8 Asia Pacific Equity Research September 2026 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Asia Technology Outlook Jay Kwon AC +82 2 758 5725 jay.h.kwon@jpmorgan.com J.P. Morgan Securities (Far East) Limited, Seoul Branch See the end pages of this present ...

Asia Pacific Equity Research 22 September 2026 Memory Market Update J P M O R G A N 8 Bull vs. Bear debate: Street pricing-in extreme-bear; risk/reward attractive in the next 12M; OW In this report, we provide nine major memory debate topics along with contradicting bull/bear theses and our view on each of the sub-topics. We also introduce a DCF valuation exercise for two leading Korean memory stocks with various stress tests (bull/base/bear/extreme bear) to gauge what the market is pricing-in at the curren ...