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Title:Memory Industry: Neutral on Winbond, Nanya Tech
Download File:Memory industry note 170928--sinopac.pdf 
Summary:Micron¡¦s FY4Q17 sales easily exceeded expectations, mainly because DRAM sales (66% of FY4Q17 sales) grew 13% QoQ thanks to stronger unit sales and an 8% QoQ increase in DRAM ASP. The increase in average storage capacity of smartphones this year and expectation the storage capacity per unit will double in 2018 are contributing to stronger demand and DRAM price hikes. NAND business was also strong: NAND flash sales jumped by 8% QoQ due to a 5% ASP increase and stronger demand, including a tripling of demand from cloud-related business. Micron expects memory prices to remain stable through 1H18 amid stable demand. We echo Micron¡¦s view on stable DRAM price through 1H18, but project the price growth to soften in 2H18 when supply becomes sufficient.

„« Winbond (2344 TT) and Nanya Tech (2408 TT) are fairly valued; we maintain our Neutral ratings on both.
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