Goldman Sachs evaluates Kioxia's performance "Revelation": NAND supply shortage may continue until 2027, strongly supports Samsung Electronics and SK Hynix

Smart Finance APP reported that on October 30, Japanese NAND flash memory manufacturer Kioxia announced its results for the third quarter of the 2026 calendar year (i.e., the second quarter of fiscal year 2026). Based on this, Goldman Sachs analyzed its implications for the covered Korean storage giants SK Hynix (rated "Buy") and Samsung Electronics (rated "Buy"). The main conclusions include: 1) Robust results for the third quarter of the 2026 calendar year; due to different shipment schedules and base effects, Kioxia's expectations for the fourth quarter of the 2026 calendar year differ from those of Samsung Electronics and SK Hynix; 2) The supply-demand tension in the NAND flash market is expected to persist until the 2027 calendar year, providing room for further price increases; 3) Multi-year long-term agreements (LTAs) offer strong visibility into demand after 2027 to 2028.