have expressed concern on long-term sustainability of memory demand if BofAS +1 646 855 4273

AI driven purchases are lower than expected. We like that fact that SNDK is locking-in an aisling.grueninger@bofa.com

increasing portion of its business under NBMs which offer visibility past F28. The NBMs Ryan Seungin Choi

have been structured so that gross margin can stay in the target range. Another concern Research Analyst BofAS

is the rapid ramp of China based competitor YMTC (Yangtze Memory Technologies Co. +1 646 743 0587

Ltd.) and impact on NAND pricing from additional supply coming into the market. ryan.choi2@bofa.com

However, we expect YMTC to focus on suppling customers in China.

Adjusting estimates; PO to $2500 Stock Data

Our F26 revenue/EPS move to $20.4bn/$68.89 from $20.3bn/$68.56. Our PO moves to

$2500 (from $2100) on 10x (unchanged) C27 EPS of $252 (prior $199). Price 2,273.73 USD

Price Objective 2,500.00 USD

Estimates (Jun) (US$) 2024A 2025A 2026E 2027E 2028E Date Established 30-Jun-2026

EPS 0 3.02 68.89 233.07 254.24 Investment Opinion C-1-9

EPS Change (YoY) NA NA NM 238.3% 9.1% 52-Week Range 40.10 USD - 2,354.39 USD

Consensus EPS (Bloomberg) 65.69 194.76 209.23 Mrkt Val (mn) / Shares Out 336,716 USD / 148.1

Consensus EPS (Visible Alpha) 65.87 191.78 198.63 (mn)

Free Float 98.7%

Valuation (Jun)

Average Daily Value (mn) 26172.43 USD

P/E NA 752.9x 33.0x 9.8x 8.9x