美银-全球存储科技行业：香港投资者反馈十大关键要点及讨论点-Global Memory Tech：HK investor feedback：ten key takeaways and discussion points-20260417

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GlobalMemoryTech

HKinvestorfeedback:tenkeytakewaysanddiscussionpoints

IndustryOverview

HKinvestors:largelybullishonmemory,particularlyNAND

WemetHongKonginvestorsthisweek,whowerebroadlybullishonmemory.Whattheinvestorssharedabouttheirviews/status:(1)mostinvestorswespokewithalready

ownedlotsofmemorystocks,butstilllookedinterestedinincreasingexposuretoSK

HynixorSamsungElectronics;(2)NANDisviewedmorefavorablythanDRAM,supportedbypriorunderinvestmentand“key-value”memorytheme;and(3)significantlyrisingFCFamongmemorychipmakers.WealsopresentedourviewsonDRAM-centricsuper-cycle(evenwithstableASPassumptions)andsomerisksforNAND.

Q1:Memorypriceoutlook

Investorexpectationsappearoverlyoptimistic,expectingfurtherpricerallythrough2Handeven2027.Ourviewisrelativelyconservative,anticipatingbroadlyflatorsingle

digit%declineafterthe3Q24-2Q26rally.Spotpriceremainedmixedthisweek-slightlydeclinedamongDDR4,NANDandSSDvsdecentreboundofDDR5.Somemodule

makersalludedthatrisingLTAsmaypreventseverespotpricecorrections(ordecentrallyparticularlyDDR5)followingchipsupplyshift(fromspottolong-termcustomers).

Q2:LTAtrends

ChipmakersdonotdiscloseLTAdetails,butweobserve2-3xmoreagreements,longerperiodandveryfavorablepricesvs2022peak;e.g.,US$10+/GB,justsingle-digit%

contractpricechangeperquarterasmax,certainvolumeby2028oreven2030.

Q3:HBM4supplydynamics:aproductioncutonthehorizon?

Wedon’tanticipateanyHBM4productiondeclineorUSordercutseither;>11Gbpssupply/demandontrack.Meanwhile,weseeslightlyhigherwaferinputforHBM3etomeetstrongerdemand.

Q4:NANDsupplytightness

True,currentlysignificantshortagepersistsintheNANDmarket.Thus,2QNANDASP

hike(e.g.,upmorethan30%+QoQ)canbehigherthanDRAM(up30%range).Thatsaid,weassumemarginalcorrections(NANDprice)inlate-2026and1H27,followingfab

utilizationincreaseandperwaferproductivityincrease(at200-300layers).Wealso

learnedthatinvestorsweretoobullishonKV/cachememory(eSSD)vslimitedconfirmedorderincreasetrends.

Q5:Newfabconstruction/impact

NewfabconstructionontrackinAsiaandUS,butitismainlyfor2028-30massproduction(mainlyDRAM/HBM;nosignforsignificantNANDcapacityexpansion).

Continuedonpage2

>>Employedbyanon-USaffiliateofBofASandisnotregistered/qualifiedasaresearchanalystundertheFINRArules.

Referto"OtherImportantDisclosures"forinformationoncertainBofASecuritiesentitiesthattakeresponsibilityfortheinformationhereininparticularjurisdictions.

BofASecuritiesdoesandseekstodobusinesswithissuerscoveredinitsresearch

reports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictof

interestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.

Refertoimportantdisclosuresonpage15to19.AnalystCertificationonpage13.Price

ObjectiveBasis/Riskonpage12.12960129

Timestamp:17April202607:37AMEDT

17April2026

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:DDR5upthisweek,whileDDR4andNANDdeclinedfurther

Spotprices–DRAMandNAND

US$

Current

WoW

QoQ

YoY

DRAMspot

16GbDDR5

38.5

4%

10%

621%

16GbDDR4

69.2

-3%

-9%

1983%

8GbDDR4

33.0

-1%

14%

1873%

4GbDDR4

7.1

1%

28%

462%

NANDspot

1Tbwafer

25.8

-3%

44%

399%

512Gbwafer

21.0

-3%

40%

658%

256Gbwafer

10.5

-4%

51%

604%

Source:DRAMeXchange

BofAGLOBALRESEARCHASP:Averagesellingprice

ADR:Americandepositaryreceipt

CXMT:ChangXinMemoryTechnologies

DDR4/5:4th/5thgendouble-datarateDRAMDRAM:Dynamicrandom-accessmemory

eSSD:Enterprisesolid-statedrive

Gbps/GB:Gigabitpersecond/GigabyteHBM:Highbandwidthmemory

HBM3e/4/4e:5th/6th/7thgenofHBMLTA:Long-termagreement

NAND:Not-ANDmemory

SSD:Solid-statedrive

YMTC:YangtzeMemoryTechnologiesCo.

