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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Nanya Technology (2408 TT, NEUTRAL, NTD63.70) 

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

Equity Bottom-Up

<ul>
<li>Nanya Tech is trading at one of the cheapest valuations in history, even when compared to past downturns, and has over 50% of its market cap as net cash.</li>
<li>Nanya Tech appears more compelling than Winbond in terms of price, valuation, and balance sheet trends.</li>
<li>The risk to the Long/Short pair could be relative product mix performance, but we believe other factors make up for this.</li>
</ul>


Nanya Tech is trading at one of the cheapest valuations in history, even when compared to past downturns, and has over 50% of its market cap as net cash.
Nanya Tech appears more compelling than Winbond in terms of price, valuation, and balance sheet trends.
The risk to the Long/Short pair could be relative product mix performance, but we believe other factors make up for this.


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