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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Equity Bottom-Up

<ul>
<li>Nanya Tech management extrapolated on their recent results call that they believe 2Q23 was the bottom for the DRAM cycle.</li>
<li>We've updated our Nanya Tech financial model and estimates; we still see a short-term trade back to Nanya Tech's mid-June high. However, Elan Microelectronics is a Long with more edge.</li>
<li>While Nanya's comments indicated a more delayed recovery for Memory than Micron's recent guidance, overall the industry for Micron, SK Hynix, and Samsung appears to be turning a corner.</li>
</ul>


Nanya Tech management extrapolated on their recent results call that they believe 2Q23 was the bottom for the DRAM cycle.
We've updated our Nanya Tech financial model and estimates; we still see a short-term trade back to Nanya Tech's mid-June high. However, Elan Microelectronics is a Long with more edge.
While Nanya's comments indicated a more delayed recovery for Memory than Micron's recent guidance, overall the industry for Micron, SK Hynix, and Samsung appears to be turning a corner.


Memory Monitor: Nanya Management Provides More Color on DRAM Cycle Bottom; Elan a Long W/ More Edge