半导体存储_铠侠 2025 财年第三季度业绩参考；2026 财年 NAND 供应紧张预期与全球共识一致-_ Semiconductors Memory_ Kioxia CY3Q25 read-across; Tight CY26 NAND supply outlook in-line with GSe

13 November 2025 | 10:59PM KST Equity Research APAC Tech: Semiconductors Memory: Kioxia CY3Q25 read-across; Tight CY26 NAND supply outlook in-line with GSe On November 13, Japanese NAND producer Kioxia (covered by Shuhei Nakamura) reported its CY3Q25 (FY2Q25 or September quarter) earnings, and we provide read-across to our covered Korean memory suppliers, SK Hynix (Hynix, Buy) and Samsung Electronics (SEC, Buy). Key takeaways include: 1) Kioxia saw apple-to-apple price increase in CY3Q25 and expects this to ...