全球存储科技周报：Vera内存削减、三星股息及韩国会议预览

Weekly theme: Vera memory cut, strongJune, Samsung dividend, Kor conf preview Industry Overview Thoughts on NVIDIAVera CPU memory capacity reductionThe street is speculating a 50% SOCAMM memory content cut for NVIDIA’s new CPU, 13 June 2026 EquityGlobalTechnology Vera, vs the original spec (new 750GB vs old 1,500GB). We believe this is not true. Ourcheck still shows 1,500GB-centric SOCAMM (192GB x 8) as a mainstream for Vera Rubin(with HBM4) vs 750GB (96GB x 8) for Vera CPU rack (without HBM). Of course, clients(Google, Amazon, MSFT, Meta) can opt 750GB or 1,500GB for Vera Rubin superchip orVera CPU rack. Net-net, we conclude 1) Vera Rubin should continue to use 1,500GB(750GB possible but lower performance), and 2) Vera CPU rack also should initially use1,500GB, but it can work with 750GB too. Initial SOCAMM orders were for Vera Rubin;thus, Vera CPU rack offers incremental SOCAMM demand–positive for its TAM. Simon Woo, CFA>>Research AnalystMerrill Lynch (Seoul)+82 2 3707 0554simon.woo@bofa.com Dai Shen>>Research AnalystMerrill Lynch (Hong Kong)dai.shen@bofa.com Upbeat memory sales/exportscontinue QTD Vivek AryaResearch AnalystBofASvivek.arya@bofa.com Korea’s semis exports hit a new record high during the first 10 days of June: US$11bn,+30% MoM or +206% YoY. Key contributors should be 100%+ ASP increase YoY. Wealso observed a more notable DRAM spot price rally this week (DDR4/DDR5 up by 3-4%WoW). We think NVIDIA Jensen’s Korea visit after Computex Taiwan may have furthersupported sentiment (e.g., NVIDIA’s L-T concern on memory chip shortages). Taiwanesememory names have also reported robust May sales growth YoY (Nanya Tech +730%,Phison Electronics +301%, etc.). China also reported very strong IC imports for May(US$57bn +68% YoY) due to high chip prices (up near-70% YoY; volume down 1%).Overall, we expect memory chip pricing to remain strong across the region. Mikio Hirakawa>>Research AnalystBofAS Japanmikio.hirakawa@bofa.com Matt Shin>>Research AnalystMerrill Lynch (Seoul)matt.shin2@bofa.com Samsung: dividend payments likely to be larger and earlierSamsung Electronics (SEC) can be a dividend play, in our view. We outline a simple analysis showing why cash dividends for 2026 results could be W50-70tn, with halfpotentially paid 4-5 months earlier than usual: 1) annual FCF likely W200tn+/-; 2) 50%payout ratio (of FCF) well guided; 3) employee special bonus to be paid (Jan 2027) bybuyback-based treasury shares; 4) Samsung Life’s (032830 KS) 10.0% stake cap mayrequire it to sell excess SEC shares following SEC’s buyback; and 5) retail investor taxbenefits if 2026 year-end dividends are distributed in a 50:50 or 40:60 split through4Q26/1Q27. SEC’s preferred shares could be more attractive to investors that focus onhigher dividend yields. BofA Korea Conferenceto reinforce super-cycle theme We will hosttheKorea Conference over 15-19 June, marking its 18th anniversary withrecord high participants (~200 investors, ~120 corporates). We anticipate more bullishsentiment during the conference. Three reasons: memory expert forecasts (chipshortages for 2027 or even 2028 likely to be presented); corporate guidance (globalleadership/growth in tech, robot, defense, power, beauty, consumer, etc); and morefavorable fund flows (ETF, long-only money) and value-up program (dividend, buyback,US listing). The BofA Korea research team will host a large-group investor call on 23June 9:00AM HKT to share what the analysts learned during the conference. AI: Artificial intelligenceASP: Average selling priceCPU: Central processing unitDDR4/5: 4th/5thgen double-data rate DRAMDRAM: Dynamic random-access memoryGB:GigabyteGPU: Graphics processing unitHBM: High bandwidth memoryHBM4/4e/5: 6th/7th/8thgen of HBMIC: Integrated circuitNAND: Not-AND memorySOCAMM: Small-outline compressionattached memory moduleTAM: Total addressable market Korea exports, China imports and Taiwan monthly sales Exhibit2:Significant jump in Jun (US$11.1bn; +30% MoM); around 3xhigher than 2025-averageKorea semis exports–First 10 days of month US$bn Exhibit3:YoY rebound accelerated to +206% in Jun; already fiveconsecutive months of triple-digit growthKorea semis exports–First 10 days of monthYoY growth Exhibit7:Positive YoY growth across all companies; notably strongrebound seen – Nanya +730%, Phison +301%, Quanta +94%, TSMC+30% Taiwan tech companies’MoM monthly sales (May 2026) Taiwan tech companies’YoY monthly sales (May 2026) BofA Memory Indicator Exhibit8:Our memory indicator reached an all-time high of 189 in Mar/Apr-26, driven byexceptionally strong DRAM/NAND spot pricing, rising ASPs and billings, along with Korea’s150%+ export growth.BofA Memory Indicator – back to upturn level since Oct-2025 and hit highest peak in Mar/Apr-26 (back-tested) Note: Our indicator had previously been capped at ~140, but the recent unprecedented surge—driven by memory spot prices, ASPs, andbillings—has led us to raise the ceiling (up to 240 levels) to reflect a