PDF 原檔：報告_BofA_億豐8464_20261020_original.pdf
圖片清單（已驗證 2026-10-22）
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54KB | 真資料圖 | Exhibit 1 折線圖：BAC 信用卡／簽帳卡美國窗簾產品消費 YoY（2022/1–2026/9，-25%～+10%），紅框標出 2026 年 8、9 月轉正（約 +4%／+3%） |
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46KB | 真資料圖 | BofA 評等與目標價歷史圖：XNRBF 股價（2024–2026，NT$300–510）疊 PO 區間，標註各次 PO（NT$445／409／473／605／500／475／425） |
原始內容
Nien Made Enterprise
3Q preview: EPS +13% YoY to NT$6.6; Better 2H but not yet a turnaround
Reiterate Rating: BUY | PO: 441.00 TWD | Price: 358.50 TWD
3Qe EPS NT$6.6: strong rev and GP offset by opex and FX
Nien Made is scheduled to report 3Q26 results on 4 Nov. Disclosed monthly sales imply 3Q26 revenue growth of 16% YoY to NT$8.5bn, or 9% in USD terms, largely volume-driven. Growth reaccelerated from 1.7% YoY in 1H26, led by custom-made on a low US base and expansion in Europe and Japan. Ready-made also improved as Cambodia labor shortages eased. (See Exhibit 1 for US window coverings spending trends). Gross margin: We expect underlying GPM to rise 1.1ppt YoY to 59.8% on lower tariffs, broadly flat QoQ. We forecasts an NT$300mn of IEEPA tariff refunds in 2H26. Assuming NT$150mn is booked in 3Q, this would add 1.7ppt and lift reported GPM to 61.5%. We expect the selling expense ratio to fall 1.7ppt QoQ to 17.5% on lower fuel charges, but remain 0.5ppt higher YoY due to continued salesforce and distribution network investment. We expect an FX loss in 3Q26 vs. an NT$118mn gain in 3Q25, weighing on YoY earnings growth. We forecast 3Q26 EPS of NT$6.6, up 13% YoY.
US window covering picking up, but no turnaround yet
BofA credit/debit card data suggests US spending on window coverings turned positive in Aug-26 for the first time after 19 consecutive months of YoY declines. Spending rose 4%/3% YoY in Aug/Sep, respectively. This improvement partly explains the recent reacceleration in Nien Made's monthly sales. That said, we view the improvement more as normalization off a low base than the start of an industry turnaround. The Aug-Sep 2025 comparison base was relatively weak, while the current rate-hike environment remains a headwind to housing-related demand.
Slightly raise FY26 EPS est. to NT$22.9; PO to NT$441
We raise our FY26 EPS estimate by 2% to NT$22.9 to reflect the blended impact of stronger-than-expected revenue growth and FX loss. We maintain our FY26 DPS forecast of NT$17 per share. We raise our PO by 4% to NT$441, as we roll forward our valuation basis from FY26E EPS to FY27E EPS. At the same time, we lower our target P/E from 19x to 17x, reflecting the MSCI removal and a less supportive rate environment.
| Estimates (Dec) (NT$) | 2024A | 2025A | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|
| Net Income (Adjusted - mn) | 6,316 | 7,031 | 6,689 | 7,598 | 8,249 |
| EPS | 23.56 | 22.53 | 22.88 | 25.93 | 28.15 |
| EPS Change (YoY) | 25.8% | -4.4% | 1.6% | 13.3% | 8.6% |
| Dividend / Share | 14.50 | 16.00 | 17.00 | 18.41 | 19.99 |
| Free Cash Flow / Share | 21.01 | 21.17 | 22.55 | 25.93 | 28.34 |
| Valuation (Dec) | |||||
| P/E | 15.22x | 15.91x | 15.67x | 13.83x | 12.74x |
| Dividend Yield | 4.04% | 4.46% | 4.74% | 5.14% | 5.58% |
| EV / EBITDA* | 9.36x | 8.73x | 8.49x | 7.48x | 6.91x |
| Free Cash Flow Yield* | 5.86% | 5.91% | 6.29% | 7.23% | 7.91% |
| * For full definitions of iQmethod SM measures, see page 7. |
This research report provides general information only. No part of this report may be used or reproduced or quoted in any manner whatsoever in Taiwan by the press or other persons without the express written consent of BofA Securities.
>> Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analyst under the FINRA rules.
Refer to "Other Important Disclosures" for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions.
BofA Securities does and seeks to do business with issuers covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.
Refer to important disclosures on page 8 to 10. Analyst Certification on page 4. Price
20 October 2026
Equity
| Key Changes (NT$) | Previous | Current |
|---|---|---|
| Inv. Opinion | B-1-8 | B-1-7 |
| Price Obj. | 425.00 | 441.00 |
| 2026E EPS | 22.36 | 22.88 |
| 2027E EPS | 25.88 | 25.93 |
| 2028E EPS | 28.06 | 28.15 |
Yoyo Pang >> Research Analyst Merrill Lynch (Hong Kong) +852 3508 7607 yoyo.pang@bofa.com
Ronald Leung, CFA >> Research Analyst Merrill Lynch (Hong Kong) ronald.leung@bofa.com
Stock Data
| Price | 358.50 TWD |
|---|---|
| Price Objective | 441.00 TWD |
| Date Established | 20-Oct-2026 |
| Investment Opinion | B-1-7 |
| 52-Week Range | 302.50 TWD-438.00 |
| TWD | |
| Mrkt Val / Shares Out (mn) | 3,228 USD / 293.0 |
| Market Value (mn) | 105,048 TWD |
| Average Daily Value (mn) | 4.62 USD |
| Free Float | 56.9% |
| BofA Ticker / Exchange | XNRBF / TAI |
| Bloomberg / Reuters | 8464 TT / 8464.TW |
| ROE (2026E) | 22.6% |
| Net Dbt to Eqty (Dec-2025A) | -55.4% |
iQprofile SM Nien Made Enterprise
| Key Income Statement Data (Dec) | 2024A | 2025A | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|
| (NT$ Millions) | |||||
| Sales | 29,535 | 29,969 | 31,857 | 33,824 | 35,830 |
| Gross Profit | 16,905 | 17,623 | 19,055 | 20,591 | 22,124 |
| Sell General & Admin Expense | (8,366) | (8,551) | (9,736) | (9,877) | (10,462) |
| Operating Profit | 8,368 | 8,917 | 9,132 | 10,515 | 11,451 |
| Net Interest & Other Income | 523 | 728 | 543 | 474 | 479 |
| Associates | NA | NA | NA | NA | NA |
| Pretax Income | 8,891 | 9,645 | 9,675 | 10,989 | 11,930 |
| Tax (expense) / Benefit | (2,359) | (2,279) | (2,667) | (3,029) | (3,288) |
| Net Income (Adjusted) | 6,316 | 7,031 | 6,689 | 7,598 | 8,249 |
| Average Fully Diluted Shares Outstanding | 293 | 293 | 293 | 293 | 293 |
| Key Cash Flow Statement Data | |||||
| Net Income | 6,316 | 7,031 | 6,689 | 7,598 | 8,249 |
| Depreciation & Amortization | 1,088 | 1,220 | 1,289 | 1,326 | 1,359 |
| Change in Working Capital | 591 | 88 | 38 | 52 | 45 |
| Deferred Taxation Charge | NA | NA | NA | NA | NA |
| Other Adjustments, Net | 772 | (125) | 303 | 332 | 363 |
| Cash Flow from Operations | 8,767 | 8,214 | 8,319 | 9,308 | 10,016 |
| Capital Expenditure | (2,610) | (2,010) | (1,710) | (1,710) | (1,710) |
| (Acquisition) / Disposal of Investments | NA | NA | NA | NA | NA |
| Other Cash Inflow / (Outflow) | 0 | 0 | 0 | 0 | 0 |
| Cash Flow from Investing | (2,610) | (2,010) | (1,710) | (1,710) | (1,710) |
| Shares Issue / (Repurchase) | 0 | 0 | 0 | 0 | 0 |
| Cost of Dividends Paid | (4,029) | (4,633) | (5,097) | (5,606) | (6,167) |
| Cash Flow from Financing | (4,029) | (4,633) | (5,097) | (5,606) | (6,167) |
| Free Cash Flow | 6,156 | 6,204 | 6,609 | 7,598 | 8,306 |
| Net Debt | (14,947) | (16,518) | (18,030) | (20,022) | (22,160) |
