Price Risk in the Memory Module Business from DRAM/NAND Price Fluctuations
First written in FY2017-Q1. 11 of 36 entries say "Worsened", first in FY2018-Q1. Latest entry: 2026-08-10.
Minato Holdings moved to the "Worse" side of this theme in 2019, 4 years before the typical company in this theme (2023).
The whole theme swung hardest in 2022: 3 of 6 companies on the "Worse" side.
2 other companies' latest entry also says "Restated".
- FY2026Memory prices rose against a backdrop of generative AI demandAnnual report
「The sharp increase in market prices resulting from memory manufacturers focusing production on memory for generative AI was a factor supporting business performance.」
Memory prices, particularly for DRAM, rose sharply as manufacturers concentrated production on memory for generative AI, contributing to higher sales and profit. The risk of price fluctuations remains. - FY2026-H1Higher memory prices boosted sales and profitAnnual report
「In this segment, market prices for semiconductor memory products, particularly DRAM, which are key procured components for the main products DIMMs (Dual Inline Memory Modules) and SSDs (Solid State Drives), increased.」
Higher market prices for semiconductor memory products, particularly DRAM, contributed to increased sales and profit in the digital devices business. - FY2025RestatedAnnual report
「Among the products sold by our Group, semiconductor-related products such as DRAM and NAND, which are primarily procured components for digital devices, may experience sharp price fluctuations due to changes in global demand and supply.」
The disclosure continues to address price risk arising from fluctuations in demand and supply for DRAM, NAND and other products, as well as the policy of stabilizing profitability by passing these changes through to selling prices. - FY2025-H1RestatedAnnual report
「Although semiconductor memory market prices for DRAM and NAND, which are key procured components for the main products DIMMs (Dual Inline Memory Modules) and SSDs (Solid State Drives), rose year on year, demand for servers, PCs and smartphones remained short of a full recovery. Among our customers, PC manufacturers' unit sales remained sluggish following the reversal of the stay-at-home demand boom during the COVID-19 pandemic, while industrial customers in other sectors also continued to adjust inventories.」
Although DRAM and NAND market prices rose year on year, demand for servers, PCs and smartphones has yet to fully recover, and customers have continued to adjust inventories. - FY2024-Q3Market prices are rising gradually, but demand recovery remains limitedAnnual report
「Although DRAM and NAND manufacturers continued to reduce production from the previous fiscal year, semiconductor memory market prices have begun to rise gradually, while demand from major server, PC and smartphone manufacturers remained short of a full recovery.」
DRAM and NAND market prices shifted from a downward trend to a gradual increase, while demand from major server, PC and smartphone manufacturers has yet to fully recover. - FY2024-Q2RestatedAnnual report
「Although DRAM and NAND manufacturers continued to reduce production from the previous period, demand from major server, PC and smartphone manufacturers did not fully recover, and semiconductor memory market prices remained depressed.」
DRAM and NAND market prices have continued to decline, with delayed demand recovery and production cuts by manufacturers remaining the background to the price risk. - FY2024-Q1WorsenedAnnual report
「Transaction prices for DRAM and NAND semiconductor memory products, which are key procured components for the main products DIMMs (Dual Inline Memory Modules) and SSDs (Solid State Drives), have continued to decline because major manufacturers of smartphones, PCs, servers and other products continue to adjust inventories and production.」
DRAM and NAND transaction prices have continued to decline against a backdrop of inventory and production adjustments by major manufacturers. - FY2023-Q3WorsenedAnnual report
「Transaction prices for DRAM and NAND semiconductor memory products, which are key procured components for the main products DIMMs (Dual Inline Memory Modules) and SSDs (Solid State Drives), have declined as major manufacturers of smartphones, PCs, servers and other products continued to adjust inventories and production.」
DRAM and NAND transaction prices have continued to decline against a backdrop of inventory and production adjustments by major manufacturers. - FY2023-Q1WorsenedAnnual report
「Transaction prices for DRAM and NAND semiconductor memory products, which are key procured components for the main products DIMMs (Dual Inline Memory Modules) and SSDs (Solid State Drives), declined mainly due to the impact of lockdowns in various parts of China. Although demand for server memory has been maintained, transaction prices are expected to decline as major manufacturers of smartphones, PCs and other products continue to adjust inventories and production.」