2GlobalMemoryTech|17April2026

BofAGLOBALRESEARCH

Q6:Chinamemorycapacityexpansion

Westillseealargegapbetweenwafercapacity(10%+ofglobalmemorytotal)and

actualproductionvolume(low-single-digit%ofglobalsupply).True,CXMT(DRAM)andYMTC(NAND)areexpectedtoconstructonemorenewfabeachthrough2026-27,butthisdoesnotwarrantasignificantchipproductionincreaseifquality/yieldremainlow.

Q7:Samsung/Hynixearningscallpreview

Management’sadditionaleffortstostabilizechippricingthrough2Hand2027tobe

addressed;ofcourse,capexincreaseandmoreactivedividendpayments/buybacklikelytobementioned.

Q8:SkyrocketingFCFvsmarketcap

Someinvestorssuggestedthat3-yearFCF(2026-28)canbeasmuchascurrentmarketcap(ofmajorplayers);possibleifmemorypricecontinuestoriseuntil2028,inourview.

Q9:ValuationframeworkshiftfromP/BtoP/E

MoreinvestorsareusingP/Emethodology(insteadofP/B)vs6-12monthsago;50%+stockupsideisbeingdiscussedevenat10xP/Emultiple,giventhehighEPSoutlook.

Q10:Toppicks:Hynix,NanyaTech,Samsung

Company-specificcatalystsbesideslowP/E,highmarginsandsignificantFCF:

Hynix-ADR,HBM4/4e,1cnodeDRAM;

Samsung–scaleadvantageacrossconventionalDRAM/NAND;

NanyaTech-LTAswithnewstrategicinvestors(Solidigm,Kioxia,SanDisk,Cisco).

BofAGLOBALRESEARCH

GlobalMemoryTech|17April20263

Quarterlyaveragecontractpricetrend

Exhibit2:DRAMcontractpricehitnew-recordhighofUS$35-40inApril

DRAMcontractprice-quarterlyaveragetrend

1Q23

2Q23

3Q23

4Q23

1Q24

2Q24

3Q24

4Q24

1Q25

2Q25

3Q25

4Q25

1Q26

2Q26E

40.016GbDDR5contract

35.0US$30.0

25.020.015.010.0

5.0

-

2Q26isanestimatebyTrendForcereleasedasof16thAprilSource:DRAMeXchange,TrendForce

BofAGLOBALRESEARCH

Exhibit4:NANDcontractalsohitalltimehighlevel;priceexpectedtohit$30levelin2Q26

NANDwafercontractprice-quarterlyaveragetrend

1Q23

2Q23

3Q23

4Q23

1Q24

2Q24

3Q24

4Q24

1Q25

2Q25

3Q25

4Q25

1Q26

2Q26E

35.0512Gbwafercontract

30.0US$25.0

20.015.010.0

5.0

-

2Q26isanestimatebyTrendForcereleasedasof16thAprilSource:DRAMeXchange,TrendForce

BofAGLOBALRESEARCH

Exhibit3:Aprilcontractpricelikelyupmorethan20%evenafter+200%in4Q25and+80%in1Q26

16GbDDR5contractprice–QoQchangetrend

16GbDDR5contract

200%

150%

100%

50%

0%

QoQ

-50%

1Q23

2Q23

3Q23

4Q23

1Q24

2Q24

3Q24

4Q24

1Q25

2Q25

3Q25

4Q25

1Q26

2Q26E

2Q26isanestimatebyTrendForcereleasedasof16thAprilSource:TrendForce

BofAGLOBALRESEARCH

Exhibit5:Aprilcontractpriceupstrongly(+50%)evenafter+120-150%eachin4Q25/1Q26

NANDwafercontractprice–QoQchangetrend

1Q22

2Q22

3Q22

4Q22

1Q23

2Q23

3Q23

4Q23

1Q24

2Q24

3Q24

4Q24

1Q25

2Q25

3Q25

4Q25

1Q26

2Q26E

180%QoQ160%

140%

120%

100%

80%

60%

40%

20%

0%

-20%

-40%

2Q26isanestimatebyTrendForcereleasedasof16thAprilSource:TrendForce

BofAGLOBALRESEARCH

4GlobalMemoryTech|17April2026

BofAGLOBALRESEARCH

TSMC’supbeat1Q26resultsandstrong2026guidance

Exhibit6:Strong1Q26revenue(NT$1,134bn;+35%YoY);TSMCprovidedrobustsalesguidancein2026(up30%+YoY)

