Nanya buys NT$8.37bn of tools while CMC Magnetics sells NT$1.35bn of its stock
Nanya filed NT$8.37bn of equipment orders in September [1] while CMC Magnetics, its most frequent disclosed trader, sold NT$1.35bn of the stock against NT$553m bought [1][7]. One camp is buying the shortage; the other is feeding it to the market.
Vincent Jiang · 3 min read
Nanya Technology closed September at NT$519, up 168.91% for the year, with twelve analysts at a mean BUY and an average target of NT$581, 11.95% above the close 1. August revenue rose 561% year on year to a record, after July's NT$43.87bn, itself up 719.6% 124. The fundamentals argue for the price. The ownership file argues back: the month that carried six equipment orders worth NT$8.37bn also carried CMC Magnetics' NT$601m disposal of Nanya stock 1.
Nanya is spending like the shortage never ends
Six equipment orders worth NT$8.37bn were filed between 1 September and 30 September, from NT$2.68bn on the month's first day to NT$1.2bn on its last 1. They follow a 5 August board meeting that lifted 2026 capex 34% to NT$69.7bn, with $2.1bn pushed into an overseas unit the same day 123. The destination is Fab 5A: up to NT$346.6bn through 2029, Taiwan's largest DRAM investment in roughly 20 years, with first output only in the second half of 2027 2.
Six September equipment filings put NT$8.37bn to work
Data
| Equipment order | |
|---|---|
| 1 Sep | NT$2.68bn |
| 2 Sep | NT$1.21bn |
| 15 Sep | NT$1.16bn |
| 15 Sep (2nd) | NT$1.06bn |
| 18 Sep | NT$1.06bn |
| 30 Sep | NT$1.2bn |
The cash funding it is real. Second-quarter gross margin hit 79.5% on record profit 3, and Goldman Sachs, which told clients on 9 September that the worst of the memory downturn may be over, now reads conventional and HBM price expectations as reset and beginning to recover 56.
The tape's steadiest seller is not an insider
CMC Magnetics, an optical-disc maker running a trading book across Taiwan tech, filed NT$1.35bn of Nanya sales between 18 August and 16 September against a single NT$553m buy: net NT$800m out 17. Tah Hsin, another holder, trimmed on 14 September 1. The fair hearing: CMC also sold Nanya in May and was buying Yageo, Accton and MediaTek in the same weeks, so this reads as book management, not an insider vote 7.
Its own stock sits at NT$11, up 1.85% this year 7. The re-rating is happening in the book it trades, not in its own share price.
CMC's disclosed Nanya trades net NT$800m out in five weeks
Data
| Value | |
|---|---|
| 18 Aug, sold | -NT$409m |
| 19 Aug, sold | -NT$343m |
| 2 Sep, bought | NT$553m |
| 16 Sep, sold | -NT$601m |
One filing is a promise, the other is a price
The margin behind the capex is a DDR4 special: Samsung, SK hynix and Micron cut legacy supply to chase HBM and DDR5, and Nanya, fifth globally on about 1% share with DDR5 near a tenth of sales, collected the difference 2. Kioxia's chief executive, Hiroo Ota, has already said prices have risen enough 6.
No filing discloses CMC's motive, and none needs to: a capex order is a promise about 2027, while a disposal notice is a price someone actually got in 2026. If conventional margins normalize as HBM supply lands, whoever buys the recovery at NT$519 pays for it; if September's tooling converts into 2027 share, CMC sold early. September's revenue, due within days on Nanya's monthly cadence, must show another record with DDR4 contract prices still climbing for the BUY camp to be right 34.
Deepdive
AI-generated from this story and its cited sources. Not investment advice.
