Nanya Technology Corporation

TWSE:2408 Stock Report

Market Cap: NT$116.2b

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$37.5) is trading below our estimate of fair value (NT$1053.62)

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 Ratio3.2x
SalesNT$36.26b
Market CapNT$116.20b

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 Average5.5x
6770 Powerchip Semiconductor Manufacturing
1.7x11.9%NT$74.3b
5347 Vanguard International Semiconductor
3.5x10.1%NT$149.0b
5269 ASMedia Technology
15.7x24.4%NT$123.6b
2344 Winbond Electronics
1x19.5%NT$81.0b
2408 Nanya Technology
3.2x28.0%NT$116.2b

Price-To-Sales vs Peers: 2408 is good value based on its Price-To-Sales Ratio (3.2x) compared to the peer average (5.5x).

Price to Sales Ratio vs Industry

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

10 CompaniesPrice / SalesEstimated GrowthMarket Cap
6196 Marketech International
0.5x9.0%US$937.98m
6120 Darwin Precisions
0.4xn/aUS$272.23m
4967 Team Group
0.3x-13.1%US$224.13m
8096 CoAsia Electronics
0.2xn/aUS$177.29m
2408 3.2xIndustry Avg. 3.6xNo. of Companies40PS02.44.87.29.612+
10 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 2408 is good value based on its Price-To-Sales Ratio (3.2x) compared to the TW Semiconductor industry average (3.6x).

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 Ratio3.2x
Fair PS Ratio2.4x

Price-To-Sales vs Fair Ratio: 2408 is expensive based on its Price-To-Sales Ratio (3.2x) compared to the estimated Fair Price-To-Sales Ratio (2.4x).

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$37.50
NT$57.58
+53.6%
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$60.00n/a13
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
Nov ’23NT$54.00
NT$55.75
+3.2%
21.3%NT$80.00NT$40.00NT$64.5011

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.

Discover undervalued companies

Phison Electronics

NT$85.6b

Designs, manufactures, and sells flash memory controllers and peripheral system applications in Asia, the United States, Europe, Australia, and internationally.

8299

NT$418.00

7D

-10.3%

1Y

-12.7%

Realtek Semiconductor

NT$250.3b

Engages in the research, development, production, and sale of various integrated circuits and related application software in Taiwan, Asia, and internationally.

2379

NT$488.00

7D

-2.4%

1Y

14.0%

GlobalWafers

NT$204.4b

Researches, designs, develops, and manufactures semiconductor ingots and wafers in Taiwan and internationally.

6488

NT$427.50

7D

0.2%

1Y

-19.6%