Old Memory: Better to buy more

研报英文原文证据摘录

Old Memory: Better to buy more

Idea

June 25, 2026 09:00 PM GMT

Morgan Stanley Taiwan Limited+MGreater China Semiconductors | Asia Pacific Daniel Yen, CFA

Equity Analyst

Old Memory: Better to buy Daniel.Yen@morganstanley.comCharlie Chan +886 2 2730-2863

Charlie.Chan@morganstanley.com +886 2 2730-1725

more Morgan Stanley Asia Limited+

Daisy Dai, CFA

Unexpected persistent tightness in legacy memory supply is Equity Analyst

Daisy.Dai@morganstanley.com +852 2848-7310

driving panicked purchasing by multiple enterprise customers.

Morgan Stanley Taiwan Limited+

We reiterate our bullish view and raise PTs across our coverage. Tiffany Yeh

Key Takeaways Tiffany.Yeh@morganstanley.com +886 2 7712-3032

Morgan Stanley Asia Limited+

DDR4 buyers may build even larger demand buffers amid prolonged supply

Ethan Jia

tightness. Research Associate

Ethan.Jia@morganstanley.com +852 3963-2287

MLC NAND shortages are forcing enterprise HDDs to use SLC NAND, indicating

stronger demand.

NOR supply is increasingly concentrated among Taiwan vendors, given reduced

output from the US.

DDR4 stronger orders from enterprise customers: We upgraded both Nanya Tech Greater China Technology Semiconductors

Asia Pacific

and Winbond back to OW on May 28 (link), given the ongoing tightness in DDR4. Industry View Attractive

We now see enterprise customers securing supply as early as possible amid fears of What’s Changed

shortages. Channel inventory remains low at under two weeks. This points to GigaDevice Semiconductor

further DDR4 price increases into 4Q, following the double-digit monthly uptrend. Beijing Inc (603986.SS) From To

Price Target Rmb585.00 Rmb888.00

SLC NAND likely to see stronger demand from HDD: We noted that high-density Winbond Electronics Corp

SLC NAND can support datacenter eSSD (link).