PDF 原檔：2026-06-29 260629_citi_nypcb_original.pdf
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原始內容
citivelocity.com
29 Jun 2026 12:49:53 ET │ 11 pages
NYPCB (8046.TW)
Unaudited May results suggest meaningful GM expansion MoM
CITI'S TAKE
NYPCB reported unaudited May results with pre-tax margin expanding 5.2ppt MoM. Non-op should be clean in May with limited FX G/L recognized. Similar to Kinsus, NYPCB benefited from enhanced product mix in either ABF or BT substrate products, along with improving UTR and price hikes, in our view. Though overall 2Q26 sales are likely capped by T glass constraints and more capacity-consuming products (i.e., declining output), the GM profile has seen meaningful improvement MoM. We expect the company to be aggressive about pricing in the coming quarters, which would serve as a key driver to both its top line and GM profiles. Thus, we see upside potential to NYPCB's GM profile/profitability in the coming quarters.
Flash |
Buy
Price (29 Jun 26 13:30)
NT$1,080.00
Target price
NT$1,100.00
Expected share price return
1.9%
Expected dividend yield
0.2%
Expected total return Market Cap
2.0%
NT$697,859M US$22,029M
Jack Chen AC
+886-2-8726-9091 jack1.chen@citi.com
Laura (Chia Yi) Chen +886-2-8726-9090
laura.cy.chen@citi.com
Nicholas Lai +886-2-8726-9093
nicholas.lai@citi.com
See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations
Figure 1. NYPeB s unaudited monthly earnings
NYPCB
(NTSmn)
Sales
Pre-tax margin %
EPS (NT$)
1Q,26
11,177
1,598
14.3%
2.03
@ 2026 Citigroun Inc. No redistribution without Citjgroun's written permission.
Figure 1. NYPCB's unaudited monthly earnings
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission.
Source: Citi Research, MOPS
Jan
Feb Implied March
3,166
4,291
0.46
0.92
May
4,440
977
22.0%
1.21
NYPCB
Valuation
Our DCF-based TP for NYPCB is NT$1,100. With a risk-free rate of 4.30% (10-year government bond rate), a market risk premium of 7% and an equity beta of 1.22 (YTD weekly share price), we calculate NYPCB's WACC as 12.8%. Our TP is equivalent to 78x/30x 2026E EPS/BVPS, which reflects its high P/E multiple during upcycles. NYPCB traded at 15-20x P/E during its 2003-2008 upcycle driven by PC/NB demand strength. In 2010-11 when the market was recovering from the global financial crisis, NYPCB traded at 25-35x P/E. In the last 2019-22 upcycle when ABF was in shortage, NYPCB traded at 30-40x P/E.
Risks
Key downside risks that could prevent the NYPCB shares from reaching our target price include: 1) weaker-than-expected ABF demand from key customers; 2) BT business seasonality weakness and fewer-than-expected price hikes; and 3) severe T glass shortages that cause a bottleneck to its production.
NYPCB (8046.TW)
Analyst: Jack Chen
TWD
1,000
500
If you are visually impaired and would like to speak to a Citi representative regarding the details of the graphics in this document, please call USA 1-888-500-5008 (TTY: 711), from outside the US +1-210-677-3788
Date
Appendix A-1
[2J02-Nov-23 15:26:11
2
*241.00
243.00
05-Nov-24 09:06:51