The Point for Asia Pacific

研报英文原文证据摘录

The Point for Asia Pacific

Point |

Wednesday, 15 July 2026

Top Call | Country Top Calls | Key Rating and Target Price Changes

Click here to type optional introductory text

Top Call

Click here to insert optional content

South Korea Semiconductors - Solid Memory Fundamentals Prove Resilient

Despite Market Concern

The recent share prices of KR memory suppliers appear to have experienced a deep

correction due to growing market concerns about a possible earnings slowdown in

2Q and ASP erosion in 2H26E, due to memory LTAs. Contrary to the market

concerns however, we believe there is ample room for further ASP upside for the

excess memory volume demand vs. the confirmed volume under LTA as well as

HBM. Moreover, we project that the new LTA pricing will mostly be reflected in

1H27E rather than 2H26E. With favorable memory pricing conditions expected to

continue, we remain constructive on the Korean memory space and reiterate our

Buy rating on Samsung Electronics.

Peter Lee

Tokyo Ohka Kogyo (4186.T) - TOK over the longer-term - latest tech trends in

EUV resists and AI in back-end materials

Among semi materials, we like the edge offered by resists, and among resist

names, we think TOK is an attractive investment target from a longer-term

perspective. This report explores the latest technological trends in EUV

photoresists, as well as AI opportunities in back-end processing materials. We

fine-tune our May 18 estimates and lift our target price from ¥13,500 to ¥13,800

(fair value PER is still 30x, which we apply to FY12/27E PER).

Yuta Nishiyama

Li Ning (2331.HK) - Expect investor pessimism to abate; Open a ST positive view

Li Ning is scheduled to report 2Q26 retail sales on July 15. We expect 2Q26 retail

sales of the core LN brand (ex LN Young) to decline by LSD to ~0% YoY. Given