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

Memory Monitor: Nanya Results Miss; Highlights Weakness in Non-AI Demand

Taiwan Tech Weekly: TSMC Taking More Samsung Customers; Hon Hai Unveils Major AI Projects

Taiwan Semi Monthly Tracker Red Flags Double MoM In September 2024

Nanya. Tailwinds Mount Albeit Profits Still Elude

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

Memory Monitor: Nanya's Results to Provide Latest Color on DRAM Post Earthquake; Short Int Rising

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

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>Nanya Tech reported a continued net loss in its latest 2Q24 results; the company's gross margin has rebounded into positive territory but only marginally so.</li>
<li>Server end demand strong, however PC and mobile remain flattish; the company expects some improvemnt in PC and mobile driven by AI trends but conservative on the impact for 2024E.</li>
<li>We believe the Street may need to reduce their 2024E estimates; margin rebound is too small and guidance remains very conservative. We see near-term downside risk for Nanya Tech shares.</li>
</ul>


Nanya Tech reported a continued net loss in its latest 2Q24 results; the company's gross margin has rebounded into positive territory but only marginally so.
Server end demand strong, however PC and mobile remain flattish; the company expects some improvemnt in PC and mobile driven by AI trends but conservative on the impact for 2024E.
We believe the Street may need to reduce their 2024E estimates; margin rebound is too small and guidance remains very conservative. We see near-term downside risk for Nanya Tech shares.


Nanya Technology: Latest Results & Guidance Make 2024E Consensus Hard to Achieve; Underperform