Asia Pacific Technology: Semiconductors - Memory: Nanya Tech 3Q26 read-across: limited level of DRAM bit supply growth likely for 2027

Goldman Sachs provides a read-across from Nanya Technology's 3Q26 earnings to Samsung Electronics (SEC) and SK Hynix, remaining Buy rated on both. Nanya again recorded a strong increase in DRAM ASP and an improvement in operating margin, mainly driven by the renewal during the quarter of previously lower-priced 6-month and 1-year contracts. Management noted that HBM contract negotiations for 2027 would be an important variable for 2027 DRAM supply/demand, since the outcome would influence how major suppliers allocate capacity across products;