The 720: APAC CL, MediaTek, Japan WFE, Kioxia, China Semis & SPE, Largan, APAC Energy, China Hog, Japan IT Services initiations

研报英文原文证据摘录

The 720: APAC CL, MediaTek, Japan WFE, Kioxia, China Semis & SPE, Largan, APAC Energy, China Hog, Japan IT Services initiations

Goldman Sachs The 720

consensus. We also reinstate coverage on Kokusai Electric at Neutral with a 12m TP of

¥9,500, as expectations for upside to FY27 earnings appear largely priced in. Shuhei

Nakamura

Kioxia – Ongoing NAND Supply Tightness – Buy. We raise our FY27-FY29 OP estimates by

9% to 29% and EPS estimates by 10% to 29% to reflect the recent NAND market supply

and demand environment. We now forecast ASP to grow 4.5x yoy in CY26 and 38% in

CY27, as major memory makers prioritize DRAM investment and new NAND fab supply

remains limited. The company is prioritizing prices and margins, and we believe it can

maintain relatively high profit margins within the industry given its low capital intensity.

We raise our 12m TP to ¥116,000 from ¥93,000. Shuhei Nakamura

China Semis – Capacity expansion drives growth ahead. We are constructive on China

SPE and semiconductor material names, supported by advanced node capacity

expansion and generative AI trends that are driving domestic ecosystem development.

To capture long-term growth opportunities from rising customer capex and increasing

localization, we shift our valuation methodology to a 2030E discounted P/E framework.

Driven by this methodology change and upward earnings revisions reflecting higher

AI-related contributions, we raise our 12m TPs for JCET to Rmb125, AccoTest to

Rmb630, and Hwatsing to Rmb395, while maintaining Neutral ratings across all three

names. Allen Chang

China SPE – Valuation framework reset on better long-term visibility. We remain

constructive on China SPE and semiconductor material names, driven by rising advanced

node capacity expansion and generative AI demand.