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報告_Daiwa_南電8046_20260714

更新 2026-07-14
#來源/券商報告#公司/南電

PDF 原檔：報告_Daiwa_南電8046_20260714_original.pdf

報告內文日期為 2026-07-13（Nan Ya Printed Circuit Board Corp (8046 TT): 13 July 2026），檔名依收檔日 20260714。

圖片清單（已驗證 2026-07-14）

檔名 size 分類 親眼所見內容
260714_daiwa_nypcb_001.png 23KB 真資料圖 股價走勢圖：Nan Ya PCB 股價（左軸 TWD）與相對 TWSE 指數（右軸 %），Jul-25 至 Jul-26 尾端急漲
260714_daiwa_nypcb_002.png 38KB 真資料圖 1 年 forward PER band 圖（10x／18／30／46x）與股價 Jul-19 至 Jul-26；2021 高峰後回落，2025 下半年起沿 band 上緣急漲至約 1,200+
260714_daiwa_nypcb_003.png 20KB 真資料圖 營收結構堆疊柱狀圖 2024–2028E（BT／ABF／PCB）：ABF 49%→57%→55%→63%→68%，BT 31%→30%→37%→33%→29%，PCB 其餘收斂

原始內容

Taiwan

Nan Ya Printed Circuit Board Corp (8046 TT)

Nan Ya Printed Circuit Board Corp

Target price:

TWD2,444.00 (from TWD1,444.00)

Share price (13 Jul):

TWD1,270.00 | Up/downside: +92.4%

Escalating price hikes in substrates

  • Improving competitive landscape in BT substrate sector
  • NYPCB is our top pick in substrate sector on fast-improving financials
  • Reaffirming our Buy (1) rating; raising 12-month TP to TWD2,444

What's new: We believe that price hikes will be higher than our previous estimates, given current industry dynamics.

What's the impact: Key competitors in Asia have started to gradually exit the BT market. Due to stronger-than-expected ABF substrate demand on resilient AI server demand and rising regular server demand, we believe 2 global substrate vendors in Asia have stopped accepting BT substrate orders, as they tend to shift their capacity in co-sharing manufacturing processes from BT to ABF, given the supply-demand imbalance. We believe this would be a key positive trend for those substrate vendors that are willing to operate within the BT market; we also observe in the current cost inflation environment that low-end to mid-range materials would enjoy better pricing hikes given the capacity shift. As such, we expect price hike magnitudes of more than 20-30% QoQ for BT substrates in 3Q-4Q26E.

Financial updates. Given the improving pricing environment, we lift our gross margin forecasts for 2Q26/3Q26 to 24.3%/30.6% (from 21.3% /26.6%), factoring in higher-than-expected price hikes. We also lift our 2027-28E gross margins by c.8pp to 44.9%/53.2% (from 37.1%/46.4%). Mainly due to the current supply shortage, we believe NYPCB can achieve prior record-high gross margins from 2027E and set a new bar in 2028E (vs. our previous estimate for it to reach prior record-high levels in 2028E).

Investment ideas. We expect substrates to be the 2nd component, after memory, to have the highest price hikes (>70%/>50% price hike for BT/ABF substrates in 2026E) in the current cost inflation environment, and price hikes are just escalating. Including our updates on 17 May and 22 June, we have now lifted our 2027-28E EPS by 77-111% in just 2 months, but the share price has only risen by c.50% over the same period; hence, we see more upside from here. While we remain positive on all substrate vendors, we believe those with higher bargaining power will enjoy faster margin expansion in the short term, which makes NYPCB our top pick in the substrate sector.

What we recommend: We raise our 2026-28E EPS by 20-42% to factor in higher-than-expected price hikes from raw materials and substrates. We reaffirm our Buy (1) call and raise our 12-month TP to TWD2,444 (from TWD1,444), based on an unchanged target PER of 49x applied to our 4Q26-3Q27E EPS (vs. 3Q26-2Q27E). Downside risk: weaker-thanexpected demand for switches/PCs/smartphones.

How we differ: Our 2026-28E EPS are 28-66% above the Bloomberg consensus, likely due to our more bullish view on ABF/BT ASP hikes.

