Managing Director, Zero One, Zero One

Vincent Fernando, CFA

20 years of experience researching capital markets in Asia and the USA.

Managing Director, Zero One

Memory Monitor: Nanya Technology Hopeful of 2H23E DRAM Recovery

SK Hynix Calls Time On The Memory Downturn

UMC. Calling Q1'23 The Trough Despite Limited Forward Visibility

Taiwan Tech Weekly: Micron Earnings to Provide Memory Outlook; Taiwan Vs. SOX Divergence

Memory Monitor: Long Micron Vs. Short Nanya Technology; Nanya Relatively Over-Valued

PC Industry Monitor: Signs of Inventory Improvement at PC Industry's Leading Edge; Shares Diverged

A Bull Investment Case for TSMC (Summary Version)

Equity Bottom-Up

<ul>
<li>Micron reported a very weak set of results, implying weak results to come for Memory peers such as Nanya Technology.</li>
<li>Micron however said it sees signs of customer inventories improving, and expects the Memory over-supply imbalance to improve through the end of calendar 2023.</li>
<li>We remain biased to Long Micron vs. Short Nanya Technology. While there are signs of improvement coming for industry supply/demand, we believe Micron is in a relatively stronger position.</li>
</ul>


Micron reported a very weak set of results, implying weak results to come for Memory peers such as Nanya Technology.
Micron however said it sees signs of customer inventories improving, and expects the Memory over-supply imbalance to improve through the end of calendar 2023.
We remain biased to Long Micron vs. Short Nanya Technology. While there are signs of improvement coming for industry supply/demand, we believe Micron is in a relatively stronger position.


Micron Results: Take-Aways for Memory, PC Industry Outlook; Long Micron Vs. Short Nanya

Micron Technology

Micron Results: Take-Aways for Memory, PC Industry Outlook; Long Micron Vs. Short Nanya