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原始內容
M August 4, 2026 10:54 AM GMT
Nanya Technology Corp. | Asia Pacific
Unleashing Strong Pricing Power; OW
Key Takeaways
- We attribute July's sales beat to price hikes rather than unit growth, highlighting stronger realized pricing in the period.
- Even with flat M/M momentum in August and September, 3Q revenue is likely to grow ~60% Q/Q, above our prior 25-30% Q/Q view.
- Our supply chain checks indicate that Nanya Tech has the strongest bargaining power in DDR4...
- ...supported by possession of the largest DDR4 capacity, especially into 2H262027.
- Stay OW. 2027e P/E is 3.9x vs. our implied target multiple of 5.2x and global peers at 3.8x.
Details: Nanya Tech reported July sales of NT$43,868mn, +49% M/M and +720% Y/ Y, beating our original +10-15% M/M estimate. We attribute the strength to price hikes. The company indicated that July shipments actually fell M/M given very lean inventories.
Update
| Morgan Stanley Taiwan Limited+ Charlie Chan Equity Analyst Charlie.Chan@morganstanley.com | +886 2 2730-1725 |
|---|---|
| Daniel Yen, CFA Equity Analyst Daniel.Yen@morganstanley.com | +886 2 2730-2863 |
| Daisy Dai, CFA Equity Analyst Daisy.Dai@morganstanley.com | +852 2848-7310 |
| Tiffany Yeh Equity Analyst Tiffany.Yeh@morganstanley.com | +886 2 7712-3032 |
| Lucas Wang Research Associate Lucas.Wang@morganstanley.com | +886 2 2730-2875 |
| Ethan Jia Research Associate Ethan.Jia@morganstanley.com | +852 3963-2287 |
| Henry Zhao Research Associate Henry.Zhao@morganstanley.com | +852 2239-7731 |
Nanya Technology Corp. (2408.TW, 2408 TT)
Greater China Technology Semiconductors | Taiwan
| Stock Rating | Overweight Attractive |
|---|---|
| Industry View | |
| Price target | NT$580.00 |
| Up/downside to price target (%) | 33 |
| Shr price, close (Aug 4, 2026) | NT$436.00 |
| 52-Week Range | NT$505.00-42.10 |
| Sh out, dil, curr (mn) | 3,082 |
| Mkt cap, curr (mn) | NT$1,343,794 |
| EV, curr (mn) | NT$1,299,343 |
| Avg daily trading value (mn) | NT$25,640 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 2.36 | 62.13 | 112.32 | 74.33 |
| Prior EPS (NT$)** | - | - | - | - |
| EPS (NT$)§ | 1.95 | 60.81 | 95.20 | 89.11 |
| Revenue, net (NT$ mn) | 66,587 | 348,048 | 638,966 | 518,763 |
Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.