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

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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>Latest Nanya Tech results showed weak margin rebound. Gross margin rebounded but remained below zero.</li>
<li>Nanya expects DRAM pricing improvement through 2024E; due to demand for AI related memory products reducing capacity for other DRAM products rather than improvement for Nanya's main Consumer segment.</li>
<li>Micron is reportedly increasing prices post Taiwan earthquake and this is positive, but we see Nanya's 2024E consensus margin expectations set at a high bar and the stock isn't cheap.</li>
</ul>


Latest Nanya Tech results showed weak margin rebound. Gross margin rebounded but remained below zero.
Nanya expects DRAM pricing improvement through 2024E; due to demand for AI related memory products reducing capacity for other DRAM products rather than improvement for Nanya's main Consumer segment.
Micron is reportedly increasing prices post Taiwan earthquake and this is positive, but we see Nanya's 2024E consensus margin expectations set at a high bar and the stock isn't cheap.


Nanya Technology Sees DRAM Industry Pricing Rising Through 2024E; But Is Underperforming Financially