¥800bn Buy-back Completed in Six Trading Days

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M

Idea

August 11, 2026 10:49 AM GMT

KIOXIA Holdings (285A) | Japan

Morgan Stanley MUFG Securities Co., Ltd.+

Kazuo Yoshikawa, CFA

Equity Analyst

¥800bn Buy-back Completed in

Six Trading Days

Hidetaka Suzuki

Research Associate

We maintain our Overweight rating.

Key Takeaways

KIOXIA Holdings (285A.T, 285A JP)

The potential initiation of dividends as early as fiscal 2H could become another

key focus.

In addition to the growth outlook for new storage demand, such as KV cache off-

Top Pick

Japan Semiconductors | Japan

On Aug 10, KIOXIA announced the completion of its buy-back program: The

Stock Rating

Industry View

Price target

Up/downside to price target (%)

Shr price, close (Aug 10, 2026)

Mkt cap, curr, basic (bn)

Div yld (03/27e) (%)

company stated that the buyback, announced on July 31 with a maximum value of

Fiscal Year Ending

03/26 03/27e 03/28e 03/29e

¥800bn and a repurchase period extending through Oct 30, was completed on Aug

Revenue, net (¥bn)

Operating profit (¥bn)*

Net income (¥bn)*

EPS, basic (¥)*

Prior EPS, basic (¥)*

EPS (¥)**

Prior EPS (¥)**

P/E, basic*

P/BV, basic

ROE (%)*

EV/EBITDA, basic

2,337.6

870.4

554.5

1,024.1

1,033.6

18.6

7.4

75.2

8.7

loading and HBM complementary solutions, we view shareholder returns as a key

debate for the stock.

10. A total of 16.1mn shares were repurchased, equivalent to 2.9% of shares

outstanding as of the end of June. The average purchase price was ¥49,586 per

share. We estimate the shareholder structure as of Aug 3 as shown in Exhibit 1.

Our take: The buy-back announced on July 31 ranked among the ten largest share

buybacks ever announced by a Japanese company in terms of total value. The fact

that it was completed within only six trading days underscores the swift execution.

Management has framed the buyback as one of its initiatives to enhance long-term

shareholder value and improve capital efficiency, rather than as a measure aimed at

influencing short-term share price performance. Nevertheless, CFO Kawamura said

Overweight

In-Line

¥110,000

129

¥48,010

¥26,310.2

1.7

9,120.3 10,304.9

7,193.6 8,216.3

4,985.2 5,778.7

9,249.2 10,721.5

9,101.1 10,639.6

…