20 January 2026 | 9:21PM KST Equity Research Asia Pacific Technology: Semiconductors - Memory: Nanya Tech 4Q25 read-across: Significant DRAM margin improvement for all major On January 19, Taiwanese DRAM producer Nanya Technology (Nanya; Not Covered) reported its 4Q25 earnings (December quarter), and we provide a read-across to our covered Korean Memory suppliers, SK Hynix (Hynix) and Samsung Electronics (SEC). Key takeaways were: 1) Significant DRAM margin improvement for all major players, 2) 1Q26 ASP out ...