LS Electric, KR Auto; Strike Likely More noise, RHM; Germany Cancels F126 Frigate Orders, Micron: AI-driven Strong Outlook: APAC Industrial & Auto Sector Specialist Sales Commentary Auto & EV · Equipment · Machinery · F&E· · AGD

研报英文原文证据摘录

LS Electric, KR Auto; Strike Likely More noise, RHM; Germany Cancels F126 Frigate Orders, Micron: AI-driven Strong Outlook: APAC Industrial & Auto Sector Specialist Sales Commentary Auto & EV · Equipment · Machinery · F&E· · AGD

Specialist Sales

APAC Specialist Sales J P M O R G A N

25 June 2026

• Micron (MU) shares surged after hours as its quarterly sales forecast beat cons, fueled by strong AI demand. Jay Kown (KR

Tech analyst) flagging he found the following especially important for broad-based AI trade 1/ Mgmt sees shortages lasting

beyond 2028, 2/ details of LTA: LTA floor pricing to offer higher GM compared to prior peak levels. This reads +ve for key AI

industrial names, addressing recent investor concerns about the duration of the AI cycle, with most valuations now

benchmarked on T+2/T+3 years.

• Also flagging Josh Meyers (US Tech Hardware Spec Sales) Commentary: Management highlighted strong free cash flow

and a planned buyback that could retire 10% of shares next year, with a firm commitment to capital return via repurchases and

dividend growth. The company is confident in the durability of its business, with non-cancellable, take-or-pay supply

agreements (SCAs) for HBM and DRAM, and annual commitments with quarterly price negotiations. Demand for non-HBM

datacenter memory (SOCAMM) is growing, and while new greenfield capacity will raise costs by $100–200M per quarter

starting in Q4, the margin impact is smaller due to a larger revenue base. Capex for 2027 is guided to be “higher than the mid-

40’s” (billions), but management emphasized continued discipline. DRAM remains particularly constrained, and the company

tailors supply to customer needs, with auto, medical, and defense prioritized. On China, Micron noted most output is sold