DRAM and NAND transaction prices declined against a backdrop of lockdowns in various parts of China and inventory and production adjustments by major manufacturers, with further declines expected. - FY2022WorsenedAnnual report
「Transaction prices for DRAM and NAND semiconductor memory products, which are key procured components for the main products DIMMs (Dual Inline Memory Modules) and SSDs (Solid State Drives), had been trending downward due in part to slowing PC demand associated with teleworking and stay-at-home consumption. However, prices temporarily bottomed out as memory manufacturers adjusted supply and demand for server memory expanded. Meanwhile, concerns have arisen over the impact on memory product production and logistics after lockdown measures were imposed in Xi'an, China, for approximately one month from the latter half of December last year amid the spread of COVID-19, leaving the outlook for future transaction prices uncertain.」
Although the price decline temporarily halted, the impact of the lockdown in Xi'an, China, on production and logistics added further uncertainty, leaving the outlook for future prices unclear. - FY2022-Q3The price decline has temporarily halted, while the outlook has become uncertainAnnual report
「Transaction prices for DRAM and NAND semiconductor memory products, which are key procured components for the main products DIMMs (Dual Inline Memory Modules) and SSDs (Solid State Drives), had been trending downward due in part to slowing PC demand associated with teleworking and stay-at-home consumption. However, prices temporarily bottomed out as memory manufacturers adjusted supply and demand for server memory expanded. Meanwhile, concerns have arisen over the impact on memory product production and logistics after lockdown measures were imposed in Xi'an, China, for approximately one month from the latter half of December last year amid the spread of COVID-19, leaving the outlook for future transaction prices uncertain.」
From the downward price trend through the previous quarter, prices temporarily bottomed out due to supply adjustments and server demand, while the impact of the lockdown in Xi'an, China, on production and logistics emerged as a new uncertainty. - FY2022-Q2DRAM and NAND price increases level off, with declines expectedAnnual report
「Transaction prices for DRAM and NAND semiconductor memory products had continued to trend upward since the beginning of the year, but are now showing signs of leveling off. Although concerns over semiconductor shortages remain, transaction prices in the second half are expected to trend downward, as memory manufacturers have increased production and PC and server manufacturers that had made advance purchases have begun adjusting their inventories.」
DRAM and NAND prices shifted from the upward trend through the previous quarter to a phase in which increases have leveled off and prices are expected to trend downward in the second half, driven by increased production and inventory adjustments by customers. - FY2022-Q1RestatedAnnual report
「Although DRAM prices have shown signs of leveling off, transaction prices are expected to continue trending upward, as inquiries for new smartphones and 5G (fifth-generation mobile communications systems) products continue to increase, demand for data centers, PCs and game consoles remains solid, and concerns over semiconductor shortages persist.」
Although DRAM prices have shown signs of leveling off, transaction prices for DRAM and NAND are expected to continue trending upward, driven by demand for smartphones, 5G, data centers, PCs and game consoles, as well as concerns over semiconductor shortages. - FY2021MitigatedAnnual report
「Prices reversed course as inquiries increased for new smartphones and 5G (next-generation communications standard) products, while demand also recovered in areas such as high-performance servers for data centers and new game consoles. Prices have continued to trend upward since the start of 2021.」
DRAM and NAND prices reversed from the downward trend through the previous period, driven by recovering demand for 5G, servers and new game consoles, and trended upward in 2021. - FY2021-Q3MitigatedAnnual report
「The gradual decline in prices temporarily stopped as inquiries for new smartphones and 5G-related products increased and demand recovered in areas including high-performance servers for data centers and new game consoles. In addition, spot prices rose following a power outage at a DRAM plant in Taiwan in December last year, and market conditions showed signs of recovery.」
Regarding DRAM and NAND prices, the prolonged decline temporarily halted due to recovering demand and the impact of a power outage at a DRAM plant, indicating signs of a market recovery. - FY2021-Q2WorsenedAnnual report
「Prices of DRAM and NAND memory products, the main procured components for the primary products DIMMs (Dual Inline Memory Modules) and SSDs (Solid State Drives), remain on a downward trend against a backdrop of intensifying uncertainty about the outlook due to the inability to foresee an end to COVID-19 and weakening demand for servers used by data centers and enterprises.」
