Managing Director, Zero One, Zero One

Vincent Fernando, CFA

20 years experience researching capital markets across Asia and the USA.

Managing Director, Zero One

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Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

<ul>
<li>Nanya's second quarter set a record on price, not volume: revenue rose 68% QoQ as ASP climbed more than 60% and bit shipments stayed flat, at a 79.5% gross margin.</li>
<li>Management guided the third quarter to improve further and called results sustainable for several quarters, so the sequential second-half decline consensus had modelled did not survive the print.</li>
<li>Nanya's capacity response is now funded: full-year capex is guided to about NT$52bn, four times last year, and a NT$78.7bn placement lifted net cash to NT$198bn.</li>
</ul>


Nanya's second quarter set a record on price, not volume: revenue rose 68% QoQ as ASP climbed more than 60% and bit shipments stayed flat, at a 79.5% gross margin.
Management guided the third quarter to improve further and called results sustainable for several quarters, so the sequential second-half decline consensus had modelled did not survive the print.
Nanya's capacity response is now funded: full-year capex is guided to about NT$52bn, four times last year, and a NT$78.7bn placement lifted net cash to NT$198bn.


Nanya Tech Signals Memory Shortage Extends Through the Second Half

Nanya Technology

Nanya Tech Signals Memory Shortage Extends Through the Second Half