PDF 原檔：報告_大和_南電8046_20260902_original.pdf
原始內容
Taiwan
2 September 2026
Nan Ya Printed Circuit Board Corp (8046 TT)
Target price:
TWD2,460.00 (from TWD2,444.00)
Share price (2 Sep): TWD1,200.00
|
Up/downside:
+105.0%
Spec upgrade to drive additional ABF substrate demand
- Near-term outlook largely on track with our estimates
- We believe structural changes should extend the current up-cycle
- Reaffirming our Buy (1) rating; raising 12-month TP to TWD2,460
What's new: We hosted an online conference call for NYPCB on 2 September, after trading hours. Overall, we believe the price hike trend is largely on track with our estimates despite a short hiccup in 4Q26E (for more details, please refer to our earlier note, Escalating price hike in substrates). Looking ahead, we believe the trend towards enlarging body sizes and multiple core layers in ABF substrates and the supply-demand imbalance in BT substrates will be key growth drivers for NYPCB.
What's the impact: Near-term update. We are comfortable with our revenue growth estimate of c.20% QoQ in 3Q26E, given ongoing price hikes and a rising utilisation rate at Kunshan (likely to reach 100% in 4Q26E). We believe the yield rate at Kunshan still has room to improve, which could negatively impact the gross margin (GM) performance in 3Q26E. That said, compared with July, we expect the GM to improve 6-7pp MoM in August given the rising yield rate, and remain confident of a c.30% GM in 3Q26E. We expect NYPCB to achieve higher price hikes than other substrate vendors, as it does not sign long-term agreements with end customers. However, NYPCB has stated that it currently has no intention to hike BT substrate prices further from 4Q26, as raw material price hikes have eased recently; as such, we have accounted for it in our model. Lastly, NYPCB mentioned that it has received new AI HDI orders from a US-based ODM, which will result in its PCB segment reaching c.30% QoQ revenue growth and operating profit from 4Q26E.
Long-term investment thesis. We believe a meaningful spec upgrade is also likely to occur in ABF substrates, as core layer counts will need to increase their rigidity to handle the increasing body size of substrates. This trend would digest more ABF capacity and relevant raw materials (eg, Tglass) than just unit growth from 2028E. Also, we believe this would make the current upcycle last longer than previous ones. As for BT substrates, we believe ASP growth will accelerate again as two key players are gradually reducing their BT capacities. Thus, we maintain our BT ASP assumption for 2027E despite a lower-than-expected price hike in 4Q26E.
What we recommend: While we lower the 2026E EPS by 4% on a reduced BT price hike in 4Q26E, we keep the 2027-28E EPS largely unchanged. We reaffirm our Buy (1) call and raise our 12-month TP to TWD2,460 (from TWD2,444), based on an unchanged target PER of 49x applied to the 1-year forward EPS. Downside risk: weaker-than-expected demand for switches.
How we differ: Our 2026-28E EPS are 10-41% above the Bloomberg consensus, likely due to our more bullish view on ABF/BT ASP hikes.