Daiwa

5

3

2

1

Buy

Sheng Cheng

Sheng Cheng (886) 2 8758 6253 sheng.cheng@daiwacm-cathay.com.tw

Allan Wang (886) 2 8758 6249

allan.wang@daiwacm-cathay.com.tw

Forecast revisions (%)

Year to 31 Dec 26E 27E 28E
Revenue change 2.7 10.1 24.9
Net profit change 20 33.5 41.8
Core EPS (FD) change 20 33.5 41.8

Source: Daiwa forecasts

Share price performance

260714_daiwa_nypcb_001
12-month range 143.50-1,270.00
Market cap (USDbn) 25.48
3m avg daily turnover (USDm) 541.04
Shares outstanding (m) 646
Major shareholder Nan Ya Plastics Corp (67.0%)

Financial summary (TWD)

Year to 31 Dec 26E 27E 28E
Revenue (m) 60,064 112,828 172,751
Operating profit (m) 14,962 48,457 88,579
Net profit (m) 12,725 40,031 72,783
Core EPS (fully-diluted) 19.693 61.951 112.638
EPS change (%) 553.6 214.6 81.8
Daiwa vs Cons. EPS (%) 28.2 66.2 55.6
PER (x) 64.5 20.5 11.3
Dividend yield (%) 0.8 2.4 4.4
DPS 9.8 31.0 56.3
PBR (x) 14.2 9.0 5.7
EV/EBITDA (x) 36.4 14.2 7.8
ROE (%) 24.5 53.7 61.9

Source: FactSet, Daiwa forecasts

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 33,333 71,547 117,990
BT 15,987 16,905 9,393 9,880 12,153 22,301 36,940 50,507
Other Revenue 10,437 9,492 7,101 6,606 5,320 4,429 4,341 4,254
Total Revenue 52,228 64,647 42,253 32,283 40,173 60,064 112,828 172,751
Other income 0 0 0 0 0 0 0 0
COGS (37,346) (38,779) (34,075) (31,926) (36,526) (43,348) (62,161) (80,853)
SG&A (2,012) (2,293) (1,847) (1,624) (1,665) (1,754) (2,210) (3,320)
Other op.expenses 0 0 0 0 0 0 0 0
Operating profit 12,871 23,575 6,330 (1,267) 1,982 14,962 48,457 88,579
Net-interest inc./(exp.) (32) (22) (19) (18) (14) (15) (15) (15)
Assoc/forex/extraord./others 257 1,809 796 1,447 377 594 446 324
Pre-tax profit 13,095 25,362 7,107 163 2,346 15,541 48,889 88,888
Tax (2,514) (5,946) (1,290) 41 (399) (2,816) (8,858) (16,105)
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 12,725 40,031 72,783
Net profit (adjusted) 10,582 19,416 5,817 204 1,947 12,725 40,031 72,783
EPS (reported)(TWD) 16.376 30.047 9.002 0.315 3.013 19.693 61.951 112.638
EPS (adjusted)(TWD) 16.376 30.047 9.002 0.315 3.013 19.693 61.951 112.638
EPS (adjusted fully-diluted)(TWD) 16.376 30.047 9.002 0.315 3.013 19.693 61.951 112.638
DPS (TWD) 10.000 18.000 5.500 1.000 1.000 9.847 30.976 56.319
EBIT 12,871 23,575 6,330 (1,267) 1,982 14,962 48,457 88,579
EBITDA 16,505 27,919 12,226 5,193 8,876 22,062 54,847 94,330

