The biggest opportunity currently in the market may come from a different perception of memory stocks: Hynix, Samsung, and Micron have forward P/E ratios below 5, significantly lower than the 20x P/E typically assigned to semiconductor chips. The reason is that the market is valuing them as cyclical stocks rather than growth stocks.


So, if generally, long-term contracts of 3-5 years are signed for procurement, smoothing out peaks and troughs, should they then be valued as growth stocks? The proportion of long-term procurement contracts in orders is very important.
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