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>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