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 15,541 48,889 88,888
Depreciation and amortisation 3,634 4,344 5,896 6,460 6,894 7,101 6,391 5,752
Tax paid (2,514) (5,946) (1,290) 41 (399) (2,816) (8,858) (16,105)
Change in working capital (2,337) (2,805) 7,510 (1,779) (3,218) (6,559) (13,394) (14,066)
Other operational CF items 4,050 11,352 (2,709) (2,725) (2,596) 0 0 0
Cash flow from operations 15,929 32,307 16,513 2,160 3,027 13,266 33,027 64,469
Capex (8,451) (16,922) (11,779) (2,379) (2,422) (2,543) (2,416) (2,295)
Net (acquisitions)/disposals 0 0 0 0 0 0 0 0
Other investing CF items 3,061 53 (471) (223) 700 7 24 15
Cash flow from investing (5,391) (16,869) (12,251) (2,602) (1,723) (2,537) (2,393) (2,280)
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) (6,363) (20,015)
Other financing CF items (1,678) (222) (180) (289) (241) (413) 0 0
Cash flow from financing (2,892) (8,665) (11,811) (3,843) (887) (1,059) (6,363) (20,015)
Forex effect/others (25) 76 (166) 436 (309) (72) (76) (85)
Change in cash 7,621 6,850 (7,714) (3,849) 109 9,599 24,196 42,089
Free cash flow 7,478 15,386 4,734 (219) 605 10,723 30,611 62,174

Source: FactSet, Daiwa forecasts

Nan Ya Printed Circuit Board Corp (8046 TT): 13 July 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 18,305 42,501 84,590
Inventory 5,348 5,803 3,896 4,101 5,068 6,255 8,868 11,655
Accounts receivable 11,062 14,893 6,898 6,996 9,552 16,203 28,935 42,640
Other current assets 572 570 1,113 991 296 296 296 296
Total current assets 30,176 41,310 24,474 20,675 23,623 41,059 80,600 139,181
Fixed assets 25,668 39,926 45,476 41,804 37,085 32,527 28,553 25,097
Goodwill & intangibles 0 0 0 0 0 0 0 0
Other non-current assets 502 514 487 460 500 494 470 455
Total assets 56,345 81,750 70,437 62,938 61,207 74,080 109,623 164,733
Short-term debt 1,669 0 0 0 0 0 0 0
Accounts payable 6,710 8,895 5,808 3,672 3,979 5,257 7,208 9,634
Other current liabilities 2,137 4,794 3,292 2,992 3,210 3,210 3,210 3,210
Total current liabilities 10,516 13,689 9,100 6,664 7,189 8,467 10,418 12,845
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 7,896 7,896 7,896
Total liabilities 15,866 28,028 22,530 17,488 15,085 16,363 18,314 20,740
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 51,256 84,848 137,531
Shareholders' equity 40,479 53,723 47,908 45,450 46,123 57,717 91,309 143,992
Minority interests 0 0 0 0 0 0 0 0
Total equity & liabilities 56,345 81,750 70,437 62,938 61,207 74,080 109,623 164,733
EV 809,333 800,587 808,064 812,044 811,924 802,326 778,130 736,041
Net debt/(cash) (11,298) (20,044) (12,567) (8,587) (8,706) (18,305) (42,501) (84,590)
BVPS (TWD) 62.645 83.141 74.142 70.339 71.379 89.323 141.309 222.841

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 49.5 87.8 53.1
EBITDA (YoY) 134.4 69.2 (56.2) (57.5) 70.9 148.6 148.6 72.0
Operating profit (YoY) 213.3 83.2 (73.1) n.a. n.a. 654.7 223.9 82.8
Net profit (YoY) 188.6 83.5 (70.0) (96.5) 855.6 553.6 214.6 81.8
Core EPS (fully-diluted) (YoY) 188.6 83.5 (70.0) (96.5) 855.6 553.6 214.6 81.8
Gross-profit margin 28.5 40.0 19.4 1.1 9.1 27.8 44.9 53.2
EBITDA margin 31.6 43.2 28.9 16.1 22.1 36.7 48.6 54.6
Operating-profit margin 24.6 36.5 15.0 n.a. 4.9 24.9 42.9 51.3
Net profit margin 20.3 30.0 13.8 0.6 4.8 21.2 35.5 42.1
ROAE 29.1 41.2 11.4 0.4 4.3 24.5 53.7 61.9
ROAA 21.0 28.1 7.6 0.3 3.1 18.8 43.6 53.1
ROCE 34.0 49.1 12.5 n.a. 4.3 28.8 65.0 75.3
ROIC 36.6 57.4 15.0 n.a. 4.4 31.9 89.9 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 18.1 18.1 18.1
Accounts receivable (days) 70.7 73.3 94.1 78.5 75.2 78.3 73.0 75.6
Current ratio (x) 2.9 3.0 2.7 3.1 3.3 4.8 7.7 10.8
Net interest cover (x) 406.2 1,128.2 367.9 10.3 170.8 1,022.9 3,367.8 6,031.3
Net dividend payout 61.1 59.9 61.2 n.a. 33.2 50.0 50.0 50.0
Free cash flow yield 0.9 1.9 0.6 n.a. 0.1 1.3 3.7 7.6

