Independent Research, Turtles all the way down

Turtles all the way down

Independent Research

Writing short articles about mis-priced boring stocks around the world.

Equity Bottom-Up

Retail Opportunity Investments Corp. / Equity Bottom-Up

<ul><li>Say that we have an industry selling a commodity and we want to figure out how above average returns can be generated.</li><li>Our starting point is almost perfect competition. </li><li>We cannot create a brand, a differentiated product/service, a monopoly, a cartel or cheat.</li></ul>

Say that we have an industry selling a commodity and we want to figure out how above average returns can be generated.Our starting point is almost perfect competition. We cannot create a brand, a differentiated product/service, a monopoly, a cartel or cheat.

External broker reports(aggregated public sources), Capital Securities Corp

Capital Securities

External broker reports(aggregated public sources)

<p>We maintain NEUTRAL on DRAM price corrections. As economies have reopened and caused lower expected demand for consumer PCs and Chromebooks, related OEM vendors’ tight supply has eased, leading to lower prices of standard memory units. We expect this round of DRAM price corrections to persist into 1H22. Maintain NEUTRAL. </p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We maintain NEUTRAL on DRAM price corrections. As economies have reopened and caused lower expected demand for consumer PCs and Chromebooks, related OEM vendors’ tight supply has eased, leading to lower prices of standard memory units. We expect this round of DRAM price corrections to persist into 1H22. Maintain NEUTRAL. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nanya Technology (2408 TT, NEUTRAL, NTD63.70) 

<p>Product prices may fall soon; downgrade to NEUTRAL. Nanya’s FY21 EPS is estimated at NTD6.78.. As the spot market has weakened recently, it may have impacted the company’s negotiated prices for AUG~SEP21 and caused its quarterly prices to fall. We downgrade Nanya Technology to NEUTRAL.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Product prices may fall soon; downgrade to NEUTRAL. Nanya’s FY21 EPS is estimated at NTD6.78.. As the spot market has weakened recently, it may have impacted the company’s negotiated prices for AUG~SEP21 and caused its quarterly prices to fall. We downgrade Nanya Technology to NEUTRAL.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nanya Technology (2408 TT, NEUTRAL, NTD61.40) 

Taiwan

Nanya Technology Corp. manufactures and markets dynamic random access memories (DRAMs).  The Company sells its products in Taiwan and exports worldwide.

Nanya Technology (2408 TT)

Earning excess returns in commodities

Say that we have an industry selling a commodity and we want to figure out how above average returns can be generated. Our starting point is almost...

Turtles all the way down