Kioxia Holdings Corp (285A.T): We visited the Kitakami Plant

We visited Kioxia Holdings' Kitakami Plant, one of its two main production sites. Production plans indicate: (1) K1 is operating at full capacity; at K2, equipment has been fully installed in half the facility and is being installed in the remaining half; the K3 building has yet to be constructed, with output expected to contribute from FY3/30. (2) Company-wide, BiCS8 bit shipments exceeded half of total shipments in March, while Kitakami still centres on BiCS5, with BiCS8 shipments expected to contribute from early 2027. (3) The Yokkaichi Plant focuses on high-bandwidth products such as Super IOPS, while Kitakami emphasises productivity and high-capacity BiCS10. The company aims for broadly equal bit shipments from Yokkaichi and Kitakami by around 2029, when K3 is expected to contribute. We noticed vacant land next to K3 that could support expansion through K4, and car parks leaving room for K5;