TSMC–SalesandYoYgrowth

1Q22

2Q22

3Q22

4Q22

1Q23

2Q23

3Q23

4Q23

1Q24

2Q24

3Q24

4Q24

1Q25

2Q25

3Q25

4Q25

1Q26

2Q26E

1,400

1,200

1,000

800

600

400

200

0

60%

40%

20%

0%

-20%

NT$bnRevenueYoYgrowth(RS)

Source:Company,BofAGlobalResearchestimates

BofAGLOBALRESEARCH

Exhibit7:Upbeat1Q26margins(GM66.2%,OPM58.1%);mgmt.expectsstabletrendin2Q(GM65.5%-67.5%,OPM56.5-58.5%)TSMC–GrossmarginandOPmargintrend

1Q22

2Q22

3Q22

4Q22

1Q23

2Q23

3Q23

4Q23

1Q24

2Q24

3Q24

4Q24

1Q25

2Q25

3Q25

4Q25

1Q26

2Q26E

80%

60%

40%

20%

0%

GMOPM

Source:Company,BofAGlobalResearchestimates

BofAGLOBALRESEARCH

Exhibit8:TSMCstatedthat2026capexshouldlikelytowardsthehigh-endofitsguidance(US$52-56bn);capex-to-salesstillwithin40%

TSMC–Capexandcapex-to-salesratio

H

US$bnCapexCapex-to-sales(RS)

202120222023202420252026E

Source:Company,BofAGlobalResearchestimates

BofAGLOBALRESEARC

80%

60%

40%

20%

0%

60

40

20

0

Exhibit9:Strong2026capexgrowth(up40%YoYrange)expectedforbothSamsungandTSMC

CapexcomparisonbetweenTSMCandSamsung(memoryandfoundry)

TSMCSamsung(memory)Samsung(foundry)US$bn

202120222023202420252026E

Source:Company,BofAGlobalResearchestimates

BofAGLOBALRESEARCH

60

45

30

15

0

GlobalMemoryTech|17April20265

BofAGLOBALRESEARCH

KoreaexportsandTaiwanmonthlysalesdata

Exhibit10:Record-highexportsinApr(US$8.6bn;+13%MoM),whichisaround4xhigherthan2023downturnlevel(US$2.0bnrange)

Koreasemisexports–First10daysofmonthUS$bn

10

8

6

4

2

US$bn

0

Oct-22

Jan-23

Apr-23

Jul-23

Oct-23

Jan-24

Apr-24

Jul-24

Oct-24

Jan-25

Apr-25

Jul-25

Oct-25

Jan-26

Apr-26

Source:MoTIR

BofAGLOBALRESEARCH

Exhibit11:YoYgrowthstilltriple-digit%inApr(+153%);already28consecutivemonthsofpositivegrowth

Koreasemisexports–YoYchangeinfirst10daysofmonth

Apr-21

Jul-21

Oct-21

Jan-22

Apr-22

Jul-22

Oct-22

Jan-23

Apr-23

Jul-23

Oct-23

Jan-24

Apr-24

Jul-24

Oct-24

Jan-25

Apr-25

Jul-25

Oct-25

Jan-26

Apr-26

200%

160%

120%

80%

40%

0%

-40%

-80%

YoY

Source:MoTIR

BofAGLOBALRESEARCH

Exhibit12:AllcompaniespostedsolidMoMgrowthinMar;robustrecoveryledbyTranscend(+78%),Phison(+50%),TSMC(+31%),etcTaiwantechcompanies’monthlysalesMoMgrowth(Mar-2026)

MoM

80%

60%

40%

20%

Transcend

Inventec

Compal

Quanta

MediaTek

Asustek

Lotes

Phison

ADATA

Macronix

Acer

Vanguard

NanyaPCB

HonHai

TSMC

Mitac

Innolux

Walsin

AUO

Holystone

Pegatron

Kinsus

Aspeed

Winbond

Novatek

Gigabyte

Yageo

ASE

Wistron

NanyaTech

Unimicron

PSMC

WinSemi

Powertech

UMC

Wiwynn

0%

Source:Companies

BofAGLOBALRESEARCH

Exhibit13:AlsostrongYoYgrowthseen,primarilyledbymemory,logic/ODMnames

Taiwantechcompanies’monthlysalesYoYgrowth(Mar-2026)

