美银BofA：全球存储技术研究：看好海力士、三星、南亚科技目标价全线调升

GlobalMemoryTech

MoreoptimisticonHynix,SamsungandNanyaTech;liftPOstonewhighs

PriceObjectiveChange

Accessibleversion

BofAGLOBALRESEARCHBofASECURITIE

Year-enddatapoints:solidASP,rushorder,tightsupply

Threekeytakeawaysfromouryear-endchannelcheckforglobalmemory:(1)strongerDRAMcontractprice,(2)risingrushorders,and(3)tighterDRAM/NANDsupply.WealsolearnedthatmostTier-1OEMshaveagreedon30%+/15%+QoQconventionalDRAMpriceincreasefor4Q25/1Q26.ThisisconsistentwithMicron’sbullishguidance(Feb-26quartersalesup37%QoQevenafter+21%inNov-25quarter).

FivereasonstoexpectDRAMsuper-cyclein2026-27

WepresentfivereasonswhyDRAMcyclecanbebetterthaneverin2026-27:(1)AI

memorycontentincrease(ledbyRubinUltraandnewASICs);(2)HBM/eSSD-centric

capexincreasevsconventionalmemorycapacitycontraction;(3)limitedcleanroom

spacetoexpandwafercapacity;(4)lowyieldorlongmanufacturingcycletimefornewmemory(1cDRAM,HBM4,SOCAMM,GDDR7,10Gbps+LPDDR5,300+layersNAND);

and(5)heavycapexburdenforinfrastructure(budgetsqueezeforfront-endequipmentspending).OurnewglobalDRAMsalesforecastfor2026(US$210bn–up61%YoYevenafter+48%in2025)clearlyconfirmssuper-cycle.Our2027forecastalsorevealsfurthergrowth(US$231bn,+10%YoY;justmarginalASPcutassumed).Wealsoassumerecord-highNANDsalesin2026/27(US$118bn/130bnvsUS$79bnin2025)duetohighASP.

Hynixcontinuestobeourglobaltoppick;newPOW1.0mn

SKHynixisourtoppickforglobalmemorygivenstrongearningsmomentum(newOP

forecasts:W16.5tn/W19.6tnin4Q25/1Q26;W86.2tnfor2026annualtotalvsW44.5tnin2025).HBM4leadershipandconventionalDRAM/NANDmarginimprovementshouldbethekeycontributors.Our2026EEPSrevision(+12%)ismostlybasedonstrongerDRAMASPassumptions(+36%YoYvs+28%previously).OurnewPOofW1,000,000isderivedfrom3.9x2026EP/B(W900k,3.6xpreviously).Micronalreadytradesatnear-4.0x.

Samsung’sDRAMASPhikenotable;raisePOtoW170,000

OurcheckshowsSamsungElectronics(SEC)hasraisedmoreaggressivelyitsDRAM

price.Thisisthekeyrationaleforour2026EEPSrevision(+12%on7%higherDRAM

ASPassumption).Hence,weliftourPOfromW150,000(target2026EP/B:2.1x)to

W170,000(2.4x;stilllowerthanHynix’sduetofoundrylossandsmartphonemargin

squeezefollowingmemorypricehike).IncreasedPOsofpreferredshares(W136,000)

andGDR(US$3,000)arestillbasedon20%discountratioandW1.4k/USDFXrate(vs

commonshares).SEC’s2026EOPshouldalsoberecordhigh(W86tn)butmemoryisstilllowerthanHynix’s.ReiterateBuy.

NanyaTech:ReiterateBuyduetolegacyDRAMshortage

NanyaTechwillfocusonlegacyDRAMwhichisnolongersuppliedmeaningfullyby

majorchipmakers(duetoHBM).Our2026EEPSrevision(+15%)isbasedon6%higherASP.OurnewPO(NT$235)isderivedfrom3.5x2026EP/B(3.0xpreviously).Re-ratingismostlybasedon2026upturn(OPM:40%+vslargelossorlowmarginin2023/24/25).

>>Employedbyanon-USaffiliateofBofASandisnotregistered/qualifiedasaresearchanalystundertheFINRArules.

Referto"OtherImportantDisclosures"forinformationoncertainBofASecuritiesentitiesthattakeresponsibilityfortheinformationhereininparticularjurisdictions.

BofASecuritiesdoesandseekstodobusinesswithissuerscoveredinitsresearch

reports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictof

interestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.