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): 13 July 2026

Daiwa

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 58,494 60,064 58,391 102,461 112,828 93,657 138,301 172,751 139,037
Diff (%) 2.7% 2.9% 10.1% 20.5% 24.9% 24.2%
Gross Margin (%) 24.0% 27.8% 22.1% 37.1% 44.9% 33.5% 46.4% 53.2% 47.8%
Operating profit 12,367 14,962 11,885 36,180 48,457 30,009 62,239 88,579 57,628
Op Margin (%) 21.1% 24.9% 20.4% 35.3% 42.9% 32.0% 45.0% 51.3% 41.4%
Net profit 10,600 12,725 9,926 2,979 40,031 24,091 51,319 72,783 46,765
EPS (TWD) 16.41 19.69 15.36 46.39 61.95 37.28 79.42 112.64 72.37
Diff (%) 20.0% 28.2% 33.5% 66.2% 41.8% 55.6%

Source: Daiwa forecasts

NYPCB: quarterly and annual P&L statement

2026E 2026E 2026E 2026E 2027E 2027E 2027E 2027E 2025 2026E 2027E 2028E
(TWDm) 1Q 2QE 3QE 4QE 1QE 2QE 3QE 4QE
Net revenue 11,177 13,575 16,735 18,576 20,821 26,123 32,391 33,492 40,173 60,064 112,828 172,751
COGS (9,406) (10,282) (11,644) (12,016) (12,738) (15,098) (17,261) (17,063) (36,526) (43,348) (62,161) (80,853)
Gross profit 1,771 3,293 5,092 6,560 8,083 11,025 15,129 16,429 3,647 16,716 50,667 91,899
Operating expenses (419) (425) (450) (460) (490) (520) (580) (620) 1,665 1,754 2,210 3,320
Operating profit 1,352 2,868 4,642 6,100 7,593 10,505 14,549 15,809 1,982 14,962 48,457 88,579
Non-operating profit 246 112 110 111 106 106 108 111 363 579 432 309
Pre-tax profit 1,598 2,981 4,752 6,210 7,699 10,611 14,657 15,920 2,346 15,541 48,889 88,888
Net profit 1,309 2,441 3,891 5,085 6,304 8,689 12,002 13,036 1,947 12,725 40,031 72,783
Net EPS (TWD) 2.03 3.78 6.02 7.87 9.76 13.45 18.57 20.17 3.0 19.7 62.0 112.6
Operating Ratios
Gross margin 15.8% 24.3% 30.4% 35.3% 38.8% 42.2% 46.7% 49.1% 9.1% 27.8% 44.9% 53.2%
Operating margin 12.1% 21.1% 27.7% 32.8% 36.5% 40.2% 44.9% 47.2% 4.9% 24.9% 42.9% 51.3%
Pre-tax margin 14.3% 22.0% 28.4% 33.4% 37.0% 40.6% 45.3% 47.5% 5.8% 25.9% 43.3% 51.5%
Net margin 11.7% 18.0% 23.2% 27.4% 30.3% 33.3% 37.1% 38.9% 4.8% 21.2% 35.5% 42.1%
YoY (%)
Net revenue 32% 42% 53% 66% 86% 92% 94% 80% 24% 50% 88% 53%
Gross profit 312% 328% 385% 369% 356% 235% 197% 150% 920% 358% 203% 81%
Operating profit 3986% 684% 648% 533% 462% 266% 213% 159% -257% 655% 224% 83%
Pre-tax profit 524% n.m. 424% 341% 382% 256% 208% 156% 1338% 563% 215% 82%
Net profit 531% n.m. 437% 323% 382% 256% 208% 156% 856% 554% 215% 82%
QoQ (%)
Net revenue 0% 21% 23% 11% 12% 25% 24% 3%
Gross profit 27% 86% 55% 29% 23% 36% 37% 9%
Operating profit 40% 112% 62% 31% 24% 38% 38% 9%
Pre-tax profit 13% 86% 59% 31% 24% 38% 38% 9%
Net profit 9% 86% 59% 31% 24% 38% 38% 9%

