Global Memory - Slightly diversified earnings in 2Q26; likely better pricing in 3Q

研报英文原文证据摘录

Global Memory - Slightly diversified earnings in 2Q26; likely better pricing in 3Q

Global Markets Research

24 June 2026Global Memory

EQUITY: MEMORY

Slightly diversified earnings in 2Q26; likely better pricing in 3Q Research Analysts

Asia Pacific Technology

Maintain TP of KRW670,000 for Samsung (raised on 22 June); raise TP to CW Chung - NIHK

KRW4,700,000 for Hynix; reflect stronger memory earnings outlook in 2H26F and beyond cwchung@nomura.com

+852 2252 6075

Expect stronger-than-expected 2Q results for Samsung; Hynix to record slower 2Q Korea Technology

OP but strong NP thanks to Kioxia investments Eon Hwang - NFIK

We believe the results of memory players in 2Q26F are likely to show increased price eon.hwang@nomura.com

differentiation across memory suppliers, customers, and applications, which could result +822 3783 2318

in short-term earnings disparities among vendors. SK Hynix's (000660 KS, Buy) 2Q26F YJ Kim, CFA - NFIK

OP is likely to come in approximately 10% below our previous estimate, as the magnitude yj.kim1@nomura.com

of the price increase is likely to be lower than we expected. However, Hynix’s NP should +82237832332

significantly exceed market consensus, as gains from the disposal of its Kioxia (285A JP,

Buy) stake and valuation gains from its CB investment (14% ownership) could have

reached approximately KRW60tn during the quarter, a level comparable to its OP. For

Samsung Electronics (SEC; 005930 KS, Buy), as we reported on 22 June, we believe the

magnitude of price increases in 2Q was broadly in-line with our previous assumptions. In

addition, following the labor-management agreement reached during the quarter, the

bonus payout ratio was finalized at 10.5%. As a result, in our recent SEC report, we