Refertoimportantdisclosuresonpage33to37.AnalystCertificationonpage31.Price

ObjectiveBasis/Riskonpage30.12915279

Timestamp:04January202603:00PMEST

05January2026

Equity

Global

Technology

SimonWoo,CFA>>ResearchAnalyst

MerrillLynch(Seoul)+82237070554

simon.woo@

DaiShen>>

ResearchAnalyst

MerrillLynch(HongKong)

dai.shen@

VivekArya

ResearchAnalystBofAS

vivek.arya@

MikioHirakawa>>ResearchAnalyst

BofASJapan

mikio.hirakawa@

MattShin>>

ResearchAnalyst

MerrillLynch(Seoul)

matt.shin2@

Exhibit1:Stronger2026memoryupcycleBofAglobalmemoryforecasts

YoY

24

25E

26E

27E

DRAMsales

86%

48%

61%

10%

NANDsales

84%

1%

50%

10%

DRAMASP

62%

26%

40%

-2%

NANDASP

65%

-10%

30%

-4%

DRAMbit

15%

18%

15%

13%

NANDbit

11%

12%

15%

14%

DRAMcapex

42%

29%

38%

2%

NANDcapex

14%

7%

13%

1%

DRAMcapa

7%

8%

11%

8%

NANDcapa

-2%

-4%

6%

5%

Source:BofAGlobalResearchestimates

BofAGLOBALRESEARCH

Exhibit2:POchangesWeraisedourPOs

BofA

Ticker

Company

RatingOldPO

NewPO

NNYAF

NanyaTech

Buy200235

SSNLF

Samsung

common

Buy150000170000

SSNHZ

SamsungElec-G

Buy26503000

SSNNF

Samsung

preferred

Buy120000136000

HXSCF

SKHynix

Buy9000001000000

Source:BofAGlobalResearch

BofAGLOBALRESEARCH

SeeGlossaryonpage29

CR

BofAGLOBALRESEARCH

Top10checkpointsforglobalmemory

Wearemorebullishonthememoryindustryandcompanies(vsourrecentupdateon12

Dec).OneofthekeyreasonsisASPstrengthandconsequentlyhighmarginprofile.Wepresenttop-10checkpoints,includingourviewonriskfactors.

1.QuarterlyASP–2H26stableafter4Q25-1Q26upturn

Weassumenohard-landingin2H26ASP(justslightlyupin3Qandmarginalcorrectionin4Q)after4Q25(ex-HBMDRAMASP:up30%+/-QoQ)and1Q26(upfurtherat15%+)rally.ThisisbasedonAIboom(e.g.,HBM/eSSD-centriccapexspendvsconventional

DRAMandNANDshortage).

2.Annualsales–stronger2026growthvs2025

GlobalDRAMsaleshavealreadyhitanewhighin2025(US$130bn,+48%,accordingtoournewanalysis).Thatsaid,weexpectfurtherstronggrowthin2026(US$210bn,+61%YoY).Thisismostlybasedon40%ASPincrease(conventionalDRAM:morethan50%;

evenHBM3epricecutlikelyminimalvsinvestorconcernabout-30%).

3.Comparisonwith2018cloudboom–muchbettercycle

The2026cyclewillbecompletelydifferentvs2018cloudboom.Threereasons:(1)lowinventories(amongchipmakersandBigTechcompanies);(2)morediversifieddemandwithASIC(vsGPU)andsovereignAI;and(3)supplyconstraints(3xlargerwafercapacityconsumptionforHBMvsregularDRAM,loweryieldorlongermanufacturingcycletimeforadvancedlow-power/graphic/enterprisememory).WealsoseemoreannualcontractsaskedbybigtechcompaniesandOEMsvs2018.

4.AImemory–morediversifiedwithHBM,SOCAMM,GDDR7,eSDD

RegularDDR5capacitycanbeusedformorevalue-addedAImemoryproductionsuchasHBM,SOCAMM,GDDR7,10Gbps+LPDDR5,etc.NANDchipshouldalsobemore

advancedforenterprisesolutions(PCIeGen5,etc.).Thiswillmakememoryindustry

muchlesscyclical/volatilevsprevious1990sand2000s(highlydependenton

commoditizedPC,smartphoneandevenserver).DuetoAI,memoryindustrycould

becomelikefoundry–morelong-termcontract-basedbusinessmodelwithstableprice.

5.ConventionalDRAMandNAND–weakdemandbutsupplyshortage

True,conventionalmemorydemandcanfallbackfollowingmorethandoubledspotandcontractpricesin2026-27.Thisisthekeyreasonwhyweexpectlowbitgrowthfor

conventionalmemory.However,thiscouldbeoffsetbyhigherASP(contractprice

increase).Wealsoseeachangeinmemorychipmakers’strategy–lowinterestin

increasingconventionalorlegacymemoryproductionvolumetoretainhighprice/marginprofilePC/smartphone/serverOEMs.

