全球存储科技板块：短期及长期盈利前景向好，上调目标估值

Weekly theme: upbeat near-term and long-term earnings outlook; lift POs Price Objective Change 09 May 2026 April sales up 100%+; 2027-28 outlook more promising We were surprised by very strong Taiwanmemory companies’April sales (Nanya Tech:+717% YoY; Phison Electronics: +237%) and Korea’s semis exports (+173%). In our view,the key driver was stronger DRAM and NAND ASP (up 40-50% QoQ vs consensus 30%range). Most memory chipmakers appear to have turned more bullish due to upbeat Aprilresults, continuously rising memory chip price and tight wafer capacity vs 2027-28 chiporder outlook. This should lead to semis capex increase, including advanced packagingusing TCB. Our memory indicator has also skyrocketed from near-100 (mid-cycle) in EquityGlobalTechnology Simon Woo, CFA>>Research AnalystMerrill Lynch (Seoul)+82 2 3707 0554 Dai Shen>>Research AnalystMerrill Lynch (Hong Kong)dai.shen@bofa.com PO revisions mostly based on higher EPS estimates Vivek AryaResearch AnalystBofASvivek.arya@bofa.com We raise our POsfor Samsung Electronics (SEC; new PO W370,000, +19% vs old), SKHynix (W2,100,000, +17%), Nanya Tech (NT$440, +10%), Phison Electronics (NT$3,500,+17%), Wonik IPS (W95,000, +19%), Hanmi Semi (W500,000, +19%) and ASMPT(HK$220, +16%), based on 10%+/- 2026-28 EPS estimates. The 5-10% higher ASPassumptions (or 10%+ for sales forecasts) for memory chipmakers, which are alsoexpected to increase equipment spending more actively in 2028 once new shell fabs areconstructed in 2027, are the key reasons for our EPS and PO revisions. Mikio Hirakawa>>Research AnalystBofAS Japanmikio.hirakawa@bofa.com Matt Shin>>Research AnalystMerrill Lynch (Seoul)matt.shin2@bofa.com Target P/E still8-10x for SEC, Hynix and Nanya Tech Our target P/E for SEC (10x based on 2026-27E EPS vs old 9x given stronger earningsoutlook with higher memory chip price), SK Hynix (8x vs 7x due to better outlook; thusPO revision mostly based on EPS estimate and target P/E change) and Nanya Tech (8xvs 9x previously, given lower 2027 EPS growth following a very strong 2026 upturn) isbroadly low. That said, our POs for all three companies imply 30-50% stock upside. Wonik IPSvs Phison/Hanmi/ASMPT under AI theme Phison (NAND storage product supplier) reportedrecord-high OP margin (36%) in its1Q26 results vs only 7% for Wonik IPS (CVD equipment for DRAM/NAND). Phison’smanagement also stated that 1Q level of GM (61% vs long-term historical average of30% range) looks sustainable with rising enterprise solutions sales. We also see WonikIPS’earnings turnaround coupled with memory chipmakers’capex increase but it mustcompete with global leaders (Applied Materials, LAM Research, Tokyo Electron, etc.).This should be the discount factor for Wonik IPS (target 2026-27E P/E: 23x; unchanged)vs Hanmi Semis (47x 2028 EPS; also unchanged) and ASMPT (35x 2027-28E P/E; sincelong-term order rises, 2028E EPS included; old was also 35x 2027E P/E), which willbenefit from chipmakers’HBM capacity expansion more specifically in 2028 or after. We Exhibit2:DDR5 slightly up this week,while DDR4/NAND continued to declineSpot prices– DRAM and NAND >> Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analystunder the FINRA rules.Refer to "Other Important Disclosures" for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions.BofA Securities does and seeks to do business with issuers covered in its researchreports. As a result, investors should be aware that the firm may have a conflict of Company specific valuations We present company-specific valuations. Samsung Electronics (005930 KS; B-1-7; PO W370,000)Our new PO of W370,000 is derived from 10x 2026-27E P/E (vs old PO W310,000 based on 9x), which still appears much lower than long-term historical average (13x) largely dueto limited QoQ OP growth after 2Q26 upturn. Our GDR PO of US$6,250 is automaticallycalculated at an FX rate of near-W1.48k/USD. Our new PO of W277,000 (vs W233,000previously) for the preferred shares is based on a 25% fair discount (close to past 12-month average) to the common shares, given no voting rights. However, the dividendamount is almost the same for both types. This offers a higher yield for the preferred SK Hynix (000660 KS; C-1-7; PO W2,100,000) We raised our PO to W2,100,000 using higher 2026-27E P/E of 8x (PO W1,800,000based on 7x previously). Our fair P/E multiple of 8x is in fact much lower than the 2016-25 average (12x). We believe the company's already proven strong 2025 results and newrecord-high 2026-27E earnings with HBM leadership and high margin profile will lead to Nanya Tech (2408 TT; B-1-7; PO NT$440)Our PO of NT$440 is derived from 8x 2026-27E P/E (vs old PO NT$400 based on 9x), which is around 40% lower than long-term historical average (13x during 2014-25) butnear-30% higher than previous upturn period (6x in 2014-18). Memory stocks usuallytrade at low valuati