汇丰银行-韩国-半导体行业-存储器行业：海力士最佳方案-20170916-hsbc-memory sector the best case scenario for hynix

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1、16September2017MemorysectorEQUITIESSEMICONDUCTORSThebestcasescenarioforHynixKoreaNewsonpotentialNANDmarketconsolidationRickySeo*Semiconductor/OLEDAnalystTheHongkongandShanghaiBankingCorporationReportappearstobeabestcasescenarioforHynixintermsLimited,SeoulSecuritiesBranchrickyjuilseo@kr.hsbc.c

2、omofcollaborationandmoresolidrelationshipswithcustomers+82237068777WereiterateourpositiveoutlookonthememorysectorKennethShim*ResearchAssociate,TechTheHongkongandShanghaiBankingCorporationBloomberg(14September2017)hasreportedthatfinancialsupportfromAppletoprovideLimited,SeoulSecuritiesBranchkennysh

3、im@kr.hsbc.comUSD3bnincapitalhelpedconvinceToshibatosignamemorandumofunderstandingwith+82237068779aBain-ledconsortium(alsoincludingSKHynix,Dell,Kingston,SeagateandJapanesecompanies),memorializingtheparties’intenttonegotiateanagreementforthesaleof*Employedbyanon-USaffiliateofHSBCSecurities(USA)Inc,a

4、ndisToshiba’smemoryunitbytheendofthismonthalthoughToshibareportedlyisstillnotnotregistered/qualifiedpursuanttoFINRAregulationsrulingoutotherbidders.TheMOU,iftrueasreported,wouldsignalthefirsttimeToshibahasexecutedanyagreementwithapotentialbuyer,swingingthedealawayfromthepreviouslyfavouredbiddinggro

5、upthatincludesWesternDigital(WDC).Accordingtothereport,theofferisvaluedatUSD22bnincludinginvestmentininfrastructure.InresponsetoWDC’sargumentthatanydealwouldneeditsconsent,thereportsaidthatBainnoteditwouldhonourallthecontractualtermsoftheWDCjointventure.PotentialforNANDmarketconsolidation.Wewouldse

6、ethisdeal,shouldithappen,asapositivecatalystforNANDmakerslongerterm.WithacollaborationstructurebetweenToshibaMemoryandtheBain-ledconsortium,theindustryconsolidationwouldlikelyeasecompetitionwiththenumberofplayerstobereducedfromfivetofour.Thiswouldlikelyimprovethenegotiatingpositionsoftheremainingpl

7、ayerswithsetmakers.Toshibahada17%shareandHynixa10%shareoftheNANDmarketin2Q17.BestcasescenarioforHynix.Moreimportantly,wewouldviewsuchadealasthebestcasescenarioforHynixasitwouldenablemorein-depth,diversecoll