Daiwa
5
→
2
1
Buy
Sheng Cheng
Sheng Cheng (886) 2 8758 6253 sheng.cheng@daiwacm-cathay.com.tw
Forecast revisions (%)
| Year to 31 Dec | 26E | 27E | 28E |
|---|---|---|---|
| Revenue change | (1.0) | 1.1 | 1.7 |
| Net profit change | (4.4) | 0.2 | 1.3 |
| Core EPS (FD) change | (4.4) | 0.2 | 1.3 |
Source: Daiwa forecasts
Share price performance
| 12-month range | 179.00-1,415.00 |
|---|---|
| Market cap (USDbn) | 24.50 |
| 3m avg daily turnover (USDm) | 528.50 |
| Shares outstanding (m) | 646 |
| Major shareholder | Nan Ya Plastics Corp (67.0%) |
Financial summary (TWD)
| Year to 31 Dec | 26E | 27E | 28E |
|---|---|---|---|
| Revenue (m) | 59,491 | 114,084 | 175,704 |
| Operating profit (m) | 14,616 | 49,016 | 91,550 |
| Net profit (m) | 12,163 | 40,098 | 73,747 |
| Core EPS (fully-diluted) | 18.824 | 62.056 | 114.130 |
| EPS change (%) | 524.8 | 229.7 | 83.9 |
| Daiwa vs Cons. EPS (%) | 10.4 | 41.4 | 39.3 |
| PER (x) | 63.7 | 19.3 | 10.5 |
| Dividend yield (%) | 0.8 | 2.6 | 4.8 |
| DPS | 9.4 | 31.0 | 57.1 |
| PBR (x) | 13.6 | 8.5 | 5.3 |
| EV/EBITDA (x) | 34.8 | 13.2 | 7.1 |
| ROE (%) | 23.6 | 54.0 | 62.4 |
Source: FactSet, Daiwa forecasts
NYPCB: revenue and earnings forecast revisions
| 2026E | 2026E | 2026E | 2027E | 2027E | 2027E | 2028E | 2028E | 2028E | |
|---|---|---|---|---|---|---|---|---|---|
| (TWDm) | Previous | New | Consensus | Previous | New | Consensus | Previous | New | Consensus |
| Revenue | 60,064 | 59,491 | 59,245 | 112,828 | 114,084 | 97,642 | 172,751 | 175,704 | 145,230 |
| Diff (%) | -1.0% | 0.4% | 1.1% | 16.8% | 1.7% | 21.0% | |||
| Gross Margin (%) | 27.8% | 27.6% | 24.8% | 44.9% | 44.8% | 37.2% | 53.2% | 53.5% | 46.6% |
| Operating profit | 14,962 | 14,616 | 12,962 | 48,457 | 49,016 | 34,350 | 88,579 | 91,550 | 62,537 |
| Op Margin (%) | 24.9% | 24.6% | 21.9% | 42.9% | 43.0% | 35.2% | 51.3% | 52.1% | 43.1% |
| Net profit | 1,275 | 12,163 | 11,017 | 40,031 | 40,098 | 28,367 | 72,783 | 73,747 | 52,953 |
| EPS (TWD) | 19.69 | 18.82 | 17.05 | 61.95 | 62.06 | 43.90 | 112.64 | 114.13 | 81.95 |
| Diff (%) | -4.4% | 10.4% | 0.2% | 41.4% | 1.3% | 39.3% |
Source: Daiwa forecasts
NYPCB: quarterly and annual P&L statement
| 2026E | 2026E | 2026E | 2026E | 2027E | 2027E | 2027E | 2027E | 2025 | 2026E | 2027E | 2028E | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (TWDm) | 1Q | 2Q | 3QE | 4QE | 1QE | 2QE | 3QE | 4QE | ||||
| Net revenue | 11,177 | 13,575 | 16,326 | 18,412 | 20,926 | 27,086 | 31,778 | 34,294 | 40,173 | 59,491 | 114,084 | 175,704 |
| COGS | (9,406) | (10,216) | (11,379) | (12,075) | (12,844) | (15,645) | (16,942) | (17,497) | (36,526) | (43,075) | (62,928) | (81,623) |
| Gross profit | 1,771 | 3,360 | 4,948 | 6,337 | 8,082 | 11,441 | 14,835 | 16,797 | 3,647 | 16,415 | 51,156 | 94,080 |
| Operating expenses | (419) | (460) | (460) | (460) | (490) | (520) | (550) | (580) | (1,665) | (1,799) | (2,140) | (2,530) |
| Operating profit | 1,352 | 2,899 | 4,488 | 5,877 | 7,592 | 10,921 | 14,285 | 16,217 | 1,982 | 14,616 | 49,016 | 91,550 |
| Non-operating profit | 246 | 76 | 170 | 172 | 171 | 176 | 172 | 165 | 363 | 665 | 684 | 633 |
| Pre-tax profit | 1,598 | 2,976 | 4,658 | 6,049 | 7,764 | 11,096 | 14,457 | 16,382 | 2,346 | 15,280 | 49,700 | 92,184 |
| Net profit | 1,309 | 2,262 | 3,633 | 4,960 | 6,366 | 9,099 | 11,855 | 12,778 | 1,947 | 12,163 | 40,098 | 73,747 |