6.Newfablineup–mainlyfor2028massproduction

Newmemoryshellfabswillbecompletedin2026-27.However,thisdoesnotmeananyimmediatechipsupplyincreaseduetoequipmentinstallation,pilot-run,capacityramp-up,lowyieldusing1cnodeor300+layers,etc.Overall,weexpectnewfab-drivenexcesssupplytohappenin2028.Eventhiscannotsuggestimmediatedownturnifmemory

contentincreasecontinues(e.g.,1,000GB+HBMperNIVIDA’sGPUvscurrent288GB).

7.Heavycapex–lowimpactonwafercapacityduetoinfrastructure

Hynix’scapexwilllikelydoublein2026(W35tn)vs2024(W16tn).However,wafer

capacityexpansionwon’tbesignificantlyhigh(~130kwpmfortwoyearsor65kwpmpaonaverageforDRAMincludingHBM).Thispresentsonlysingle-digit%impactonglobalcapacitytotal.Heavycapexburdenforinfrastructure(shellfab,power,AIdatacenter,

etc.)andoldfabupgradeshouldbethekeycontributors.Ourindustrymodelstillrevealsjustsingle-digit%annualgrowthinDRAMandNANDwafercapacitydespitechipmakers’record-highcapexspending.

2GlobalMemoryTech|05January2026

CR

8.ASIC/TPUvsGPU–nocannibalizationasprovedbyRubinCPXorv7cluster

ASICswon’tcannibalizeGPU+HBMdemand.Weexpectwin-winsituations-bothASIC

andGPUuseHBM,buttheformerisformoreadvancedAIdatainferencingvsthelatterfortraining,includingupcomingphysicalAI.NIVIDA’snewRubinCPXalsorevealshowAIdatatrainingandinferencingco-existusingthreedifferentmemory–HBM4forGPUvsGDDR7forCPXandseparatelySOCAMM(LPDDR5)forVeraCPU.Infact,wealsosee

significantHBMmemorycontentincreaseamongnewASICs(AWS'sTrainium3,Google’sv7)orlargelyintegratedservers(1mnunitsofTrainium3,9,216unitsofv7)vs1-2yearsagospecs.

9.Stockcomparison–win-winsituationamongHynix,SamsungandNanyaTech

Hynixshowshighestmemorymarginfornowvspeers.Thisisthekeyreasonwhywe

usearelativelyhighertargetP/BmultiplevsAsianpeers.Thatsaid,wealsoexpect

SamsungandNanyaTechtowitnessstrongearningsmomentumin2026givenHynix’scapacityforbothAIandconventionalmemoryhasbeenfullyutilized.Incremental

memorychipdemand(vsHynix’scapacity)canbetakenbySamsungandNanyaTech,inourview.MemorychipmakersseemtoberespondingtoDRAMorNANDshortageby

raisingthepriceinsteadofincreasingaggressivelyproductionvolume.

10.DoublebookingandUS/China-relatedrisks–broadlymanageable

Doublebookingshouldbeaconcern.However,OEMsandbigtechcompaniesarepayingmuchhigherpricesforconventionalDRAMandNAND(asoflate-Dec)duetotheirchipshortageconcern.Webelievemost4Q25memorychipsalesand1Q26ordersarebasedonactualdemandinsteadofdoublebooking.Wealsoassumenosevereconflict

betweenUSandChinaforbothcountries’win-winsituations.USgovernment’ssoftenedpoliciesforKoreanchipmakers(Chinafaboperations)andNVIDIA(GPUexports)shouldalsosuggestlowergeopoliticalriskin2026vs2025.Wealsoassumenormalrareearthsourcingformostmemorychipmakersasprovedin2024-25givenChinaneedsKoreanmemorychipsforitsdomesticAIecosystemdeployments.

Company-specificthesisandvaluations

Micronalreadytradesatnear4xP/B,basedonFY26EBVPS(Bloombergconsensus).Wealsouse2-4xfairP/BtoderivePOsforAsianmemorystocksvslong-termhistorical

bandof1-2x.There-rating(highermultiples)shouldbebasedonlesscyclicalindustrytrend,AIboom-ledhighmarginandoptimisticoutlook(record-highearningsin2026).

Ourunderlyingassumptionsforcompany-specificvaluationsareasfollows.

SKHynix:No.1supplierofHBM/W1,000,000PO

HynixhasprovedtobeintheNo.1positioninHBMfortwoconsecutiveyears(marketshare60%+in2024-25).Weexpectthismarketdominantpositiontocontinueinto

2026andeven2027.Hynix’sHBM4massproductionhasalreadybeenmorethantwo

quartersaheadofcompetitors,inourview.HBM4e(16-hi)couldalsobethenewgrowthcatalystgivenNVIDIAneeds3xlargerHBMmemorycontentforitsnewRubinUltravscurrentGPU.