DRAM and NAND prices remained on a downward trend, with weakening server demand and uncertainty caused by COVID-19 identified as new negative factors. - FY2021-Q1WorsenedAnnual report
「Market conditions for DRAM and NAND memory products had been recovering on demand for data-center servers, but prices have recently turned downward as uncertainty about the outlook intensified, weakening supply for next-generation communications standard (5G)-related applications and smartphones.」
Following the upward turn in DRAM and NAND prices reported in the previous quarter, prices turned to a downward trend against a backdrop of increased uncertainty about the outlook and weak supply for 5G and smartphone applications. - FY2020-Q3DRAM and NAND prices turned upward against expectations of a recovery in demandAnnual report
「In the memory module-related business, prices of both DRAM and NAND, the main procured components for the primary products DIMMs (Dual Inline Memory Modules) and SSDs (Solid State Drives), had continued to decline since the year before last due to improved yields for new-generation products and weakening product demand. However, memory shortages have intensified amid expectations of increased demand in China following the Phase One US-China trade agreement, the resumption of server investment for data centers, and increased memory and storage capacity driven by 5G demand, causing DRAM and NAND prices to turn upward recently.」
Although DRAM and NAND prices had continued to decline, the Company explained that they had recently turned upward against a backdrop of memory shortages arising from expectations for Chinese demand, server investment, and 5G demand. - FY2020-Q2WorsenedAnnual report
「DRAM prices temporarily bottomed out and NAND prices turned upward, partly because memory shortages intensified due to US-China trade friction, a review of South Korea's preferential trading partner designations, and the power outage at the Yokkaichi plant of Toshiba Memory, now Kioxia Corporation, in June of this year. However, demand has still not recovered, and prices have recently resumed declining.」
Although DRAM prices had bottomed out and NAND prices had begun to turn upward in the previous quarter, the Company explained that demand failed to recover and both DRAM and NAND prices had recently returned to a downward trend. - FY2020-Q1DRAM prices bottomed out while NAND prices turned upwardAnnual report
「Recently, DRAM prices have bottomed out and NAND prices have begun to turn upward, partly because memory shortages have intensified due to US-China trade friction, a review of South Korea's preferential trading partner designations, and the power outage at Toshiba Memory's Yokkaichi plant in June of this year.」
Although DRAM and NAND prices had continued to decline, DRAM prices bottomed out and NAND prices began to turn upward against a backdrop of trade friction, the review of South Korea's preferential trading partner designations, and memory shortages caused by a plant power outage. - FY2019-Q3WorsenedAnnual report
「NAND prices continued to decline as yields for new-generation products improved and smartphone shipments decreased. DRAM prices also declined as the effects of increased production emerged, investment in data centers slowed, and server demand, previously the main driver, decreased.」
Amid continued declines in both DRAM and NAND prices, the slowdown in data-center investment and decrease in server demand were newly identified as factors worsening the DRAM environment. Price risk and deteriorating demand were described as actual business conditions. - FY2019-Q2Both DRAM and NAND prices began to declineAnnual report
「NAND prices have been declining as yields for new-generation products improved and smartphone shipments decreased, while DRAM prices have also recently begun to decline as the effects of increased production emerged.」
Following the divergence through the previous quarter, with DRAM prices high and NAND prices declining, price declines were indicated for both DRAM and NAND. However, demand remained strong, and segment revenue and profit exceeded the same period of the previous year. - FY2019-Q1DRAM remained expensive while NAND prices fellAnnual report
「NAND prices turned downward as yields for new-generation products improved and smartphone shipments declined, while DRAM prices remained high against a backdrop of robust server demand, resulting in performance substantially above the same quarter of the previous year.」
DRAM and NAND price trends diverged: NAND prices turned downward, while DRAM prices remained high against a backdrop of server demand. Rising DRAM prices contributed to revenue growth. - FY2018RestatedAnnual report
「NAND prices, which had continued to rise, began to stabilize as yields for new-generation products improved, while DRAM product supply remained tight and prices continued to rise, partly due to insufficient investment by semiconductor manufacturers.」