YoY

220%

180%

140%

100%

60%

20%

NanyaTech

Transcend

Phison

ADATA

Wistron

Macronix

Winbond

Quanta

Gigabyte

Aspeed

Inventec

HonHai

TSMC

Mitac

NanyaPCB

Powertech

WinSemi

Asustek

Innolux

PSMC

Kinsus

Lotes

Unimicron

Yageo

Compal

ASE

Wiwynn

MediaTek

Walsin

Vanguard

UMC

Acer

AUO

Holystone

Pegatron

Novatek

-20%

*Nanyaup560%,Transcendup381%,Phisonup221%Source:Companies

BofAGLOBALRESEARCH

BofAGLOBALRESEARCH

6GlobalMemoryTech|17April2026

Chinaimportsdata

Exhibit14:ChinasemiconductorequipmentimportsJan/FebsemisequipmentimportswereUS$2.5/1.2bn

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

Jun-20

Oct-20

Feb-21

Jun-21

Oct-21

Feb-22

Jun-22

Oct-22

Feb-23

Jun-23

Oct-23

Feb-24

Jun-24

Oct-24

Feb-25

Jun-25

Oct-25

Feb-26

6,000

4,500

3,000

1,500

0

US$mn

Source:ChinaGeneralCustoms

BofAGLOBALRESEARCH

Exhibit16:Chinamonthlyintegratedcircuit(IC)importsandYoYJan/FebICimportswereUS$41/37bn,+36%/44%YoY

60US$bn80%

4540%

300%

15-40%

0-80%

ChinaICimportsYoY,RH

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

Jun-20

Oct-20

Feb-21

Jun-21

Oct-21

Feb-22

Jun-22

Oct-22

Feb-23

Jun-23

Oct-23

Feb-24

Jun-24

Oct-24

Feb-25

Jun-25

Oct-25

Feb-26

Source:ChinaGeneralCustoms

BofAGLOBALRESEARCH

Exhibit15:ChinasemiconductorequipmentimportsYoYJan/Febsemisequipmentimports-19%/-24%YoY

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

Jun-20

Oct-20

Feb-21

Jun-21

Oct-21

Feb-22

Jun-22

Oct-22

Feb-23

Jun-23

Oct-23

Feb-24

Jun-24

Oct-24

Feb-25

Jun-25

Oct-25

Feb-26

250%

200%

150%

100%

50%

0%

-50%

-100%

Source:ChinaGeneralCustoms

BofAGLOBALRESEARCH

Exhibit17:ChinamonthlyICimportsbysegment

ProcessorimportswereUS$13bninFeb;memoryimportshitrecordhighat17bn

Oct-17

Mar-18

Aug-18

Jan-19

Jun-19

Nov-19

Apr-20

Sep-20

Feb-21

Jul-21

Dec-21

May-22

Oct-22

Mar-23

Aug-23

Jan-24

Jun-24

Nov-24

Apr-25

Sep-25

Feb-26

ProcessorandControllerMemory

OtherICs

30

20

10

0

US$bn

Source:ChinaGeneralCustoms

BofAGLOBALRESEARCH

GlobalMemoryTech|17April20267

Memoryspot/contractpricetrend

Exhibit18:DRAMspotpricesoftenedin2HMarchafteranexceptionallystrongrallyfromSept-25toJan-2026.DRAMpricehitthehighestlevelsinthepast25yearsasthecurrentmainstreamDRAM16GbDDR5stoodatUS$38and16GbDDR4at$75aschipmakersreallocatedproductiontoHBMand

server-gradeDRAM.PrevioushighlevelwashitinOct-17,butitwasonly$10range.