Againstthisbackdrop,westillrecommendHynixasourglobalmemorytoppick.Strongearningsmomentum(newOPforecasts:W16.5tn/W19.6tnin4Q25/1Q26;W86.2tnfor2026annualtotalvsW44.5tnin2025),withHBM4leadershipandconventional

DRAM/NANDpricestrengths,iswellexpected.Our2026EPSrevision(+12%)ismostlybasedonstrongerDRAMASPassumptions(+36%YoYvs+28%previously).OurnewPOofW1,000,000isderivedfrom3.9x2026EP/B(3.6xpreviously).Micronalreadytradesatnear4.0xdespiterelativelylowermarginandmarketshare(vsHynix’s).

SamsungElectronics:World’slargestmemorycapacity/W170,000PO

SamsungElectronicsoperatesworld’slargestmemorycapacity(e.g.,morethan1.0mnwaferspermonth).Thisshouldbetherelativeadvantage(vspeers)withmemory

upcycle.Hynix’sHBMfabswilllikelybemoreutilizedfullyduetostronglygrowingAIchipdemand.Thus,USbigtechcompaniesorevenChinaOEMsmayaskSamsungtoraiseHBM3eorHBM4productionvolumethoughHynix’sAImemoryismorepreferred,inourview.

3

GlobalMemoryTech|05January2026

CR

Infact,ourcheckindicatesthatSamsungraisedmoreaggressivelyits4Q25DRAMprice(vsindustryaverage).Thisisthekeyrationaleforour2026EEPSrevision(+12%dueto7%higherDRAMASPassumption),andconsequentlyweraiseourPOfromW150,000

(target2026EP/B:2.1x)toW170,000(2.4x;stilllowerthanHynix’sduetofoundrylossandsmartphonemarginsqueezefollowingmemorypricehike).Re-ratingatover2.0x

P/Bisbasedonmultiple-yeargrowthoutlook(OP:W86tn/W95tnin2026/27vs

W33tn/W40tnin2024/25).TheincreasedPOsofpreferredshare(W136,000)andGDR(US$3,000)arestillbasedona20%discountratioandW1.4k/USDFXrateofcommonshares’value,respectively.SEC’smemoryOPisexpectedtoincreasetoall-timehighofW72.5tnin2026EbutitisstilllowerthanHynix’s(W86tn)duetolowerHBMmarginandmarketshare.

NanyaTech:abeneficiaryoflegacyDRAMshortage/NT$235PO

LegacyDRAM(DDR3,DDR4andevenlow-endDDR5),whichisstillusedwellforlow-endIT(PC,smartphone,tablet),consumerelectronics,auto,industrial,etc.,isnolonger

manufacturedbyKoreanmemorychipmakers.NanyaTech’swafercapacityandDRAM

fabricationnodeshavebeenoptimizedforlegacyDRAMproduction,asevidentfrom

2025results.Our2026EEPSrevision(+15%)isbasedon6%higherASP(vsearlierasof12Dec).OurnewPO(NT$235)isderivedfrom3.5x2026EP/B(3.0xpreviously;long-

termhistoricalaverage:1.2x).Re-ratingismostlybasedon2026upturn(OPM:40%+vslargelossorlowmarginin2023/24/25)andfurtherearningsgrowthin2027(nohard-landingevenafter2025-26upcycleduetobig-3competitors’ongoingfocusonAI

memoryinsteadofcommodityDRAM).

4GlobalMemoryTech|05January2026

CR

BofAGLOBALRESEARCH

Exhibit3:Our2026-27EEPSrevisions(up12-13%)areprimarilybasedonhigherOPmarginassumptions(60%/61%+vs57%/59%previously)drivenbystrongerDRAM/NANDASPestimateswhilemakingnilchangesonbitgrowth

SKHynix–Earningsrevisions(2025-27E)