| Net EPS (TWD) | 2.03 | 3.50 | 5.62 | 7.68 | 9.85 | 14.08 | 18.35 | 19.78 | 3.0 | 18.8 | 62.1 | 114.1 |
| Operating Ratios | ||||||||||||
| Gross margin | 15.8% | 24.7% | 30.3% | 34.4% | 38.6% | 42.2% | 46.7% | 49.0% | 9.1% | 27.6% | 44.8% | 53.5% |
| Operating margin | 12.1% | 21.4% | 27.5% | 31.9% | 36.3% | 40.3% | 45.0% | 47.3% | 4.9% | 24.6% | 43.0% | 52.1% |
| Pre-tax margin | 14.3% | 21.9% | 28.5% | 32.9% | 37.1% | 41.0% | 45.5% | 47.8% | 5.8% | 25.7% | 43.6% | 52.5% |
| Net margin | 11.7% | 16.7% | 22.3% | 26.9% | 30.4% | 33.6% | 37.3% | 37.3% | 4.8% | 20.4% | 35.1% | 42.0% |
| YoY (%) | ||||||||||||
| Net revenue | 32% | 42% | 49% | 65% | 87% | 100% | 95% | 86% | 24% | 48% | 92% | 54% |
| Gross profit | 312% | 337% | 371% | 353% | 356% | 241% | 200% | 165% | 920% | 350% | 212% | 84% |
| Operating profit | 3986% | 692% | 623% | 510% | 461% | 277% | 218% | 176% | -257% | 637% | 235% | 87% |
| Pre-tax profit | 524% | -1413% | 413% | 329% | 386% | 273% | 210% | 171% | 1338% | 551% | 225% | 85% |
| Net profit | 531% | -1307% | 401% | 313% | 386% | 302% | 226% | 158% | 856% | 525% | 230% | 84% |
| QoQ (%) | ||||||||||||
| Net revenue | 0% | 21% | 20% | 13% | 14% | 29% | 17% | 8% | ||||
| Gross profit | 27% | 90% | 47% | 28% | 28% | 42% | 30% | 13% | ||||
| Operating profit | 40% | 114% | 55% | 31% | 29% | 44% | 31% | 14% | ||||
| Pre-tax profit | 13% | 86% | 57% | 30% | 28% | 43% | 30% | 13% | ||||
| Net profit | 9% | 73% | 61% | 37% | 28% | 43% | 30% | 8% |
Source: Company, Daiwa forecasts
NYPCB: 1-year forward PER bands
Source: TEJ, Daiwa forecasts
Nan Ya Printed Circuit Board Corp (8046 TT): 2 September 2026
NYPCB: revenue breakdown by product
Source: Company, Daiwa forecasts
Daiwa
Financial summary
Key assumptions
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Global PC shipment (m) | 361 | 301 | 260 | 263 | 287 | 244 | 244 | 244 |
| Regular server shipment (m) | 14 | 15 | 12 | 14 | 16 | 18 | 22 | 26 |
| Global smartphone shipment (m) | 1,655 | 1,437 | 1,380 | 1,437 | 1,429 | 1,249 | 1,255 | 1,300 |
Profit and loss (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| ABF | 25,805 | 38,250 | 25,758 | 15,797 | 22,701 | 33,662 | 72,849 | 123,077 |
| BT | 15,987 | 16,905 | 9,393 | 9,880 | 12,153 | 21,136 | 35,496 | 47,002 |
| Other Revenue | 10,437 | 9,492 | 7,101 | 6,606 | 5,320 | 4,692 | 5,739 | 5,625 |
| Total Revenue | 52,228 | 64,647 | 42,253 | 32,283 | 40,173 | 59,491 | 114,084 | 175,704 |
| Other income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS | (37,346) | (38,779) | (34,075) | (31,926) | (36,526) | (43,075) | (62,928) | (81,623) |
| SG&A | (2,012) | (2,293) | (1,847) | (1,624) | (1,665) | (1,799) | (2,140) | (2,530) |
| Other op.expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating profit | 12,871 | 23,575 | 6,330 | (1,267) | 1,982 | 14,616 | 49,016 | 91,550 |
| Net-interest inc./(exp.) | (32) | (22) | (19) | (18) | (14) | (13) | (13) | (13) |
| Assoc/forex/extraord./others | 257 | 1,809 | 796 | 1,447 | 377 | 677 | 697 | 646 |
| Pre-tax profit | 13,095 | 25,362 | 7,107 | 163 | 2,346 | 15,280 | 49,700 | 92,184 |
| Tax | (2,514) | (5,946) | (1,290) | 41 | (399) | (3,117) | (9,601) | (18,437) |
