Still in Early Stage of Up-cycle 3
Supply Can’t Meet Seasonal Demand Growth 3
Revision in Global Memory Model 4
Limited Supply Growth Continues into 2010E 8
Still at the low-end despite utilization increase 8
Capex – Increase in 2010E but still far below the peak 9
Capacity unlikely to return to previous levels, even in 2010E 12
Improving Demand Outlook 15
Company Updates 17
Samsung Electronics (005930.KS; W775,000; 1L) 17
Hynix (000660.KS; W20,700; 1M)) 17
Toshiba (6502.T; ¥471; 2H) 18
Elpida Memory (6665.T; ¥1,500; 2H) 19
Micron Technology (MU.N; US$7.09; 2S) 19
Powerchip Semiconductor (5346.TWO; NT$3.66; 3H) 20
Nanya Technology (2408.TW; NT$17.72; 3H) 20
Inotera Technology (3474.TW; NT$16.95; 3H) 21
Global Memory Valuation 22
Appendix A-1 29
Analyst Certification 29