Wbn,Won

1Q25

2Q25

3Q25

4Q25E

1Q26E

2Q26E

3Q26E

4Q26E

2020

2021

2022

2023

2024

2025E

2026E

2027E

EPS-fullydiluted

New

11,411

10,135

18,242

18,214

21,032

21,713

24,379

25,590

6,952

13,983

3,242

-12,959

27,930

57,913

92,714

102,566

Old

11,411

10,135

18,242

17,824

18,921

19,300

21,674

22,769

6,952

13,983

3,242

-12,959

27,930

57,525

82,665

90,643

Difference

n/a

n/a

n/a

2%

11%

13%

12%

12%

n/a

n/a

n/a

n/a

n/a

1%

12%

13%

Dividend/share

New

375

375

375

1,600

375

375

375

2,500

1,170

1,540

1,200

1,200

2,204

2,725

3,625

5,125

Old

375

375

375

1,600

375

375

375

2,500

1,170

1,540

1,200

1,200

2,204

2,725

3,625

5,125

Difference

n/a

n/a

n/a

0%

0%

0%

0%

0%

n/a

n/a

n/a

n/a

n/a

0%

0%

0%

SharesforFDEPS-mn

New

710

690

690

690

690

690

690

690

684

687

688

703

709

695

690

690

Old

710

690

690

690

690

690

690

690

684

687

688

703

709

695

690

690

Difference

n/a

n/a

n/a

0%

0%

0%

0%

0%

n/a

n/a

n/a

n/a

n/a

0%

0%

0%

Sales

New

17,639

22,232

24,449

31,074

33,703

34,341

37,816

39,165

31,900

42,998

44,622

32,766

66,193

95,394

145,025

154,997

Old

17,639

22,232

24,449

30,692

31,584

32,046

35,223

36,463

31,900

42,998

44,622

32,766

66,193

95,012

135,315

143,130

Difference

n/a

n/a

n/a

1%

7%

7%

7%

7%

n/a

n/a

n/a

n/a

n/a

0%

7%

8%

OP

New

7,441

9,213

11,383

16,512

19,600

20,214

22,661

23,764

5,013

12,410

6,809

-7,730

23,467

44,549

86,239

94,786

Old

7,441

9,213

11,383

16,157

17,657

17,993

20,171

21,167

5,013

12,410

6,809

-7,730

23,467

44,194

76,987

83,810

Difference

n/a

n/a

n/a

2%

11%

12%

12%

12%

n/a

n/a

n/a

n/a

n/a

1%

12%

13%

OPmargin

New

42.2%

41.4%

46.6%

53.1%

58.2%

58.9%

59.9%

60.7%

15.7%

28.9%

15.3%

-23.6%

35.5%

46.7%

59.5%

61.2%

Old

42.2%

41.4%

46.6%

52.6%

55.9%

56.1%

57.3%

58.0%

15.7%

28.9%

15.3%

-23.6%

35.5%

46.5%

56.9%

58.6%

Difference

n/a

n/a

n/a

0.5%

2.3%

2.7%

2.7%

2.6%

n/a

n/a

n/a

n/a

n/a

0.2%

2.6%

2.6%

Pre-taxincome

New

9,299

8,723

14,790

16,562

19,375

20,004

22,461

23,579

6,237

13,416

4,003

-11,658

23,885

49,374

85,419

94,511

Old

9,299

8,723

14,790

16,207

17,432

17,783

19,971

20,982

6,237

13,416

4,003

-11,658

23,885

49,020

76,167

83,535

Difference

n/a

n/a

n/a

2%

11%

12%

12%

12%

n/a

n/a

n/a

n/a

n/a

1%

12%

13%

Taxrate-effective

New

12.8%

19.8%

14.8%

24.0%

25.0%

25.0%

25.0%

25.0%

23.7%

28.3%

44.0%

21.6%

17.1%

18.4%

25.0%

25.0%

Old

12.8%

19.8%

14.8%

24.0%

25.0%

25.0%

25.0%

25.0%

23.7%

28.3%

44.0%

21.6%

17.1%

18.4%

25.0%

25.0%

Difference

n/a

n/a

n/a

0.0%

0.0%

0.0%

0.0%

0.0%

n/a

n/a

n/a

n/a

n/a

0.0%

0.0%

0.0%

NPexminorityint

New

8,107

6,997

12,595

12,576

14,521

14,992

16,833

17,669

4,755

9,602

2,230

-9,112

19,789

40,276

64,015

70,818

Old

8,107

6,997

12,595

12,307

13,064

13,326

14,965

15,721

4,755

9,602

2,230

-9,112

19,789

40,006

57,077

62,585

Difference

n/a

n/a

n/a

2%

11%

13%

12%

12%

n/a

n/a

n/a

n/a