| Min. int./pref. div./others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net profit (reported) | 10,582 | 19,416 | 5,817 | 204 | 1,947 | 12,163 | 40,098 | 73,747 |
| Net profit (adjusted) | 10,582 | 19,416 | 5,817 | 204 | 1,947 | 12,163 | 40,098 | 73,747 |
| EPS (reported)(TWD) | 16.376 | 30.047 | 9.002 | 0.315 | 3.013 | 18.824 | 62.056 | 114.130 |
| EPS (adjusted)(TWD) | 16.376 | 30.047 | 9.002 | 0.315 | 3.013 | 18.824 | 62.056 | 114.130 |
| EPS (adjusted fully-diluted)(TWD) | 16.376 | 30.047 | 9.002 | 0.315 | 3.013 | 18.824 | 62.056 | 114.130 |
| DPS (TWD) | 10.000 | 18.000 | 5.500 | 1.000 | 1.000 | 9.412 | 31.028 | 57.065 |
| EBIT | 12,871 | 23,575 | 6,330 | (1,267) | 1,982 | 14,616 | 49,016 | 91,550 |
| EBITDA | 16,505 | 27,919 | 12,226 | 5,193 | 8,876 | 21,823 | 55,502 | 97,388 |
Cash flow (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Profit before tax | 13,095 | 25,362 | 7,107 | 163 | 2,346 | 15,280 | 49,700 | 92,184 |
| Depreciation and amortisation | 3,634 | 4,344 | 5,896 | 6,460 | 6,894 | 7,207 | 6,487 | 5,838 |
| Tax paid | (2,514) | (5,946) | (1,290) | 41 | (399) | (3,117) | (9,601) | (18,437) |
| Change in working capital | (2,337) | (2,805) | 7,510 | (1,779) | (3,218) | (7,367) | (14,267) | (13,269) |
| Other operational CF items | 4,050 | 11,352 | (2,709) | (2,725) | (2,596) | (879) | 0 | 0 |
| Cash flow from operations | 15,929 | 32,307 | 16,513 | 2,160 | 3,027 | 11,125 | 32,318 | 66,315 |
| Capex | (8,451) | (16,922) | (11,779) | (2,379) | (2,422) | (1,992) | (1,892) | (1,798) |
| Net (acquisitions)/disposals | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other investing CF items | 3,061 | 53 | (471) | (223) | 700 | (677) | 77 | 96 |
| Cash flow from investing | (5,391) | (16,869) | (12,251) | (2,602) | (1,723) | (2,669) | (1,815) | (1,702) |
| Change in debt | 983 | (1,981) | 0 | 0 | 0 | 0 | 0 | 0 |
| Net share issues/(repurchases) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends paid | (2,197) | (6,462) | (11,631) | (3,554) | (646) | (646) | (6,082) | (20,049) |
| Other financing CF items | (1,678) | (222) | (180) | (289) | (241) | (283) | 0 | 0 |
| Cash flow from financing | (2,892) | (8,665) | (11,811) | (3,843) | (887) | (929) | (6,082) | (20,049) |
| Forex effect/others | (25) | 76 | (166) | 436 | (309) | 417 | 218 | 237 |
| Change in cash | 7,621 | 6,850 | (7,714) | (3,849) | 109 | 7,944 | 24,639 | 44,801 |
| Free cash flow | 7,478 | 15,386 | 4,734 | (219) | 605 | 9,133 | 30,425 | 64,518 |
Source: FactSet, Daiwa forecasts
Nan Ya Printed Circuit Board Corp (8046 TT): 2 September 2026
Daiwa
Financial summary continued …
Balance sheet (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Cash & short-term investment | 13,194 | 20,044 | 12,567 | 8,587 | 8,706 | 16,696 | 41,335 | 86,136 |
| Inventory | 5,348 | 5,803 | 3,896 | 4,101 | 5,068 | 6,286 | 9,093 | 11,557 |
| Accounts receivable | 11,062 | 14,893 | 6,898 | 6,996 | 9,552 | 16,060 | 29,628 | 42,596 |
| Other current assets | 572 | 570 | 1,113 | 991 | 296 | 1,060 | 1,060 | 1,060 |
| Total current assets | 30,176 | 41,310 | 24,474 | 20,675 | 23,623 | 40,101 | 81,116 | 141,349 |
| Fixed assets | 25,668 | 39,926 | 45,476 | 41,804 | 37,085 | 32,239 | 27,645 | 23,605 |
| Goodwill & intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other non-current assets | 502 | 514 | 487 | 460 | 500 | 575 | 497 | 402 |
