DB Securities on the 31st said it expects the memory sector to continue its boom in 2026, following this year, for Wonik Materials. It maintained a Buy rating and raised the target price to 43,000 won. Wonik Materials' previous closing price is 30,900 won.
DB Securities estimated Wonik Materials' fourth-quarter results this year at 84.5 billion won in revenue and 14.7 billion won in operating profit. It projected the figures would be up 6% and 17%, respectively, from a year earlier and in line with the consensus.
Seo Seung-yeon, an analyst at DB Securities, said, "Despite higher DRAM utilization at domestic memory clients, we expect results to be at the previous quarter's level due to sluggish NAND flash utilization."
Seo also said clients' DRAM utilization is rising in the second half of this year on the back of favorable DRAM market conditions.
Seo said, "For NAND, the pace of utilization improvement is slow versus market expectations due to clients' delayed migration," but added, "In 2026, the memory market should continue its boom following this year on solid server demand and low industry inventories."
To respond, DRAM manufacturers are expanding capacity, and supply is expected to increase in earnest starting in the second half of 2026, Seo projected.
Seo said, "With DRAM clients expanding and running capacity, we forecast Wonik Materials' 2026 revenue and operating profit at 362.6 billion won, up 13% from a year earlier, and 67.7 billion won, up 23%."