n/a

1%

12%

13%

ROE-annualized

New

41.8%

33.2%

53.9%

47.6%

49.0%

45.1%

45.3%

42.9%

9.5%

16.8%

3.6%

-15.6%

31.1%

43.5%

45.0%

34.3%

Old

41.8%

33.2%

53.9%

46.6%

44.5%

40.9%

41.5%

39.6%

9.5%

16.8%

3.6%

-15.6%

31.1%

43.2%

41.2%

32.1%

Difference

n/a

n/a

n/a

1.0%

4.5%

4.2%

3.8%

3.2%

n/a

n/a

n/a

n/a

n/a

0.2%

3.8%

2.2%

EBITDA

New

10,786

12,667

14,943

20,132

23,293

23,962

26,484

27,682

14,488

23,065

20,634

5,943

36,349

58,529

101,421

111,387

Old

10,786

12,667

14,943

19,778

21,350

21,741

23,994

25,085

14,488

23,065

20,634

5,943

36,349

58,174

92,169

100,410

Difference

n/a

n/a

n/a

2%

9%

10%

10%

10%

n/a

n/a

n/a

n/a

n/a

1%

10%

11%

Capexspend

New

6,284

4,332

5,033

7,502

8,000

8,500

9,000

9,500

10,069

12,487

19,010

8,325

15,946

23,150

35,000

35,000

Old

6,284

4,332

5,033

7,502

8,000

8,500

9,000

9,500

10,069

12,487

19,010

8,325

15,946

23,150

35,000

35,000

Difference

n/a

n/a

n/a

0%

0%

0%

0%

0%

n/a

n/a

n/a

n/a

n/a

0%

0%

0%

Netdebt

New

9,023

4,879

-3,776

-8,447

-16,516

-25,849

-36,641

-46,458

6,303

8,951

16,586

20,548

8,527

-8,447

-46,458

-92,851

Old

9,023

4,879

-3,776

-8,178

-14,789

-22,456

-31,381

-39,250

6,303

8,951

16,586

20,548

8,527

-8,178

-39,250

-77,410

Difference

n/a

n/a

n/a

3%

12%

15%

17%

18%

n/a

n/a

n/a

n/a

n/a

3%

18%

20%

AdjBVPSextreasury

New

117,947

129,988

149,162

166,202

187,474

209,449

234,173

257,839

75,860

90,394

92,004

77,752

107,256

166,202

257,839

358,020

Old

117,947

129,988

149,162

165,800

184,898

204,387

226,325

247,086

75,860

90,394

92,004

77,752

107,256

165,800

247,086

334,985

Difference

n/a

n/a

n/a

0%

1%

2%

3%

4%

n/a

n/a

n/a

n/a

n/a

0%

4%

7%

Source:Companyreports,BofAGlobalResearchestimates

BofAGLOBALRESEARCH

5

GlobalMemoryTech|05January2026

CR

BofAGLOBALRESEARCH

Exhibit4:ConventionalDRAMOPMshouldremainhighat50-60%+onthebackofpricestrengths;HBMposts60%+OPMcontinuously;NANDmarginrecoverylikelymoremeaningfulfrom4Q25andthrough2026-27

SKHynix–DRAMandNANDsales/ASP/cost/margin/capacityanalysis

1Q25

2Q25

3Q254Q25E

1Q26E

2Q26E

3Q26E

4Q26E

2020

2021

2022

2023

2024

2025E

2026E

2027E

Revenue(US$mn)

DRAM

9,422

12,025

13,573

16,413

18,220

18,807

20,900

22,187

20,177

27,733

22,763

15,742

32,589

51,432

80,113

89,262

NAND

2,506

3,973

4,246

5,176

5,732

5,920

6,461

6,458

7,362

10,593

12,371

8,385

15,952

15,901

24,572

25,742

BlendedASP(US$)

DRAM(8Gbequiv)

4.2

4.3

4.6

5.3

6.1

6.2

6.4

6.5

3.5

4.1

3.3

2.1

3.6

4.7

6.3

6.2

NAND(256Gbequiv)

2.3

2.1

2.4

2.8

3.1

3.2

3.2

3.2

3.2

3.0

2.4

1.4

2.6

2.4

3.2

2.9

Fullyloadedcost(US$)

DRAM(8Gbequiv)

2.0

2.0

1.8

1.8

1.9

1.9

2.0

1.9

2.7

2.5

2.3

2.1

1.9

1.9

1.9

1.8

NAND(256Gbequiv)OPmargin(%)

2.2

2.2

2.4

2.4

2.4

2.4

2.3

2.3

3.6

2.9

2.7

2.4

2.3

2.3

2.3

2.1

DRAM

53%

55%

60%

65%

69%

69%

69%

70%

25%

39%

31%

0%

47%

59%

69%

71%

NAND

3%

-2%

-1%

12%

23%

25%

29%

28%

-12%

1%

-12%

-76%

14%

4%

26%

28%

OP(US$mn)

