Asia Technology: Asian investor marketing feedback on memory/Korea tech and holdcos

研报英文原文证据摘录

Asia Technology: Asian investor marketing feedback on memory/Korea tech and holdcos

J P M O R G A N Asia Pacific Equity Research

14 July 2026

Asia Technology

Asian investor marketing feedback on memory/Korea

tech and holdcos

We met with over 50 investors in Hong Kong last week. In this note we highlight Technology - Semiconductors

ACthe key areas of investor interest and feedback and try to answer FAQs from the Jay Kwon

meetings. (82-2) 758-5725

jay.h.kwon@jpmorgan.com

Areas of investor interest: all about memory, weak sentiment prior to June- J.P.BranchMorgan Securities (Far East) Limited, Seoul

quarter print. After strong share performance in April/May, major Asian memory Sangsik Lee

stocks have fallen 30% since their peak in June to the July 13 close (vs. MXAP/ (82-2) 758 5146

SOX index -6%/-11% as of July 10) due mainly to: i) a growing disconnect between sangsik.lee@jpmorgan.com

CSP datacenter hardware capex and memory TAM (i.e. sell-side memory TAM J.P. Morgan Securities (Far East) Limited, Seoul

Branch

expectations moving ahead of CSP’s capex projections; ii) Y-Y pricing momentum

Neelay Y Kamathand secondary delta (q-q pricing momentum) slowing post 2Q26, and iii) lower

(91-22) 6157 3764

June quarter EPS print expectations (SEC 2Q26 OP expectations seeing downward neelay.kamath@jpmchase.com

revision prior to print last week: note). Most investors that we spoke with agree that J.P. Morgan India Private Limited

favorable mid-to-long term memory fundamentals are in place over the next 12-24

months but are worried about crowded positioning and elevated volatility amidst

rising ETF product trading activity in the market. We think the nature of investor

concern hasn’t changed dramatically compared to three months ago when the

market had exactly the same debate (note).