285A

Kioxia Holdings is a NAND/SSD memory maker spun out of Toshiba and deeply co-manufacturing with SanDisk, and one of the few pure storage plus AI-inference plays available in the Japanese market. FY2026 revenue surged to ¥2.34 trillion with explosive profit, but the same-day market cap of roughly ¥44.36 trillion implies a TTM P/E near 79x, and the profit peak rests mainly on an ASP spike rather than volume, leaving the current price above even the optimistic valuation ceiling. Rating Avoid: the operational repair is real, but the stock has priced in AI and de-cyclicalization far too early.