The Point for Asia Pacific

研报英文原文证据摘录

The Point for Asia Pacific

view. Moreover, Micron plans to return 100% excess cash to shareholders up from

prior 50%. We lift our FY26/27 EPS estimates 19%/20% on higher mix of

contracted vs cyclical bits. We lift TP to $1400 on consistent 10x P/E (40%

premium to 5x trough on LTA mix) times our revised CY27 EPS. Maintain Buy.

Atif Malik

Raising F26E EPS by 19%, F27E EPS by 20% MU NTM P/E

Sandisk Corp (SNDK.O) - MU Read-Thru: NAND Now Tight Thru CY27; Reit. Buy

on Cont’d Demand Strength & Pricing Outlook, TP Higher to $2,500

MU Read-Thru – Micron (covered by Atif Malik) reported better-than-expected

F3Q26 results (sales+GM upside) and F4Q26 guidance. NAND b/s +MSD%qq,

ASPs +mid-80s%qq, on tight NAND industry conditions+mix. NAND industry D>S

with tightness expected beyond CY27 on AI-driven demand across all

segments+structural supply constraints. Expects its CY26 NAND supply growth

below industry’s. Outlook reflects: 1) NAND S/D conditions tight beyond CY27; 2)

CY26 industry NAND b/s +20% (unchanged). We remain constructive on favorable

NAND S/D fundamentals on durable AI-led datacenter demand (KV cache

offloading to more cost effective SSDs). Our SNDK estimates rise on better pricing

outlook. TP rises to $2,500 on 11x P/E on revised CY27 EPS. We open an Upside

90-Day ST View on SNDK shares on favorable industry results/commentary

(earnings, FMS conf in Aug) plus forthcoming catalyst of SNDK’s August investor

day where we expect to hear updated commentary on demand expectations,

technology roadmap and constructive capital returns outlook.

Asiya Merchant, CFA

Kioxia Holdings (285A.T) - Staying Buy/High Risk – tight supply-demand

conditions to continue through 2027

We raise our target price for Kioxia Holdings from ¥73,000 to ¥140,000 and