| Total assets | 56,345 | 81,750 | 70,437 | 62,938 | 61,207 | 72,915 | 109,258 | 165,355 |
| Short-term debt | 1,669 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts payable | 6,710 | 8,895 | 5,808 | 3,672 | 3,979 | 5,283 | 7,391 | 9,554 |
| Other current liabilities | 2,137 | 4,794 | 3,292 | 2,992 | 3,210 | 3,715 | 3,715 | 3,715 |
| Total current liabilities | 10,516 | 13,689 | 9,100 | 6,664 | 7,189 | 8,998 | 11,107 | 13,269 |
| Long-term debt | 227 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other non-current liabilities | 5,123 | 14,339 | 13,429 | 10,824 | 7,896 | 6,843 | 6,843 | 6,843 |
| Total liabilities | 15,866 | 28,028 | 22,530 | 17,488 | 15,085 | 15,841 | 17,950 | 20,112 |
| Share capital | 6,462 | 6,462 | 6,462 | 6,462 | 6,462 | 6,462 | 6,462 | 6,462 |
| Reserves/R.E./others | 34,017 | 47,261 | 41,446 | 38,989 | 39,661 | 50,612 | 84,847 | 138,782 |
| Shareholders' equity | 40,479 | 53,723 | 47,908 | 45,450 | 46,123 | 57,074 | 91,309 | 145,243 |
| Minority interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total equity & liabilities | 56,345 | 81,750 | 70,437 | 62,938 | 61,207 | 72,915 | 109,258 | 165,355 |
| EV | 764,101 | 755,355 | 762,832 | 766,812 | 766,693 | 758,703 | 734,064 | 689,263 |
| Net debt/(cash) | (11,298) | (20,044) | (12,567) | (8,587) | (8,706) | (16,696) | (41,335) | (86,136) |
| BVPS (TWD) | 62.645 | 83.141 | 74.142 | 70.339 | 71.379 | 88.327 | 141.308 | 224.777 |
Key ratios (%)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Sales (YoY) | 35.6 | 23.8 | (34.6) | (23.6) | 24.4 | 48.1 | 91.8 | 54.0 |
| EBITDA (YoY) | 134.4 | 69.2 | (56.2) | (57.5) | 70.9 | 145.9 | 154.3 | 75.5 |
| Operating profit (YoY) | 213.3 | 83.2 | (73.1) | n.a. | n.a. | 637.3 | 235.4 | 86.8 |
| Net profit (YoY) | 188.6 | 83.5 | (70.0) | (96.5) | 855.6 | 524.8 | 229.7 | 83.9 |
| Core EPS (fully-diluted) (YoY) | 188.6 | 83.5 | (70.0) | (96.5) | 855.6 | 524.8 | 229.7 | 83.9 |
| Gross-profit margin | 28.5 | 40.0 | 19.4 | 1.1 | 9.1 | 27.6 | 44.8 | 53.5 |
| EBITDA margin | 31.6 | 43.2 | 28.9 | 16.1 | 22.1 | 36.7 | 48.7 | 55.4 |
| Operating-profit margin | 24.6 | 36.5 | 15.0 | n.a. | 4.9 | 24.6 | 43.0 | 52.1 |
| Net profit margin | 20.3 | 30.0 | 13.8 | 0.6 | 4.8 | 20.4 | 35.1 | 42.0 |
| ROAE | 29.1 | 41.2 | 11.4 | 0.4 | 4.3 | 23.6 | 54.0 | 62.4 |
| ROAA | 21.0 | 28.1 | 7.6 | 0.3 | 3.1 | 18.1 | 44.0 | 53.7 |
| ROCE | 34.0 | 49.1 | 12.5 | n.a. | 4.3 | 28.3 | 66.1 | 77.4 |
| ROIC | 36.6 | 57.4 | 15.0 | n.a. | 4.4 | 29.9 | 87.5 | n.a |
| Net debt to equity | net cash | net cash | net cash | net cash | net cash | net cash | net cash | net cash |
| Effective tax rate | 19.2 | 23.4 | 18.2 | 0.0 | 17.0 | 20.4 | 19.3 | 20.0 |
| Accounts receivable (days) | 70.7 | 73.3 | 94.1 | 78.5 | 75.2 | 78.6 | 73.1 | 75.0 |
| Current ratio (x) | 2.9 | 3.0 | 2.7 | 3.1 | 3.3 | 4.5 | 7.3 | 10.7 |
| Net interest cover (x) | 406.2 | 1,128.2 | 367.9 | 10.3 | 170.8 | 1,188.5 | 3,791.2 | 7,014.4 |
| Net dividend payout | 61.1 | 59.9 | 61.2 | n.a. | 33.2 | 50.0 | 50.0 | 50.0 |
| Free cash flow yield | 1.0 | 2.0 | 0.6 | n.a. | 0.1 | 1.2 | 3.9 | 8.3 |
Source: FactSet, Daiwa forecasts
Company profile
