South Korea Technology: Investor feedback: Positive view on memory with high interest level; Reiterate Buy on SEC (on CL) and SK Hynix

Goldman Sachs met with investors in Toronto, Boston, New York and San Francisco to discuss the South Korea Technology sector, with most discussions centered on memory. North American investors were generally more positive on the memory space than Asian investors, agreeing that industry fundamentals remain solid and that downside to SEC and SK Hynix share prices looks limited at current valuations, though a lack of near-term catalysts and positioning concerns kept them from actively accumulating. Investors generally expect 3Q26 DRAM and NAND ASP to rise around 20% qoq, with meaningful KRW appreciation against the USD pressuring 3Q26 earnings for both companies. HBM pricing views ranged widely but expectations have come down from as high as ~200% yoy;