Micron Results Implications

研报英文原文证据摘录

Micron Results Implications

Technology

Equity Research

June 24, 2026

Implications for Japanese SPE stocks

Continuing from 2Q, Micron’s 3Q results exhibited strength supported by expanding memory

demand and sharp price increases. The Middle East situation remains a risk, including on the

production side, but at present memory supply-demand remains tight. Micron again raised its 2026

capex guidance at 3Q, and indicated that capex is likely to continue increasing in 2027.

We estimate WFE market growth at around 25% in 2026, and our current assessment for 2027

is growth of around 15%. Market consensus has also been revised upward, with a broadening

outlook for growth of around 25–30% in 2026 and 20%+ in 2027. SPE share prices have risen

further since Jun. Depending on future interest-rate trends in the US and Japan, or changes in the

Middle East situation, which appears to be moving toward stabilization, there may be a temporary

correction in share prices. However, supported by strong fundamentals, downside risk appears

limited, and we see the potential for upside over the med-term. Looking at individual stocks,

we recommend Advantest, which has seen a relatively moderate share price increase since the

Apr–May earnings announcements, and KOKUSAI, which should benefit from expanding memory

demand. Among small/mid-caps, TOWA and Tokyo Seimitsu appear poised to benefit from robust

memory investment, including by Micron.

3Q Results by Segment

Cloud Memory sales amounted to ¥13.7bn (+78% QoQ, +307% YoY). Sales have increased sharply

since FY8/25, and continue to achieve new record highs. Core Data Center sales were $11.5bn

(+103% QoQ, +653% YoY). Mobile and Client sales were $11.5bn (+49% YoY, +254% YoY).

Automotive and Embedded sales were $4.6bn (+71% QoQ, +331% YoY).