DRAMspotprice–long-termtrend(2000-2025)

16GbD4

16GbD5

0.5Gb

1Gb

0.128Gb

0.064Gb

4GbD3

2Gb

20

18

16

14

12

10

8

6

4

2

0

8GbD4

4GbD4

US$

0.25Gb

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

Source:DRAMeXchange

BofAGLOBALRESEARCH

Exhibit19:AbnormallyhighatUS$30-40/GBvspreviouspeaksof

US$10range;thus50%+downsideseentowardend-2026;correctionsalreadystartedinlateMarch

DRAMspotpriceoutlook-US$/16Gbequiv

Apr-23

Jun-23

Aug-23

Oct-23

Dec-23

Feb-24

Apr-24

Jun-24

Aug-24

Oct-24

Dec-24

Feb-25

Apr-25

Jun-25

Aug-25

Oct-25

Dec-25

Feb-26

Apr-26E

US$16Gbequiv

DownturnUS$3

AbnormallyhighatUS$30-40;

corrections

startedfromlateMarch

NormalpriceUS$5

45

40

35

30

25

20

15

10

5

0

Source:DRAMeXchange,BofAGlobalResearchestimates

BofAGLOBALRESEARCH

Exhibit20:LikeDRAM,currentlyabnormallyhigh,thusspotpricecaneasilyfallbackin2H26;correctionsstartedinearlyApril

NANDspotpriceoutlook-US$/512Gbequiv

Apr-23

Jun-23

Aug-23

Oct-23

Dec-23

Feb-24

Apr-24

Jun-24

Aug-24

Oct-24

Dec-24

Feb-25

Apr-25

Jun-25

Aug-25

Oct-25

Dec-25

Feb-26

Apr-26E

AbnormallyhighatUS$30;likeDRAN,correctionsstarted

BottomatUS$3

30US$

25

20

15

10

5

0

NormalUS$5

Source:DRAMeXchange,BofAGlobalResearchestimates

BofAGLOBALRESEARCH

8GlobalMemoryTech|17April2026

Exhibit21:Pricesslightlyupthisweekvscorrectioninpast2

weeks,afterhittingthehighestpeaklevelof$40;broadlymutedinFeb/MarfollowingrobustrallyinOct(+70%)andNov(+60%)andJan(+25%)

16GbDDR5spotprice–daily,Aug’23-Apr‘26

40+750%

-10%

4.7

US$

-27%

3.9

42

37

32

27

22

17

12

7

2

+33%5.2

Aug-23

Oct-23

Dec-23

Feb-24

Apr-24

Jun-24

Aug-24

Oct-24

Dec-24

Feb-25

Apr-25

Jun-25

Aug-25

Oct-25

Dec-25

Feb-26

Apr-26

Source:DRAMeXchange

BofAGLOBALRESEARCH

Exhibit22:MoMgrowthdeceleratedto+10%inFebtobroadly

stableinMarandslightlydowninApr,followingJanrally(25%)vs+60-120%rangeduringOct-Nov

16GbDDR5spotmonth-averageprice–MoMchange,Aug’23-Apr‘26

Aug-23

Oct-23

Dec-23

Feb-24

Apr-24

Jun-24

Aug-24

Oct-24

Dec-24

Feb-25

Apr-25

Jun-25

Aug-25

Oct-25

Dec-25

Feb-26

Apr-26

Source:DRAMeXchange

BofAGLOBALRESEARCH

110%

90%

70%

50%

30%

10%

-10%

16GbDDR5DRAM

MoM

Exhibit23:8GbDDR4stableinMar/1H-AprbutYoYrallysignificantduetobig-3chipmakers’productioncut;pricehit$30exceeding

previoushighlevelsof$10hitinOct-17

8GbDDR4spotpricetrend,Aug’23-Apr‘26

Aug-23

Oct-23

Dec-23

Feb-24

Apr-24

Jun-24

Aug-24

Oct-24

Dec-24

Feb-25

Apr-25

Jun-25

Aug-25

Oct-25

Dec-25

Feb-26

Apr-26

34+2000%

1.4

Source:DRAMeXchange

BofAGLOBALRESEARCH

40.0US$30.0

20.0

10.0

0.0

Exhibit25:DDR4andDDR5contractpricesaresimilaratUS$38(16Gb)–DDR5pricepremiumnolongerexistsduetoDDR4

shortage

16GbDDR5vs16GbDDR4contractpricetrend,Dec‘22-Apr‘26

Dec-22

Feb-23

Apr-23

Jun-23

Aug-23

Oct-23

Dec-23

Feb-24

Apr-24

Jun-24

Aug-24

Oct-24

Dec-24

Feb-25

Apr-25

Jun-25

Aug-25

Oct-25

Dec-25

Feb-26

Apr-26

40

35

30

25

20

15

10

5

0

16GbDDR4(contract)

16GbDDR5(contract)