Source: Company, Daiwa forecasts

NYPCB: 1-year forward PER bands

260714_daiwa_nypcb_002

Source: TEJ, Daiwa forecasts

Nan Ya Printed Circuit Board Corp (8046 TT): 13 July 2026

NYPCB: revenue breakdown by product

260714_daiwa_nypcb_003

Source: Company, Daiwa forecasts

Daiwa

Nan Ya Printed Circuit Board Corp (8046 TT): 13 July 2026

ESG analysis

ESG risks

Risks Risks Management Analyst comments
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.
G 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.
Related party & transaction 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 management chain 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

Nan Ya Printed Circuit Board Corp (8046 TT): 13 July 2026

Daiwa's Asia Pacific Research Directory

HONG KONG
Hiroyuki GOTO (852) 2773 8870 hiroyuki.goto@hk.daiwacm.com
John HETHERINGTON (852) 8787 2773 Research and Head john.hetherington@hk.daiwacm.com of Research Publications
Co-Head of Asia Pacific
Li XIONG (852) 2773 8878 li.xiong@hk.daiwacm.com
Strategy (Hong Kong/China)
Yue TAN (852) 2848 4947 yue.tan@hk.daiwacm.com
Strategy (Greater China) and Macro Economics (China)
Kelvin LAU (852) 2848 4467 kelvin.lau@hk.daiwacm.com
Regional Head of Automobiles, Industrials and Transportation
Evelyn ZHANG (852) 2848 4970 evelyn.zhang@hk.daiwacm.com
Frank YIP (852) 2773 8842 frank.yip@hk.daiwacm.com
Industrials and Transportation (Hong Kong/China)
Carol XIA (852) 2532 4349 carol.xia@hk.daiwacm.com
Head of China Consumer; Consumer (Hong Kong/China)
Steven NIE (852) 2848 4464 steven.nie@hk.daiwacm.com
Consumer (Hong Kong/China); Global Cryptocurrency
Siman CHEN (852) 2532 4350 siman.chen@hk.daiwacm.com
(Hong Kong/China)
Consumer Jing YANG (852) 2532 4308 jing.yang@hk.daiwacm.com
Head of China Healthcare
John CHOI (852) 2773 8730 john.choi@hk.daiwacm.com
Head of China Internet; Regional Head of Emerging Opportunities
Dennis IP 4068 Head of Asia US Power Equipment Wind, (852) 2848 ex-Japan Power, Utilities, (Gas, Nuclear, Solar, dennis.ip@hk.daiwacm.com Renewables & ESG (PURE) Research Grid, ESS & Battery Materials)
Derek ZHANG (852) 2532 4341 derek.zhang@hk.daiwacm.com
Power, Utilities, Renewables and ESS (PURE) - Gas, Wind and Grid (China), Utilities
(852) 2848
Tina YU (852) 2532 tina.yu@hk.daiwacm.com
ESG (Asia ex-Japan)
4106
Power, Utilities, Renewables and ESS (PURE) - Power Equipment (US)
Marco ZENG
4430
marco.zeng@hk.daiwacm.com
(Hong Kong)

