Kioxia Holdings Corp Ordinary Shares

285A: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Kioxia: Initiating Coverage With JPY 9,000 Fair Value Estimate and No-Moat Rating; Shares Overvalued

Jing Jie Yu

Jan 15, 2026

We initiate coverage of Kioxia, a Japanese semiconductor manufacturer that focuses on producing NAND memory chips for electronic devices and data storage infrastructure. Kioxia is the third-largest NAND chip manufacturer globally, with a 14% volume share as of 2024.

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Kioxia Holdings Corp Ordinary Shares

Kioxia: Initiating Coverage With JPY 9,000 Fair Value Estimate and No-Moat Rating; Shares Overvalued

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