Nan Ya PCB originated as one of the business divisions of Nan Ya Plastics Corporation before transforming into a subsidiary in 1997, specialising in the manufacturing of printed circuit boards (PCBs) and integrated circuit (IC) substrates. The company's primary end applications include networking (c.50%), PCs (c.20%), consumer electronics (c.10%), automotive (c.10%) and other sectors. Its manufacturing facilities are located in Taiwan and China.
Nan Ya Printed Circuit Board Corp (8046 TT): 2 September 2026
Daiwa
Nan Ya Printed Circuit Board Corp (8046 TT): 2 September 2026
ESG analysis
ESG risks
| Risks | Management | Analyst comments | |
|---|---|---|---|
| G | Executive/board quality | 2 | Nan Ya PCB's board of directors (BoD) is responsible for overseeing the company's operations and ensuring adherence to corporate governance principles. The board comprises individuals with diverse expertise, contributing to effective decision-making and strategic planning. The company emphasizes the importance of corporate governance as a set of processes, customs, policies, laws, and institutions affecting the way the corporation is directed, administered, or controlled. Principal stakeholders include stockholders, management, and the board of directors, among others. |
| Capital management | 2 | Nan Ya PCB maintains a prudent approach to capital management, ensuring financial stability and the availability of resources necessary for operational and strategic initiatives. The company's financial statements reflect a solid capital structure, supporting its growth and sustainability objectives. | |
| transaction | Related party & | 1 | The company adheres to strict policies regarding related party transactions to maintain transparency and fairness. Such transactions are conducted under terms comparable to those with independent third parties and are disclosed in financial reports to ensure compliance with regulatory standards and corporate governance best practices. For example, the company's consolidated financial statements provide details on transactions with related parties, ensuring transparency and accountability. |
| S | Supply chain management | 1 | Nan Ya PCB is committed to sustainable supply chain management, emphasizing environmental protection, procurement policies, and social responsibility. The company has established a comprehensive procurement policy that integrates sustainability considerations, ensuring that suppliers adhere to ethical standards and environmental regulations. This commitment is part of the company's broader sustainable responsibility policy, which includes areas such as corporate governance, environmental protection, and social welfare. |
| E | Data security | 1 | While specific details on Nan Ya PCB's data security measures are not extensively disclosed in the available sources, the company recognizes the importance of information security in its operations. As part of its corporate governance framework, Nan Ya PCB is likely to implement standard data protection practices to safeguard sensitive information and ensure compliance with relevant regulations. Stakeholders are encouraged to consult the company's official communications or contact the company directly for detailed information on data security policies. |
Note: Management score represents a company's ability to manage/benefit from certain ESG topics. The scores range from 1 to 3, with 1 being the strongest.
Update Date: 7 May 2026
Source: Daiwa, Company
Daiwa