Daiwa

CHINA CHINA CHINA
Louis LUO (86) 21 6841 3282 louis.luo@daiwacm.cn
Automobiles and Components, Industrials (China) Automobiles and Components, Industrials (China) Automobiles and Components, Industrials (China)
Mavis MA (86) 21 6841 3288 mavis.ma@daiwacm.cn
Leo LU Power, Utilities, Renewables Infrastructure (China) (86) 21 6841 3286 and ESS (PURE) leo.lu@daiwacm.cn - Solar, ESS, Lithium, AIDC
Skye LIANG Power, Utilities, Renewables (86) 21 6841 3207 and ESS (PURE) skye.liang@daiwacm.cn Wind and Grid (China)
William WU Property (China/Hong (86) 21 6841 3200 Kong) william.wu@daiwacm.cn
Bintuo NI Tech Hardware and (86) 21 6841 3228 Semiconductors (China) bintuo.ni@daiwacm.cn
SOUTH KOREA
Yoonki BAE (82) 2 787 9168 yoonki.bae@kr.daiwacm.com Automobile Components, Healthcare Yoonki BAE (82) 2 787 9168 yoonki.bae@kr.daiwacm.com Automobile Components, Healthcare Yoonki BAE (82) 2 787 9168 yoonki.bae@kr.daiwacm.com Automobile Components, Healthcare
Mike OH (82) 2 787 9179 mike.oh@kr.daiwacm.com
Banking, Capital Goods - Defence, Construction and Shipbuilding, and Utilities Banking, Capital Goods - Defence, Construction and Shipbuilding, and Utilities Banking, Capital Goods - Defence, Construction and Shipbuilding, and Utilities
Youngho JANG Consumer, Healthcare (82) 2 787 9838 youngho.jang@kr.daiwacm.com
Henny JUNG EV Batteries and Battery Components (82) 2 787 9182 Materials, IT/Electronics henny.jung@kr.daiwacm.com (Small/Mid Cap), Automobiles and
Daeho SON (82) 2 787 9176 dh.son@kr.daiwacm.com
Joon LEE Media (82) 2 787 9151 hj.lee@kr.daiwacm.com
Thomas Y KWON (82) 2 787 9181 yskwon@kr.daiwacm.com
Pan-Asia Head of Internet & Telecommunications; Online Games Pan-Asia Head of Internet & Telecommunications; Online Games Pan-Asia Head of Internet & Telecommunications; Online Games
SK KIM Head of Global Memory; (82) 2 787 9173 IT/Electronics - sk.kim@kr.daiwacm.com Semiconductors/Displays and Tech Hardware
TAIWAN
Rick HSU (886) 2 8758 6261 rick.hsu@daiwacm-cathay.com.tw
Sheng CHENG (886) 2 8758 6253 sheng.cheng@daiwacm-cathay.com.tw
Allan WANG (886) 2 8758 6249 allan.wang@daiwacm-cathay.com.tw
Leon CHEN (886) 2 8758 6247 leon.chen@daiwacm-cathay.com.tw IT/Technology - Semiconductors Supply Chain (Taiwan)
Stacy LIN (886) 2 8758 6252 stacy.lin@daiwacm-cathay.com.tw
IT/Technology - Semiconductors Supply Chain (Taiwan)
Helen (886) 2 8758 6254
Small/Mid Cap
helen.chien@daiwacm-cathay.com.tw
CHIEN

