Rarely, the memory is rising in an all-round way, and the US foreign exchange has been widely promoted to the evaluation of Taiwan factory memory stocks

Benefiting from the recent comprehensive price trend of memory, US external resources have fully increased the target price of Taiwanese manufacturers that cover memory products, which has reflected the market's view on the memory market.

The analysis content of various memory products of American external sources is as follows:

Nor Flash

Observe the supply gap may remain at a low percentage and extend to the first half of 2026. Supply extensions will be limited to later-stage processes (such as test production can be redistributed to GPUs), while demand may see a seasonal rebound. For this reason, Wanghong's net value per share (BVPS) from 2025 to 2027 will be adjusted to RMB 20.5, 18.8, and 19.3, giving a 0.9x rating of BVPS in 2026. It also adjusted the EPS of Huafang from 2026 to 2027 to RMB 1.5 and RMB 3.4, and the BVPS of 2025 to 2027 to RMB 23.3, 24.6 and 25.3, and gave the 1.5x rating of the BVPS in 2026.

SLC NAND

AI has increased demand for eSSD (such as TLC, QLC NAND), and has stimulated legacy NAND production capacity (such as SLD, MLC). In particular, the energy of the enterprise and Micron has been reduced, resulting in a severe shortage of high-density SLC NAND. It is observed that there is a supply gap of two percentages, because the total monthly production capacity of SLC NAND is only about 50,000 pieces.

Foreign income expectation, NAND price continued to reach the fourth quarter, with eSSD rising the strongest, with a quarterly increase of 5% to 10%. 2026 quotes will be finalized at the end of October or early November 2025, with expectations expected to be better than the market's upward cycle. Based on the above factors, the EPS from 2026 to 2027 will be adjusted to RMB 45.1 and RMB 52.4, and the 2026 18xPE evaluation will be given, and the target will be raised simultaneously.

DDR4

Foreign expected contract prices will follow current prices, although Samsung and SK Hynix recently announced a delay in the end of life (EOL). However, due to strong demand, it is still estimated that there will be a supply gap of 10% to 15% from the fourth quarter of 2025 to the second quarter of 2026. There is already a 2% gap this season, and DDR4 is expected to be out of stock to the fourth quarter of 2026. Major DRAM factories are still busy coping with the demand for DDR5 strong, including South Asia's main rival Changxin Cash (CXMT). Therefore, the brokerage firm's fourth quarter increase in DDR5 rose from the original flat rate to 9%, while the price increase will also be extended to DDR3.

External income acknowledges underestimate the demand for DDR4 and overestimates Changxin’s competitive strength. After re-adjustment, the EPS of Nanya Science from 2026 to 2027 will be 14.4 and 11.6 yuan, and a 1.5xBVPS evaluation will be given.