Micron Technology(US:MU) citic securities·2026-01-28 13:56Investment Rating - The report does not explicitly provide an investment rating for the company [2][3]. Core Insights - Micron has commenced the construction of a new wafer fab in Singapore, with an investment of $24 billion over the next decade, which is expected to significantly enhance its production capacity for NAND, meeting the growing demand from AI and data centers [5]. - The new facility will add 700,000 square feet of cleanroom capacity and aims to achieve wafer production by the second half of 2028 [5]. - The company, SCI, is positioned to benefit from its long-term strategic partnership with Micron, including a power supply agreement signed in 2023 and potential future agreements related to the new fab [6]. Company Overview - SCI is a leading provider of energy and urban solutions, with a projected net profit of SGD 1.133 billion for FY2024, driven primarily by its gas segment (71% of revenue), followed by renewable energy (17%) and integrated urban solutions (11%) [9]. - The company has a total energy capacity of 25.9 GW, with renewable energy capacity accounting for 16.5 GW [9]. - The geographical distribution of assets includes 28% in China, 32% in Singapore, 18% in India, and 11% in the Asia region [9]. Financial Metrics - As of January 27, 2026, the stock price is SGD 5.93, with a market capitalization of $8.41 billion [13]. - The average trading volume over the past three months is $20.33 million [13]. - The market consensus target price is SGD 7.13 [13].