Nanya Technology Corporation

TWSE:2408 Stock Report

Market Cap: NT$95.3b

Nanya Technology Valuation

Is 2408 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 2408 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 2408 (NT$32.15) is trading below our estimate of fair value (NT$571.29)

Significantly Below Fair Value: 2408 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2408?

Key metric: As 2408 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 2408. This is calculated by dividing 2408's market cap by their current revenue.
What is 2408's PS Ratio?
PS Ratio2.7x
SalesNT$36.26b
Market CapNT$95.28b

Price to Sales Ratio vs Peers

How does 2408's PS Ratio compare to its peers?

The above table shows the PS ratio for 2408 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average5.6x
6770 Powerchip Semiconductor Manufacturing
1.5x11.9%NT$62.7b
6789 VisEra Technologies
9.9x9.2%NT$85.9b
4966 Parade Technologies
3.9x12.9%NT$62.8b
6526 Airoha Technology
7x18.3%NT$123.3b
2408 Nanya Technology
2.7x25.0%NT$95.3b

Price-To-Sales vs Peers: 2408 is good value based on its Price-To-Sales Ratio (2.7x) compared to the peer average (5.6x).

Price to Sales Ratio vs Industry

How does 2408's PS Ratio compare vs other companies in the TW Semiconductor Industry?

9 CompaniesPrice / SalesEstimated GrowthMarket Cap
6196 Marketech International
0.5x8.9%US$906.31m
6826 Taiwan Puritic
0.6xn/aUS$298.08m
4967 Team Group
0.3x-13.1%US$206.78m
3346 Laster Tech
0.4x7.5%US$123.33m
2408 2.7xIndustry Avg. 3.8xNo. of Companies30PS02.85.68.411.214+
9 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 2408 is good value based on its Price-To-Sales Ratio (2.7x) compared to the TW Semiconductor industry average (3.8x).

Price to Sales Ratio vs Fair Ratio

What is 2408's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

2408 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio2.7x
Fair PS Ratio2.1x

Price-To-Sales vs Fair Ratio: 2408 is expensive based on its Price-To-Sales Ratio (2.7x) compared to the estimated Fair Price-To-Sales Ratio (2.1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 2408 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNT$32.15
NT$55.67
+73.1%
37.6%NT$85.00NT$25.00n/a12
Dec ’25NT$33.45
NT$57.58
+72.1%
33.0%NT$85.00NT$30.00n/a12
Nov ’25NT$41.45
NT$62.17
+50.0%
29.7%NT$85.00NT$35.00n/a12
Oct ’25NT$46.25
NT$74.00
+60.0%
22.9%NT$91.00NT$40.00n/a12
Sep ’25NT$52.70
NT$78.08
+48.2%
18.2%NT$91.00NT$50.00n/a12
Aug ’25NT$58.30
NT$84.76
+45.4%
10.8%NT$95.00NT$58.00n/a12
Jul ’25NT$69.00
NT$85.18
+23.4%
10.3%NT$95.00NT$60.00n/a12
Jun ’25NT$64.50
NT$84.25
+30.6%
11.8%NT$95.00NT$60.00n/a12
May ’25NT$66.10
NT$84.54
+27.9%
11.4%NT$95.00NT$60.00n/a13
Apr ’25NT$69.40
NT$84.92
+22.4%
9.2%NT$91.00NT$60.00n/a13
Mar ’25NT$66.30
NT$86.08
+29.8%
10.2%NT$100.00NT$60.00n/a13
Feb ’25NT$69.20
NT$86.08
+24.4%
10.2%NT$100.00NT$60.00n/a13
Jan ’25NT$78.00
NT$84.08
+7.8%
8.4%NT$90.00NT$62.00n/a13
Dec ’24NT$73.70
NT$83.31
+13.0%
8.9%NT$90.00NT$60.00NT$33.4513
Nov ’24NT$64.50
NT$83.75
+29.8%
7.1%NT$90.00NT$67.00NT$41.4512
Oct ’24NT$65.60
NT$84.00
+28.0%
6.9%NT$90.00NT$68.00NT$46.2512
Sep ’24NT$68.20
NT$83.45
+22.4%
9.0%NT$90.00NT$62.00NT$52.7011
Aug ’24NT$71.00
NT$83.73
+17.9%
8.9%NT$90.00NT$62.00NT$58.3011
Jul ’24NT$70.80
NT$79.91
+12.9%
11.3%NT$90.00NT$58.00NT$69.0011
Jun ’24NT$71.40
NT$77.91
+9.1%
11.6%NT$90.00NT$58.00NT$64.5011
May ’24NT$67.80
NT$76.70
+13.1%
11.2%NT$88.00NT$58.00NT$66.1010
Apr ’24NT$66.50
NT$67.25
+1.1%
14.2%NT$80.00NT$48.00NT$69.4012
Mar ’24NT$57.30
NT$57.66
+0.6%
21.7%NT$80.00NT$40.00NT$66.3011
Feb ’24NT$58.20
NT$57.66
-0.9%
21.7%NT$80.00NT$40.00NT$69.2011
Jan ’24NT$51.20
NT$55.75
+8.9%
21.3%NT$80.00NT$40.00NT$78.0011
Dec ’23NT$57.50
NT$55.75
-3.0%
21.3%NT$80.00NT$40.00NT$73.7011

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/18 07:43
End of Day Share Price 2024/12/18 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Nanya Technology Corporation is covered by 26 analysts. 11 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Nam Hyung KimArete Research Services LLP
Naiwen KerrBarclays
Skye ChenBNP Paribas Securities (Asia)