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Fabless chip designer specializing in memory-interface chips that improve server and data-center DRAM performance.
Fabless chip designer specializing in memory-interface chips that improve server and data-center DRAM performance.
Sells small chips that sit on server memory modules and manage traffic between the processor and the memory, so volumes track server memory shipments. Only a few companies worldwide make them for the current DDR5 memory generation. Headquartered in Shanghai, with its main listing there; the Hong Kong shares are a second listing.
In one line: A Chinese memory-interface chip designer, akin to a smaller Rambus.
Moat: narrow (IP / patents, customer qualification). JEDEC-standard-setting IP position and deep qualification with DRAM module makers.
Headquarters: Shanghai, China · Founded: 2004 · Employees: 784
Size Montage Technology (6809.HK) is a Hong Kong Information Technology company (Semiconductors) with a market value of $24.1B, the 69th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$183.80 on 6 Nov 2026.
Performance Over six months the shares fell 48.6%, against -8.6% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 2nd lowest of 20 in its peer set.
Growth Revenue grew 40.0% over the last twelve months (peer median +25.6%); the operating margin is 42.1% (peer median 20.6%).
Valuation It trades at 45.8× forward earnings against a peer median of 14.5× (6th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +24%, so the hurdle is -16 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 60.6 points above its cost of capital (5.3% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$7.76B | HK$5.92B | HK$3.95B | HK$2.53B | HK$4.27B |
| Revenue growth | — | +50% | +56% | -41% | — |
| Gross profit | HK$5.19B | HK$3.58B | HK$2.20B | HK$1.41B | HK$1.94B |
| EBITDA | n/a | HK$2.20B | HK$1.25B | HK$342M | HK$1.02B |
| Net income | HK$4.38B | HK$2.42B | HK$1.53B | HK$498M | HK$1.51B |
| Free cash flow | HK$3.37B | HK$1.93B | HK$1.47B | HK$399M | HK$624M |
| Capital expenditure | HK$511M | HK$288M | HK$411M | HK$469M | HK$264M |
| Total debt | HK$160M | HK$38.0M | HK$47.6M | HK$17.1M | HK$23.3M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Montage Technology 6809.HK | $24.1B | -49% | +40% | 42% | 45.8× | 8.1% |
| RMBS RMBS | $7.98B | -42% | +17% | 37% | 19.9× | 24.5% |
| SK hynix 000660.KS | $608B | -12% | +220% | 74% | 3.1× | -3.1% |
| Renesas Electronics 6723.T | $27.9B | -23% | +26% | 24% | 9.9× | 12.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 6809.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -36.8% | -22.2% | 5th lowest of 21 |
| 6-month return | -48.6% | -8.6% | 2nd lowest of 20 |
| Distance from 52-week high | -66.2% | -52.7% | 4th lowest of 21 |
| Revenue growth (TTM) | +40.0% | +25.6% | 9th highest of 20 |
| Operating margin | 42.1% | 20.6% | 5th highest of 18 |
| Forward P/E | 45.8× | 14.5× | 6th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 8.1% | 17.1% | 4th least demanding of 13 |
| Growth delivered (Del g) | +23.6% | +7.5% | 3rd highest of 13 |
| Hurdle (Req g minus delivered) | -15.6 pp | +0.7 pp | 3rd least demanding of 13 |
| ROIC minus cost of capital | +60.6 pp | +2.8 pp | 2nd highest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Montage Technology 6809.HK | Hong Kong | $24.1B | -49% | +40% | 42% | 45.8× | 8.1% | +23.6% |
| Shanghai Enflame Technology 688801.SS | China | $23.8B | n/a | n/a | n/a | n/a | n/a | n/a |
| ON Semiconductor ON | United States | $24.6B | -39% | +3% | 19% | 14.3× | 20.0% | +2.7% |
| Moore Threads Technology 688795.SS | China | $25.1B | -53% | +226% | -9% | n/a | n/a | n/a |
| GigaDevice Semiconductor 3986.HK | Hong Kong | $25.1B | -43% | +181% | 50% | 11.6× | -8.8% | +14.6% |
| Global Unichip 3443.TW | Taiwan | $25.1B | +29% | +104% | 13% | 50.1× | n/a | n/a |
| SJ Semiconductor 688820.SS | China | $22.9B | -21% | +1% | n/a | 136.4× | n/a | n/a |
| Hua Hong Grace Semiconductor 688347.SS | China | $25.5B | +23% | +18% | -2% | 234.7× | n/a | n/a |
| Piotech 688072.SS | China | $21.7B | +23% | +24% | 14% | 55.5× | 43.5% | +71.7% |
| First Solar FSLR | United States | $21.6B | -9% | -1% | 39% | 9.2× | 12.4% | +14.0% |
| GlobalFoundries GFS | United States | $21.2B | -48% | +1% | 12% | 16.2× | 24.9% | +7.0% |
| Renesas Electronics 6723.T | Japan | $27.9B | -23% | +26% | 24% | 9.9× | 12.2% | +13.0% |
| Suzhou TFC Optical Communication 300394.SZ | China | $19.9B | -44% | +26% | 51% | 36.3× | 44.8% | +42.7% |
| MetaX Integrated Circuits (Shanghai) 688802.SS | China | $29.5B | -35% | +84% | n/a | 469.5× | n/a | n/a |
| Skyworks Solutions SWKS | United States | $19.3B | +24% | -3% | 9% | 14.3× | 39.4% | -5.0% |
| DapuStor 301666.SZ | China | $18.8B | +20% | +611% | 23% | n/a | n/a | n/a |
| Microchip Technology MCHP | United States | $31.7B | -41% | +21% | 16% | 14.5× | 34.2% | -2.8% |
| Astera Labs ALAB | United States | $33.1B | -5% | +115% | 26% | 28.0× | n/a | n/a |
| United Micro Electronics 2303.TW | Taiwan | $34.9B | +11% | +13% | 21% | 13.7× | 14.2% | +6.1% |
| Winbond Electronic 2344.TW | Taiwan | $16.4B | +22% | +154% | 43% | 2.8× | 0.6% | +8.1% |
| Nanya Technology 2408.TW | Taiwan | $35.8B | +34% | +586% | 71% | 2.9× | 0.6% | +1.8% |