US$

Apr-26contractpriceisaforecastbyTrendForcereleasedon16thAprSource:TrendForce

BofAGLOBALRESEARCH

Exhibit24:PricebroadlydowninMar/early-Aprafterhittingpeaklevelof$80,following+30-70%rallyeachinSeptoDec,aswellasinJan(+20%);priceoverallup2500%+YoYvsOct-25lowof$316GbDDR4spotpricetrend,Aug’23-Apr‘26

Apr-23

Jun-23

Aug-23

Oct-23

Dec-23

Feb-24

Apr-24

Jun-24

Aug-24

Oct-24

Dec-24

Feb-25

Apr-25

Jun-25

Aug-25

Oct-25

Dec-25

Feb-26

Apr-26

100.0US$80.0

60.0

40.0

20.0

0.0

Source:DRAMeXchange

16GbDDR4DRAM

BofAGLOBALRESEARCH

Exhibit26:DDR5andDDR4contractpriceslikelyup20-25%MoMinApr-26vsbrodlystableinMar;pricestrongthrough2H25andearly2026

16GbDDR5vs16GbDDR4contractpricechange-MoM,Dec‘22-Apr‘26

Dec-22

Feb-23

Apr-23

Jun-23

Aug-23

Oct-23

Dec-23

Feb-24

Apr-24

Jun-24

Aug-24

Oct-24

Dec-24

Feb-25

Apr-25

Jun-25

Aug-25

Oct-25

Dec-25

Feb-26

Apr-26

150%MoM16GbDDR5(contract)16GbDDR4(contract)100%

50%

0%

-50%

Apr-26contractpriceisaforecastbyTrendForcereleasedon16thAprSource:TrendForce

BofAGLOBALRESEARCH

GlobalMemoryTech|17April20269

Exhibit27:NANDspotpriceslightlydownin2H-Mar/1H-AprbutstrongYTDrallyobserved–4-5xhigherthan2025bottom

512GbNANDwaferspotprice–weekly,Jan’21-Apr‘26

Jan-21

Apr-21

Jul-21

Oct-21

Jan-22

Apr-22

Jul-22

Oct-22

Jan-23

Apr-23

Jul-23

Oct-23

Jan-24

Apr-24

Jul-24

Oct-24

Jan-25

Apr-25

Jul-25

Oct-25

Jan-26

Apr-26

25US$512GbwaferspotNAND

20

15

10

5

0

Source:DRAMeXchange

BofAGLOBALRESEARCH

Exhibit29:Currentcontractpriceat~$25,around10xvsFeb-25bottomof$2.5;pricessignificantlyupin4Q25andthrough1Q26NANDwafercontractpricetrend,Jun’23-Apr‘26

Jun-23

Aug-23

Oct-23

Dec-23

Feb-24

Apr-24

Jun-24

Aug-24

Oct-24

Dec-24

Feb-25

Apr-25

Jun-25

Aug-25

Oct-25

Dec-25

Feb-26

Apr-26

31

26

21

16

11

6

1

512Gbwafercontract

US$

Apr-26contractpriceisaforecastbyTrendForcereleasedon16thAprSource:TrendForce,DRAMeXchange,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit31:16GbDDR5spotandcontractpricesareintherangeofUS$30-40vshistoricalrangeofUS$3-5

16GbDDR5spotvscontractpricetrend(US$),Jun’23-Apr‘26

Jun-23

Aug-23

Oct-23

Dec-23

Feb-24

Apr-24

Jun-24

Aug-24

Oct-24

Dec-24

Feb-25

Apr-25

Jun-25

Aug-25

Oct-25

Dec-25

Feb-26

Apr-26

43.016GbDDR5spot

38.0

33.0

28.0

23.0

18.0

13.0

8.0

3.0

16GbDDR5contract

US$

Apr-26contractpriceisaforecastbyTrendForcereleasedon16thAprSource:DRAMeXchange,TrendForce

BofAGLOBALRESEARCH

Exhibit28:StableinAprvsup+15-20%inFeb/Mar-26andup+40-70%MoMinOct/Nov/Dec/Jan

512GbNANDwaferspotmonth-average–MoMchange,Apr’21-Apr‘26

Apr-21

Jul-21

Oct-21

Jan-22

Apr-22

Jul-22

Oct-22

Jan-23

Apr-23

Jul-23

Oct-23

Jan-24

Apr-24

Jul-24

Oct-24

Jan-25

Apr-25

Jul-25

Oct-25

Jan-26

Apr-26

Source:DRAMeXchange

BofAGLOBALRESEARCH

80%

60%

40%

20%

0%

-20%

-40%

MoM512GbwaferspotNAND

Exhibit30:Mar/Aprpricelikelyup+15-20%similartoJan/Feb-26(up25-30%MoM)evenafterOct/Nov/Decupturn(up40-60%