| Change in Net Debt | (2,127) | (1,571) | (1,512) | (1,992) | (2,139) |
| Key Balance Sheet Data | |||||
| Property, Plant & Equipment | 11,603 | 12,394 | 12,815 | 13,200 | 13,551 |
| Other Non-Current Assets | 1,421 | 1,531 | 1,641 | 1,751 | 1,861 |
| Trade Receivables | 2,451 | 2,487 | 2,643 | 2,807 | 2,973 |
| Cash & Equivalents | 14,947 | 16,518 | 18,030 | 20,022 | 22,160 |
| Other Current Assets | 5,854 | 5,790 | 5,970 | 6,142 | 6,327 |
| Total Assets | 36,276 | 38,720 | 41,100 | 43,921 | 46,873 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 2,540 | 2,620 | 2,700 | 2,780 | 2,860 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 6,217 | 6,277 | 6,652 | 7,039 | 7,437 |
| Total Liabilities | 8,757 | 8,898 | 9,352 | 9,819 | 10,297 |
| Total Equity | 27,519 | 29,822 | 31,748 | 34,102 | 36,577 |
| Total Equity & Liabilities | 36,276 | 38,720 | 41,100 | 43,921 | 46,873 |
| iQmethod SM - Bus Performance* | |||||
| Return On Capital Employed | 23.2% | 23.2% | 20.9% | 22.4% | 22.7% |
| Return On Equity | 24.9% | 25.3% | 22.6% | 24.2% | 24.7% |
| Operating Margin | 28.3% | 29.8% | 28.7% | 31.1% | 32.0% |
| EBITDA Margin | 32.0% | 33.8% | 32.7% | 35.0% | 35.8% |
| iQmethod SM - Quality of Earnings* | |||||
| Cash Realization Ratio | 1.4x | 1.2x | 1.2x | 1.2x | 1.2x |
| Asset Replacement Ratio | 2.4x | 1.6x | 1.3x | 1.3x | 1.3x |
| Tax Rate (Reported) | 26.5% | 23.6% | 27.6% | 27.6% | 27.6% |
| Net Debt-to-Equity Ratio | -54.3% | -55.4% | -56.8% | -58.7% | -60.6% |
| Interest Cover | NM | NM | NM | NM | NM |
Key Metrics
- For full definitions of iQmethod SM measures, see page 7.
Company Sector
Interior Furnishings
Company Description
Nien Made, founded in 1974, is one of the world's largest window-covering manufacturers. It has roughly 50% market share in both ready-made (OEM business) shades and blinds, and custom-made (own brand) shutters in the US. The US market accounted for over 75% of sales. Key clients include Home Depot and Wal-Mart for ready-made shades and blinds. Nien Made operates its own retail network and e-commerce business for its custom-made shutters under the Norman brand name in the US and Europe.
Investment Rationale
We have Buy rating on Nien Made, mainly given 1) clear custom-made growth profile (share gain in the US and fastgrowing DTC in Japan and Europe), 2) its largest customer Home Depot is gaining market share, and 3) margin expansion potentials backed by favorable products mix.
Stock Data
Price to Book Value
3.5x
lül
Exhibit 1: US window coverings spending growth turned positive in Aug and Sep
The YoY growth of BAC credit/debit card spending in the window coverings products in the US
Source: BAC card, BofA Global Research
il BofA GLOBAL RESEARCH
Price objective basis & risk
Nien Made Enterprise (XNRBF)
Our PO NT$441 is derived from 17x P/E 2027E EPS. This is around 0.5SD above historical the one-year forward P/E, which we think is warranted given the visibility of the growth profile.
Downside risks are 1) weaker-than-expected Home Depot's sell-through, 2) slow recovery of US housing turnover, and 3) higher tariff increases on China exports to the US. 4) Loss of key customers.