Daiwa's Offices

Office / Branch / Affiliate Address Tel Fax
DAIWA SECURITIES GROUP INC
HEAD OFFICE Gran Tokyo North Tower, 1-9-1, Marunouchi, Chiyoda-ku, Tokyo, 100-6753 (81) 3 5555 3111 (81) 3 5555 0661
Daiwa Securities Trust Company One Evertrust Plaza, Jersey City, NJ 07302, U.S.A. (1) 201 333 7300 (1) 201 333 7726
Daiwa Securities Trust and Banking (Europe) PLC (Head Office) 5 King William Street, London EC4N 7JB, United Kingdom (44) 207 320 8000 (44) 207 410 0129
Daiwa Europe Trustees (Ireland) Ltd Level 3, Block 5, Harcourt Centre, Harcourt Road, Dublin 2, Ireland (353) 1 603 9900 (353) 1 478 3469
Daiwa Capital Markets America Inc. New York Head Office 1251 Avenue of the Americas, 49th Floor, New York, NY 10020 (1) 212 612 7000 (1) 212 612 7100
Daiwa Capital Markets America Inc. San Francisco Branch 555 California Street, Suite 3360, San Francisco, CA 94104, U.S.A. (1) 415 955 8100 (1) 415 956 1935
Daiwa Capital Markets Europe Limited, London Head Office 5 King William Street, London EC4N 7AX, United Kingdom (44) 20 7597 8000 (44) 20 7597 8600
Daiwa Capital Markets Deutschland GmbH Friedrich-Ebert-Anlage 35-37, 60327 Frankfurt am Main, Germany (49) 69 27139 8100 (49) 69 27139 8190
Daiwa Capital Markets Europe Limited, Paris Representative Office 17, rue de Surène 75008 Paris, France (33) 1 56 262 200 (33) 1 47 550 808
Daiwa Capital Markets Europe Limited, Moscow Representative Office Midland Plaza 7th Floor, 10 Arbat Street, Moscow 119002, Russian Federation (7) 495 641 3416 (7) 495 775 6238
Daiwa Capital Markets Europe Limited, Bahrain Branch 7th Floor, The Tower, Bahrain Commercial Complex, P.O. Box 30069, Manama, Bahrain (973) 17 534 452 (973) 17 535 113
Daiwa Capital Markets Hong Kong Limited Level 28, One Pacific Place, 88 Queensway, Hong Kong (852) 2525 0121 (852) 2845 1621
Daiwa Capital Markets Singapore Limited 7 Straits View, Marina One East Tower, #16-05 & #16-06, Singapore 018936, Republic of Singapore (65) 6387 8888 (65) 6282 8030
Daiwa Capital Markets Australia Limited Level 34, Rialto North Tower, 525 Collins Street, Melbourne, Victoria 3000, Australia (61) 3 9916 1300 (61) 3 9916 1330
DBP-Daiwa Capital Markets Philippines, Inc 18th Floor, Citibank Tower, 8741 Paseo de Roxas, Salcedo Village, Makati City, Republic of the Philippines (632) 813 7344 (632) 848 0105
Daiwa-Cathay Capital Markets Co Ltd 14/F, 200, Keelung Road, Sec 1, Taipei, Taiwan, R.O.C. (886) 2 2723 9698 (886) 2 2345 3638
Daiwa Securities Capital Markets Korea Co., Ltd. 20 Fl.& 21Fl. One IFC, 10 Gukjegeumyung-Ro, Yeongdeungpo-gu, Seoul, Korea (82) 2 787 9100 (82) 2 787 9191
Daiwa Securities Co. Ltd., Beijing Representative Office Room 301/302 ， Kerry Center ， 1 Guanghua Road ， Chaoyang District ， Beijing 100020, People's Republic of China (86) 10 6500 6688 (86) 10 6500 3594
Daiwa (Shanghai) Corporate Strategic Advisory Co. Ltd. 44/F, Hang Seng Bank Tower, 1000 Lujiazui Ring Road, Pudong, Shanghai China 200120 , People's Republic of China (86) 21 3858 2000 (86) 21 3858 2111
Daiwa Securities Co. Ltd., Bangkok Representative Office 18 th Floor, M Thai Tower, All Seasons Place, 87 Wireless Road, Lumpini, Pathumwan, Bangkok 10330, Thailand (66) 2 252 5650 (66) 2 252 5665
Daiwa Securities Co. Ltd., Hanoi Representative Office Suite 405, Pacific Palace Building, 83B, Ly Thuong Kiet Street, Hoan Kiem Dist. Hanoi, Vietnam (84) 4 3946 0460 (84) 4 3946 0461

DAIWA INSTITUTE OF RESEARCH LTD

HEAD OFFICE 15-6, Fuyuki, Koto-ku, Tokyo, 135-8460, Japan (81) 3 5620 5100 (81) 3 5620 5603
MARUNOUCHI OFFICE Gran Tokyo North Tower, 1-9-1, Marunouchi, Chiyoda-ku, Tokyo, 100-6756 (81) 3 5555 7011 (81) 3 5202 2021
New York Research Center 11th Floor, Financial Square, 32 Old Slip, NY, NY 10005-3504, U.S.A. (1) 212 612 6100 (1) 212 612 8417
London Research Centre 3/F, 5 King William Street, London, EC4N 7AX, United Kingdom (44) 207 597 8000 (44) 207 597 8550

Nan Ya Printed Circuit Board Corp (8046 TT): 13 July 2026

Daiwa

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