Montage Technology (6809)

The bear case rests on two premises: first, the stock is priced for perfection at ~83x TTM P/E and ~74x EV/EBIT — any deceleration in DDR5 adoption or inventory correction (as in 2023's -38% revenue year) would compress the multiple sharply.

— Full briefing at https://pink.sakdiarpa.com/reports/6809.html (3 sections, ~17584 words).