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原始內容
M June 29, 2026 02:17 PM GMT
Nan Ya PCB | Asia Pacific
Even stronger preliminary May profits
Key Takeaways
- We continue to see margin improvement, with May net margin at 17.6% - up 420bps vs. April's net margin of 13.4% and a 590bps rise vs. 1Q26 net margin of 11.7%...
- ...likely driven by better pricing, improved mix, and still-full utilization rates for ABF and BT substrates.
- We believe the AI-driven up-cycle remains in its early innings, with undersupply emerging from CY27 onward.
- NYPCB's BT substrate business will also continue to benefit from the memory super-cycle.
- Stay OW - on a 12-month view, we prefer Unimicron over NYPCB and Zhen Ding.
Details of the release: NYPCB reported May 2026 profit per TWSE regulatory requirements. The company's preliminary monthly profits and unaudited preliminary results for April and May combined show sharp upside vs. both our estimates and the Street's.
- NYPCB's May 2026 revenue was NT$4.44bn (flat m/m, +36% y/y).
- May 2026 NP was NT$781mn, accounting for 47% of our 2Q26 NP estimate and 39% of the Street's.
- April + May 2026 NP accounted for 84% and 69% of our 2Q26 NP estimate and 69% of the Street's.
Exhibit 1 : NYPCB's preliminary May 2026 profit numbers
| 2Q26 | 2Q26 | |||
|---|---|---|---|---|
| NT$ M | May-26 | y/y | MSe | Cons |
| Revenue | IIIIII4w44) | 36T | IIIIB3w36L | IIIIB3w66L |
| Pre-tax profit | I977 | ,, | IIIIIILw)B) | IIIIIILw497 |
| Net profit | I78B | ,, | IIIIIIBw648 | IIIIIIBw988 |
| EPS (NT$) | IIIIIIIIBHLB | ,, | IIIIIIIILH55 | IIIIIIII3H)9 |
Source: Company data, Visible Alpha, Morgan Stanley Research estimates.
Update
| Morgan Stanley Taiwan Limited+ Howard Kao Equity Analyst Howard.Kao@morganstanley.com | +886 2 2730-2989 |
|---|---|
| Sharon Shih Equity Analyst Sharon.Shih@morganstanley.com | +886 2 2730-2865 |
| Irene Yen Research Associate Irene.Yen@morganstanley.com | +886 2 2730-2869 |
Nan Ya PCB (8046.TW, 8046 TT)
Greater China Technology Hardware | Taiwan
Stock Rating
Industry View
Price target
Up/downside to price target (%)
Shr price, close (Jun 29, 2026)
52-Week Range
Sh out, dil, curr (mn)
Mkt cap, curr (mn)
EV, curr (mn)
Avg daily trading value (mn)
Overweight
In-Line
NT$1,275.00
18
NT$1,080.00
NT$1,145.00-110.00
646
NT$697,960
NT$688,870
NT$8,235
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 3.01 | 11.52 | 23.78 | 51.05 |
| Prior EPS (NT$)** | - | - | - | - |
| EPS (NT$)§ | 2.63 | 12.91 | 30.75 | 60.97 |
| Revenue, net (NT$ mn) | 40,173 | 55,058 | 74,811 | 109,356 |
| EBITDA (NT$ mn) | 8,876 | 14,116 | 22,995 | 43,522 |
| ModelWare net inc (NT | 1,947 | 7,442 | 15,367 | 32,989 |
| $ mn) | ||||
| P/E | 80.0 | 93.8 | 45.4 | 21.2 |
| P/BV | 3.4 | 13.4 | 11.2 | 8.2 |
| RNOA (%) | 4.5 | 18.3 | 43.1 | 101.4 |
| ROE (%) | 4.3 | 16.1 | 29.5 | 52.8 |
| EV/EBITDA | 16.5 | 48.2 | 29.0 | 14.8 |
| Div yld (%) | 0.4 | 0.2 | 0.7 | 1.5 |
| FCF yld ratio (%)** | 0.7 | 1.5 | 2.5 | 4.9 |
| Leverage (EOP) (%) | (19.7) | (34.5) | (49.0) | (64.2) |
Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare framework
** = Based on consensus methodology
§ = Consensus data is provided by Refinitiv Estimates
e = Morgan Stanley Research estimates
Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.