NAND prices are beginning to stabilize, while tight DRAM supply and rising prices continued. The structure in which price fluctuations affect revenue and profit remains. - FY2018-Q3RestatedAnnual report
「During the cumulative third quarter of the current fiscal year, NAND prices began to stabilize as yields for new-generation products improved, while DRAM product supply remained tight, partly due to insufficient investment by semiconductor manufacturers. As supply and demand for DRAM and NAND tightened as a result, product prices and sales volumes increased in the business, resulting in revenue substantially above the initial forecast. Procurement prices had risen due to component shortages, but profit margins improved from the second quarter as the pass-through to selling prices progressed.」
NAND prices are beginning to stabilize, while tight DRAM supply and higher procurement prices continue. Profit margins improved through the pass-through to product prices, absorbing part of the impact of the risk. - FY2018-Q2MitigatedAnnual report
「Procurement prices have risen due to component shortages, but profit margins have improved from the first quarter as the pass-through to selling prices has progressed.」
Tight supply and demand for DRAM and NAND and higher procurement prices have continued, but the impact on profit was partially mitigated as the pass-through to selling prices progressed and profit margins improved from the first quarter. - FY2018-Q1WorsenedAnnual report
「In the memory module-related business, supply and demand for DRAM and NAND, the main procured components for DIMMs (Dual Inline Memory Modules) and SSDs (Solid State Drives), which are computer storage devices, tightened as smartphones increased their storage capacity and demand grew for servers used in data centers and cloud services supporting social media and e-commerce. Their prices have been rising since the third quarter of the previous fiscal year. DRAM and NAND prices continued to rise during the first quarter of the current fiscal year, resulting in revenue substantially above the initial forecast. As a result, segment revenue was ¥2,101 million, an increase of ¥789 million, or 60.2%, from the same quarter of the previous year. However, higher procurement prices caused by component shortages pressured profit, and segment profit (operating profit) was ¥41 million, a decrease of ¥28 million, or 40.6%, from the same quarter of the previous year.」
Higher DRAM and NAND prices boosted revenue, but tighter supply and demand and component shortages raised procurement prices, putting pressure on profit. Price fluctuation risk has materialized not only through revenue but also through costs and profit. - FY2017RestatedAnnual report
「In this segment, prices of DRAM and NAND, the main procured components for DIMMs (Dual Inline Memory Modules) and SSDs (Solid State Drives), which are computer storage devices, had been declining since the year before last, and revenue remained below the initial forecast through the second quarter. However, from the third quarter onward, DRAM and NAND prices turned upward due to shortages of components and other factors, resulting in revenue above expectations.」
DRAM and NAND prices turned upward from a period of decline from the third quarter onward, and their impact on prices and revenue was evident over the full year. - FY2017-Q3Shift from falling to rising pricesAnnual report
「However, DRAM and NAND prices have recently turned upward due to shortages of components and other factors, and revenue for the third quarter was broadly in line with expectations.」
DRAM and NAND prices turned upward from a period of decline against a backdrop of component shortages and other factors, and revenue was broadly in line with expectations. Price fluctuation risk remains, but the revenue shortfall caused by price declines through the previous quarter was reduced. - FY2017-Q2MitigatedAnnual report
「In this segment, prices of DRAM and NAND, the main procured components for DIMMs (Dual Inline Memory Modules) and SSDs (Solid State Drives), which are computer storage devices, had been declining since last year, but have recently begun to stabilize.」
Although DRAM and NAND prices had declined from the previous year, they were described as having stabilized during the quarter, partially mitigating the risk of further price declines. - FY2017-Q1First statedAnnual report
「In this segment, prices of DRAM and NAND, the main procured components for DIMMs (Dual Inline Memory Modules) and SSDs (Solid State Drives), which are computer storage devices, have continued to decline since last year. As a result, product selling prices declined and revenue remained below the initial forecast.」
With the consolidation of the memory module-related business, fluctuations in DRAM and NAND prices were identified as a new risk. Declines in component prices and product selling prices actually occurred during the quarter.