We initiate coverage of Nanya Technology, the fifth-largest DRAM player globally, with a 1.4% global revenue share as of 2025. Nanya is currently weighted toward the production of DDR4 and LPDDR4 chips, used largely in automotive, industrial, and storage applications.
If DDR4 and LPDDR4 capacity continues to shrink, prices could stay higher for longer, leading to elevated profitability for Nanya through the decade.
A faster shift to DDR5 could lead to DDR4 inventories building up longer-term. Destocking could accelerate price declines and reduce Nanya’s profitability.
|
Metric
|
2408
|
MU
|
005930
|
|---|---|---|---|
Price/Earnings (Normalized) | 18.33 | 12.74 | 10.32 |
Price/Book Value | 5.14 | 7.78 | 2.78 |
Price/Sales | 8.77 | 8.18 | 2.81 |
Price/Cash Flow | 13.29 | 11.42 | 5.56 |
|
Metric
|
2408
|
MU
|
005930
|
|---|---|---|---|
Quick Ratio | 6.30 | 2.90 | 2.20 |
Current Ratio | 6.91 | 3.31 | 2.83 |
Interest Coverage | 234.38 | 931.07 | 242.73 |
|
Metric
|
2408
|
MU
|
005930
|
|---|---|---|---|
Return on Assets (Normalized) | 35.50% | 72.26% | 24.86% |
Return on Equity (Normalized) | 44.24% | 102.18% | 33.47% |
Return on Invested Capital (Normalized) | 37.92% | 90.66% | 30.09% |
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1-Day Chart
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United States