Asian Investor Marketing Feedback on Memory/Korea Tech/Holdco

We met with over 100 investors in Asia (Singapore, Korea and Hong Kong) over the last two weeks. In this note, we highlight the key areas of investor interest and feedback and answer FAQs from the meetings. Overall, we saw a wide dispersion in investor sentiment towards memory sector investing, reflecting a big disconnect between top-down AI sustainability and bottom-up memory industry S&D fundamentals. We had already noted that 3Q26 could be an expectation-reset quarter and do not rule out the possibility of memory stocks remaining volatile in the near term given the lack of imminent catalysts. In our view, the dispersion offers a good entry point on the duration trade, and we view risk-reward as turning favorable on a medium-term horizon. We remain optimistic on the memory up-cycle and recommend investors accumulate on recent weakness. Our key OW ideas are SEC/SKH/Kioxia (Memory), SEMCO (MLCC/Substrate), ISU (AI PCB) and ISC (Testing socket) in the next 6 months.