DRAM

4,947

6,584

8,165

10,728

12,558

13,008

14,513

15,527

5,043

10,819

7,035

3

15,227

30,424

55,606

63,073

NAND

83

-75

-30

642

1,297

1,487

1,860

1,812

-868

114

-1,494

-6,392

2,281

619

6,456

7,085

Shipments(mnunits)

DRAM(8Gbequiv)

2,219

2,774

2,982

3,080

2,978

3,020

3,261

3,424

5,699

6,807

6,816

7,646

8,969

11,054

12,684

14,303

NAND(256Gbequiv)

1,098

1,882

1,788

1,878

1,840

1,877

2,008

2,048

2,268

3,584

5,084

6,137

6,035

6,646

7,773

8,776

Wafercapa(12",kwpm)

DRAM

482

497

517

547

567

582

597

602

354

355

359

363

415

511

587

635

NAND

215

200

205

213

220

225

230

235

204

210

284

286

254

208

228

249

DRAM/NANDtotal

697

697

722

760

787

807

827

837

558

565

644

649

670

719

815

884

%chg-sequential

Revenuegrowth

DRAM

-8%

28%

13%

21%

11%

3%

11%

6%

8%

37%

-18%

-31%

107%

58%

56%

11%

NAND

-34%

59%

7%

22%

11%

3%

9%

0%

44%

44%

17%

-32%

90%

0%

55%

5%

ASPchanges

DRAM(8Gbequiv)

0%

2%

5%

17%

15%

2%

3%

1%

-11%

15%

-18%

-38%

76%

28%

36%

-1%

NAND(256Gbequiv)Costreduction

-20%

-7%

13%

16%

13%

1%

2%

-2%

1%

-9%

-18%

-44%

93%

-9%

32%

-7%

DRAM(8Gbequiv)

-3%

-3%

-8%

2%

3%

1%

2%

-1%

-9%

-6%

-7%

-11%

-6%

-2%

2%

-5%

NAND(256Gbequiv)OPgrowth

-10%

-3%

11%

1%

0%

-2%

-3%

-1%

-28%

-19%

-7%

-12%

-6%

2%

1%

-9%

DRAM

-6%

33%

24%

31%

17%

4%

12%

7%

1%

115%

-35%

-100%

602835%

100%

83%

13%

NAND

-84%

-191%

nm

nm

102%

15%

25%

-3%

nm

nm

-1408%

nm

nm

-73%

943%

10%

Bitgrowth

DRAM(8Gbequiv)

-8%

25%

8%

3%

-3%

1%

8%

5%

22%

19%

0%

12%

17%

23%

15%

13%

NAND(256Gbequiv)

Wafercapagrowth

-17%

71%

-5%

5%

-2%

2%

7%

2%

42%

58%

42%

21%

-2%

10%

17%

13%

DRAM

2%

3%

4%

6%

4%

3%

3%

1%

-1%

0%

1%

1%

14%

23%

15%

8%

NAND

-9%

-7%

2%

4%

3%

2%

2%

2%

-11%

3%

36%

1%

-11%

-18%

9%

9%

DRAM/NANDtotal

-1%

0%

4%

5%

4%

3%

2%

1%

-5%

1%

14%

1%

3%

7%

13%

8%

Salesmix(%)

DRAM

80%

77%

78%

78%

77%

77%

77%

78%

73%

72%

64%

64%

68%

78%

78%

79%

NANDflash

18%

21%

20%

21%

21%

21%

21%

20%

24%

24%

32%

29%

29%

20%

21%

20%

Others

2%

2%

2%

2%

1%

1%

1%

1%

4%

4%

5%

7%

3%

2%

1%

1%

Total

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

Source:Companyreports,BofAGlobalResearchestimates

BofAGLOBALRESEARCH

6GlobalMemoryTech|05January2026

CR

Exhibit5:Ourhigher2026-27EEPSestimates(up12-14%)aremostlybasedonmemoryledstrongersales(up3-4%),OPmargin(2ppt)assumptions,morefavorableFX(Wondepreciation),etc

SamsungElectronics–Earningsrevisions(2025-27E)

