J.P. Morgan Taiwan FTM 6 Jul 26 Nanya Technology and More

Research evidence excerpt

J.P. Morgan Taiwan FTM 6 Jul 26 Nanya Technology and More

Asia Pacific Equity Research

Taiwan First to Market 06 July 2026

Top Stories

| Nanya Technology (Jay Kwon) (2408 TT, OW)

All DRAM moves together during an upcycle; upgrade to OW on higher-for-longer thesis; PT hike to

NT$710

We are closing our Neutral call on NYT and upgrading the stock to OW as we believe DDR4 S-D dynamics will follow a similar

trajectory to that of DDR5 and the rest of the market where sufficiency ratios remain extremely low despite slowly increasing

supply. Two key notable drivers are: 1) server exposure growth potential which helps narrow the product mix quality gap

between industry peers and technology and 2) technology optionality to flexibly respond to different memory end-demand

market amid a longer-for-higher up-cycle. Our Neutral call worked relative to the strong OW idea on Asian memory peers, but

we missed the absolute share return opportunity by underestimating memory stocks' tendency to move together during an

upcycle. We continue to maintain our bullish top-down memory cycle view and find NYT’s share risk-reward profile favorable on

a mid-term horizon. After raising FY26E-28E EPS by 48-118%, we lift our June-27 PT to NT$710 (from Mar-27 NT$230) and

recommend investors accumulate.