Eben@CANSLIM ResearchNomura has maintained Buy ratings on Samsung Electronics (005930 KS) and SK Hynix (000660 KS), with target prices of KRW670,000 and KRW4,700,000 respectively, implying upside of 167.5% and 191.4% from 2 September 2026 closing prices. The broker argues that memory fundamentals are stronger than a year ago while share prices remain 37% below their peak, leaving the sector on an average 2027F P/E of roughly 3x. Nomura attributes the gap to investor uncertainty over long-term agreements (LTAs) that are reshaping the memory business model.
Key Takeaways
- Nomura maintained Buy ratings on Samsung Electronics (005930 KS) and SK Hynix (000660 KS) with target prices of KRW670,000 and KRW4,700,000, versus current prices of KRW250,500 and KRW1,613,000 as of 2 September 2026.
- Memory share prices have rebounded from a ~50% peak-to-trough fall but remain 37% below their peak, with the sector trading at an average 2027F P/E of about 3x on Nomura estimates.
- Nomura expects data centre memory demand fulfilment rates of only 70%-80% for DC customers and roughly 50% for non-DC customers, forcing de-spec and set production cuts.
- Nomura assumes LTAs will cover 50%-70% of total DRAM, NAND and SSD sales volumes, with terms of around five years and prepayments of 20%-30% of expected revenue.
- Nomura estimates total DRAM revenue will reach USD717bn in 2026F and USD1,228bn in 2027F, with DRAM prices of USD13.5/GB in 2026F and USD18.7/GB in 2027F.
What Nomura’s Global Memory Report Says About the Fundamentals Gap
In a report titled “Global Memory — Discrepancies between fundamentals and share prices”, published 3 September 2026, Nomura analysts CW Chung, Eon Hwang and YJ Kim, CFA argue that memory makers continue to assert a severe supply shortage will persist and that newly introduced LTAs will transform the industry’s business model into a more visible and stable one. The report follows Nomura’s September 2025 note titled “Unprecedented super-cycle”, and the analysts state that memory demand now appears stronger than at that time, with the supply shortage deepening because of supply constraints.
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