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

Taiwan Tech Weekly: Samsung Will Keep Expanding Capacity, China Chip Restrictions Tighten Further

Mediatek: We Contacted Management Re: Latest Arm Restrictions, Accumulate

Intel Vs. TSMC Monitor: After a Quiet December, January Will Be a Big Month

Nanya Technology: Inventory Risk, A 10% Downside Trade Is Still Available

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

Nanya Tech: Valuation Backtest Implies Upside, Potential Catalyst Thursday

A Bull Investment Case for TSMC (Summary Version)

Equity Bottom-Up

<ul>
<li>Micron's recent results, where it showed a major margin slide and swung to a net loss, imply weak results ahead for Nanya Tech.</li>
<li>We believe that Nanya's FY2023E consensus figures are likely to be revised down.</li>
<li>We see more downside risk ahead for Nanya Tech shares, and will await lower levels before buying based on deep-value.</li>
</ul>


Micron's recent results, where it showed a major margin slide and swung to a net loss, imply weak results ahead for Nanya Tech.
We believe that Nanya's FY2023E consensus figures are likely to be revised down.
We see more downside risk ahead for Nanya Tech shares, and will await lower levels before buying based on deep-value.


Nanya Technology: Consensus Numbers Likely Too High, Net Loss Potential