MoM)

MoMchangeofNANDcontractprice(512Gbwafer),Jun’23-Apr‘26

Jun-23

Aug-23

Oct-23

Dec-23

Feb-24

Apr-24

Jun-24

Aug-24

Oct-24

Dec-24

Feb-25

Apr-25

Jun-25

Aug-25

Oct-25

Dec-25

Feb-26

Apr-26

512GbwafercontractMoMchange

70%

60%

50%

40%

30%

20%

10%

0%

-10%

-20%

-30%

Apr-26contractpriceisaforecastbyTrendForcereleasedon16thAprSource:DRAMeXchange,TrendForce,BofAGlobalResearch

BofAGLOBALRESEARCH

Exhibit32:Feb/Mar/AprpricerallymutedvsNov/Dec/Janupturn16GbDDR5spotvscontractpricetrend–MoMchange,Jun’23-Apr‘26

Jun-23

Aug-23

Oct-23

Dec-23

Feb-24

Apr-24

Jun-24

Aug-24

Oct-24

Dec-24

Feb-25

Apr-25

Jun-25

Aug-25

Oct-25

Dec-25

Feb-26

Apr-26

Apr-26contractpriceisaforecastbyTrendForcereleasedon16thAprSource:DRAMeXchange,TrendForce

BofAGLOBALRESEARCH

140%

120%

100%

80%

60%

40%

20%

0%

-20%

16GbDDR5spotMoM

16GbDDR5contract

BofAGLOBALRESEARCH

10GlobalMemoryTech|17April2026

Exhibit33:CurrentNANDspotandcontractpricesareafewtimeshigherthan2025summerlevel

512GbNANDwaferspotvscontractpricetrend(US$),Apr’19-Apr‘26

Apr-19

Oct-19

Apr-20

Oct-20

Apr-21

Oct-21

Apr-22

Oct-22

Apr-23

Oct-23

Apr-24

Oct-24

Apr-25

Oct-25

Apr-26

Apr-26contractpriceisaforecastbyTrendForcereleasedon16thAprSource:DRAMeXchange,TrendForce

BofAGLOBALRESEARCH

30

25

20

15

10

5

0

512Gbcontract

512Gbspot

US$

Exhibit34:NANDcontractpricesstillstrong(up20-25%MoMinFeb-Apr)evenafterstrongrallyduringOct-25–Jan-26(up40-50%per

month);spotpriceslightlymutedinApr

512GbNANDspotvscontractpricetrend–MoMchange,Apr’19-Apr‘26

Apr-19

Oct-19

Apr-20

Oct-20

Apr-21

Oct-21

Apr-22

Oct-22

Apr-23

Oct-23

Apr-24

Oct-24

Apr-25

Oct-25

Apr-26

90%

60%

30%

0%

-30%

512Gbcontract

MoMchange

512Gbspot

Apr-26contractpriceisaforecastbyTrendForcereleasedon16thAprSource:DRAMeXchange,TrendForce

BofAGLOBALRESEARCH

Exhibit35:SSDproductpricesslightlydeclinedin2HofMarchbutstillmuchhigherthanayearago

ClientSSDpricetrend–mostlyforPC(notserver),Jan’24-Mar‘26

2H-Jan-24

2H-Feb-24

2H-Mar-24

2H-Apr-24

2H-May-24

2H-Jun-24

2H-Jul-24

2H-Aug-24

2H-Sep-24

2H-Oct-24

2H-Nov-24

2H-Dec-24

2H-Jan-25

2H-Feb-25

2H-Mar-25

2H-Apr-25

2H-May-25

2H-Jun-25

2H-Jul-25

2H-Aug-25

2H-Sep-25

2H-Oct-25

2H-Nov-25

2H-Dec-25

2H-Jan-26

2H-Feb-26

2H-Mar-26

200

150

100

50

0

256GB

512GB

1TB

US$

Note:SSDpricesareasof26Feb2026,reportedbyDRAMeXchange.TB=terabyte.

