Nanya Q2 Earnings highlights:
Revenue: NT$82.5m (+68% QoQ)EBITDA: NT$63.8m (+93% QoQ)EBITDA Margin: 77.3% vs. 67.2% last QuarterBut of course, there's a lot of retail worry w/ the memory trade rn, mainly thanks to volatility with SK Hynix and Samsung.From Nanya, their DRAM market outlook/commentary looks like this:- AI driven structural change is mitigating memory market cyclicality.- Supply tightness is expected to persist over the next several quarters.- Multi-year LTAs aligning supply-demand expectations.Overall, aligned w/ SK Hynix CEO comments post-US IPO, confirming lack of supply for the forseeable future across the market. With Nanya, you do get some drag from legacy rev lines though like from smartphones/PCs/consumer elecs. Where AI is only ~20% of revenue rn which will be higher in the future.But they've confirmed that the structural shift towards AI is "intensifying memory shortages", shown by their shipments being flat for the quarter but ASPs increasing more than 60%. Which looks set to continue for the coming quarters with continued lack of supply since their new fab only starts ramping in 2028.
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