Asia Pacific Equity Research 04 November 2025 NAURA - A Key beneficiary of China's investment in advanced logic capacity: Initiate coverage at OW As the largest wafer fabrication equipment (WFE) platform in China, we believe NAURA is set to benefit from stronger semiconductor capex and continuous localization initiatives in China. Meanwhile, we expect NAURA's growth in the coming two years to be driven mainly by advanced logic projects. Amid a global WFE sector re-rating and on top of a 40% earnings CAGR fo ...