6 January 2026 | 5:01PM JST Equity Research Kioxia Holdings (285A.T) NAND price uptrend continues, but further share price upside limited; maintain Neutral 285A.T 12m Price Target: ¥11,400 Price: ¥11,600 Downside: 1.7% NAND market very tight; raising price assumptions... While demand for enterprise SSDs (eSSDs) for servers remains strong, many of Kioxia's peers that produce both DRAM and NAND continue to prioritize investment in DRAM and remain cautious about investing in NAND due largely to cleanroom const ...