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

Nanya Tech: Micron Results, Light at the End of the Tunnel? Shares Rise

Taiwan Tech Weekly: Trying to Recover After a Week of Deep Declines

Taiwan Tech Weekly: Our Summary of Sweeping New China Restrictions, TSMC Results This Week

Chips Cycle Long/Short: Long Nanya Tech Vs. Short Winbond

Taiwan Tech: Who's Ahead of the Inventory Cycle?

Taiwan Tech Weekly: Micron Forecasts This Week, Intel Conference, AMD CEO to Visit Taiwan Suppliers

A Bull Investment Case for TSMC (Summary Version)

Equity Bottom-Up

<ul>
<li>We estimate that Nanya Technology has the highest level of net cash as a percent of its market cap in its history and it is trading well below 1x PBV.</li>
<li>The median 6-month total shareholder return has been 40.5% for instances since 2012 when Nanya Tech has traded below 1.0x PBV.</li>
<li>Micron's results this Thursday will provide color on Nanya's outlook and could be a catalyst.</li>
</ul>


We estimate that Nanya Technology has the highest level of net cash as a percent of its market cap in its history and it is trading well below 1x PBV.
The median 6-month total shareholder return has been 40.5% for instances since 2012 when Nanya Tech has traded below 1.0x PBV.
Micron's results this Thursday will provide color on Nanya's outlook and could be a catalyst.


Nanya Tech: Valuation Backtest Implies Upside, Potential Catalyst Thursday