Source:DRAMeXchange

BofAGLOBALRESEARCH

Exhibit36:Marchpricesarestill~80%higherthanend-2025levels;2025pricehikewas35-40%range

ClientSSD(forPC)pricecomparison–currentvs.end-2025

US$end-2025Mar-26

256GB512GB1TB

200

150

100

50

0

177.7128.9

103.673.1

69.240.0

Note:SSDpricesareasof26Feb2026,reportedbyDRAMeXchange

Source:DRAMeXchange

BofAGLOBALRESEARCH

Exhibit37:BroadlystableYTD–moreChinadominantsupplyvsminimalfromKorea

LCDITpanelpricetrend–US$/panel,Mar’22-Mar‘26

2H-Mar-22

2H-May-22

2H-Jul-22

2H-Sep-22

2H-Nov-22

2H-Jan-23

2H-Mar-23

2H-May-23

2H-Jul-23

2H-Sep-23

2H-Nov-23

2H-Jan-24

2H-Mar-24

2H-May-24

2H-Jul-24

2H-Sep-24

2H-Nov-24

2H-Jan-25

1H-Mar-25

2H-May-25

2H-Jul-25

2H-Sep-25

2H-Nov-25

2H-Jan-26

2H-Mar-26

14"LED19.5"Monitor23.6"Monitor

80US$

70

60

50

40

30

20

10

0

Note:PanelpriceupdatefromWitsViewasof21Mar2026

Source:WitsView

BofAGLOBALRESEARCH

Exhibit38:Broadlyflatin2025vspriceslightlyupinJan/Feb/Mar;LCDsupplymoreChina-centricvsKorea’sOLED

LCDTVpanelpricetrend–US$/panel,Jan’24-Mar‘26

2H-Jan-24

2H-Mar-24

2H-May-24

2H-Jul-24

2H-Sep-24

2H-Nov-24

2H-Jan-25

1H-Mar-25

2H-May-25

2H-Jul-25

2H-Sep-25

2H-Nov-25

2H-Jan-26

2H-Mar-26

CH

Note:PanelpriceupdatefromWitsViewasof21Mar2026

Source:WitsView

BofAGLOBALRESEAR

32''43''50"65"

200

150

100

50

0

US$

GlobalMemoryTech|17April202611

BofAGLOBALRESEARCH

Valuationandstockperformance

Exhibit39:MemorycompaniesshowverylowP/Emultiplesdespiterecentsolidstockpricereboundvsverystrongearningsmomentum(exceptionallystrongDRAMandNANDASPin1Q/2Q26)

Valuationcomparisonamongmemoryandsemiconductorsupplychainstocks

Ticker

Rating

Price

(Local)

Mcap

($bn)

FY25

P/E

FY26E

FY27E

P/Book

EV/EBITDA

EV/Sales

ROE

FY25FY26EFY27E

Div.yield

FY25

FY26E

FY27E

FY26E

FY27E

FY26E

FY27E

FY26EFY27E

Memory/DRAM

SKHynix

HXSCF

C-1-7

1,148,000

548.5

19.0

5.0

4.5

6.8

2.9

1.8

3.0

2.7

2.4

2.2

44.2%81.0%

49.0%

0.4%

0.5%

Samsung

SSNLF

B-1-7

217,500

859.5

33.1

6.6

6.2

3.5

2.4

1.8

3.6

3.4

2.1

1.9

10.8%41.9%

32.0%

1.4%

2.2%

Micron

MU

C-1-7

457.23

515.6

55.2

8.3

5.9

9.5

4.4

2.5

6.5

4.6

4.7

3.5

18.8%74.0%

54.4%

0.1%

0.1%

Nanya

NNYAF

B-1-7

213.50

20.5

100.8

5.1

4.8

3.9

2.2

1.6

3.0

2.8

2.1

1.9

3.9%55.6%

39.2%

4.7%

4.7%

Memory/NAND

Kioxia

XIYUF

C-1-9

33,870.00

104.9

34.9

6.8

5.7

14.6

4.6

2.5

4.6

3.9

3.4

2.9

52.8%103.5%

57.9%

0.0%

0.0%

Sandisk

SNDK

C-1-9

919.47

141.0

n/a

22.6

10.3

15.3

9.3

4.8

17.1

7.8

8.6

5.1

4.3%51.4%

63.4%

0.0%

0.0%

WesternDigital

WDC

C-1-7

361.69

122.6

n/a

40.1

26.8

23.1

12.4

8.7

24.8

17.0

9.9

7.9

22.5%45.1%

42.9%

0.1%

0.1