Gurinder Kalra Quotations

We believe that the improved order outlook suggests that the long-awaited acceleration in spending for 3G infrastructure build-outs in U.S. and China is upon us in 2006.

Guidance for the April quarter was appreciably better than expected.

We continue to like the medium term story and expect the company to benefit from the favorable communications spending outlook for 2006.

Despite the stock's strong performance in recent months, we are reiterating our outperform rating and are raising our price target from 660,000 won ($ 673.43) to 770,000 won.

Clearly, if the company is successful with this, it would be extremely significant given the cost advantage of 3D memory over NAND.