Wtn,Won

1Q25

2Q25

3Q25

4Q25E

1Q26E

2Q26E

3Q26E

4Q26E

2020

2021

2022

2023

2024

2025E

2026E

2027E

EPS-fullydiluted

New

1,187

733

1,783

1,871

2,303

2,399

2,791

2,654

3,841

5,777

8,057

2,131

4,956

5,572

10,147

11,171

Old

1,187

733

1,783

1,734

2,080

2,114

2,491

2,344

3,841

5,777

8,057

2,131

4,956

5,435

9,028

9,797

Difference

n/a

n/a

n/a

8%

11%

14%

12%

13%

n/a

n/a

n/a

n/a

n/a

3%

12%

14%

Sales

New

79.1

74.6

86.1

88.7

96.7

92.1

101.7

98.7

236.8

279.6

302.2

258.9

300.9

328.5

389.1

405.0

Old

79.1

74.6

86.1

87.6

93.3

89.3

98.5

95.6

236.8

279.6

302.2

258.9

300.9

327.4

376.6

389.9

Difference

n/a

n/a

n/a

1%

4%

3%

3%

3%

n/a

n/a

n/a

n/a

n/a

0%

3%

4%

OP

New

6.7

4.7

12.2

16.1

19.6

20.4

23.7

22.5

36.0

51.6

43.4

6.6

32.7

39.6

86.2

94.8

Old

6.7

4.7

12.2

14.8

17.6

17.9

21.1

19.8

36.0

51.6

43.4

6.6

32.7

38.4

76.3

82.6

Difference

n/a

n/a

n/a

8%

11%

14%

13%

14%

n/a

n/a

n/a

n/a

n/a

3%

13%

15%

OPmargin

New

8.4%

6.3%

14.1%

18.1%

20.2%

22.2%

23.3%

22.8%

15.2%

18.5%

14.4%

2.5%

10.9%

12.1%

22.2%

23.4%

Old

8.4%

6.3%

14.1%

16.9%

18.9%

20.0%

21.4%

20.7%

15.2%

18.5%

14.4%

2.5%

10.9%

11.7%

20.3%

21.2%

Difference%pt

n/a

n/a

n/a

1.2%

1.4%

2.1%

1.9%

2.1%

n/a

n/a

n/a

n/a

n/a

0.3%

1.9%

2.2%

FX-avg(W/USD)

New

1,453

1,401

1,387

1,452

1,420

1,400

1,390

1,375

1,180

1,144

1,291

1,306

1,365

1,423

1,396

1,355

Old

1,453

1,401

1,387

1,448

1,395

1,385

1,373

1,358

1,180

1,144

1,291

1,306

1,365

1,422

1,378

1,328

Difference

n/a

n/a

n/a

0%

2%

1%

1%

1%

n/a

n/a

n/a

n/a

n/a

0%

1%

2%

Netnon-OP

New

2.5

1.1

1.4

1.1

1.1

1.1

1.3

1.3

0.4

1.7

3.1

4.4

4.8

6.0

4.9

5.5

Old

2.5

1.1

1.4

1.1

1.1

1.1

1.3

1.3

0.4

1.7

3.1

4.4

4.8

6.0

4.9

5.5

Difference

n/a

n/a

n/a

0%

0%

0%

0%

0%

n/a

n/a

n/a

n/a

n/a

0%

0%

0%

Taxrate-effective

New

10.1%

11.1%

9.7%

25.0%

24.0%

24.0%

24.0%

24.0%

27.3%

25.2%

-19.8%

-40.7%

8.2%

15.7%

24.0%

24.0%

Old

10.1%

11.1%

9.7%

25.0%

24.0%

24.0%

24.0%

24.0%

27.3%

25.2%

-19.8%

-40.7%

8.2%

15.5%

24.0%

24.0%

Difference%pt

n/a

n/a

n/a

0.0%

0.0%

0.0%

0.0%

0.0%

n/a

n/a

n/a

n/a

n/a

0.3%

0.0%

0.0%

NPafterminorityint

New

8.0

4.9

12.0

12.6

15.5

16.2

18.8

17.9

26.1

39.2

54.7

14.5

33.6

37.6

68.3

75.2

Old

8.0

4.9

12.0

11.7

14.0

14.2

16.8

15.8

26.1

39.2

54.7

14.5

33.6

36.6

60.8

66.0

Difference

n/a

n/a

n/a

8%

11%

14%

12%

13%

n/a

n/a

n/a

n/a

n/a

3%

12%

14%

ROE-annualized

New

8.2%

5.0%

12.1%

12.4%

14.8%

14.9%

16.8%

15.4%

10.0%

13.9%

17.1%

4.1%

9.0%

9.3%

15.5%

14.9%

Old

8.2%

5.0%

12.1%

11.5%

13.4%

13.3%

15.2%

13.8%

10.0%

13.9%

17.1%

4.1%

9.0%

9.1%

13.9%

13.4%

Difference%pt

n/a

n/a

n/a

1%

1%

2%

2%

2%

n/a

n/a

n/a

n/a

n/a

0%

2%

1%

EBITDA

New

18.2

16.0

24.0

27.9

31.5

32.4

35.8

34.6

66.3

85.