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Major Taiwanese maker of synthetic resins and adhesives, a key glue supplier to the footwear, furniture and construction industries.
Major Taiwanese maker of synthetic resins and adhesives, a key glue supplier to the footwear, furniture and construction industries.
Sells adhesives and resins in repeat orders to factories, so sales follow footwear and furniture production, which has shifted across Asia, and the company has to serve customers where they move. Raw materials are petrochemicals, so oil-linked costs affect margins.
In one line: A Taiwanese industrial-adhesives maker akin to a regional H.B. Fuller.
Moat: narrow (scale, customer qualification). Long-standing qualified adhesive supplier embedded in Asia's footwear manufacturing cluster.
Headquarters: Tainan, Taiwan · Employees: 3,549
Size Nan Pao Resins Chemical (4766.TW) is a Taiwan Materials company (Chemicals: Specialty) with a market value of $1.24B, the 237th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$339.50 on 6 Nov 2026.
Performance Over six months the shares fell 6.3%, against -22.3% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 2.9% over the last twelve months (peer median +3.0%); the operating margin is 16.5% (peer median 10.8%).
Valuation It trades at 13.3× forward earnings against a peer median of 21.1× (5th cheapest of 15).
Price implies For today's price to make sense, revenue must grow about -9% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -17 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 16.0 points above its cost of capital (5.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$24.3B | NT$23.2B | NT$23.0B | NT$20.6B | NT$22.0B |
| Revenue growth | — | +1% | +12% | -6% | — |
| Gross profit | NT$7.86B | NT$7.60B | NT$7.23B | NT$6.24B | NT$5.12B |
| EBITDA | NT$4.78B | NT$4.60B | NT$4.33B | NT$3.62B | NT$2.34B |
| Net income | NT$2.83B | NT$2.44B | NT$2.68B | NT$2.43B | NT$1.74B |
| Free cash flow | NT$2.55B | NT$2.85B | NT$2.29B | NT$2.83B | NT$1.52B |
| Capital expenditure | NT$558M | NT$657M | NT$630M | NT$701M | NT$876M |
| Total debt | NT$6.60B | NT$6.20B | NT$5.56B | NT$3.61B | NT$3.96B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Nan Pao Resins Chemical 4766.TW | $1.24B | -6% | +3% | 16% | 13.3× | -8.7% |
| Eternal Materials 1717.TW | $2.06B | -27% | -2% | 5% | 17.2× | 19.9% |
| H.B. Fuller FUL | $2.68B | -19% | +1% | 11% | 9.5× | 3.5% |
| Henkel AG & Co. KGaA HEN.DE | $35.4B | +25% | -3% | 15% | 13.6× | -1.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 4766.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.0% | -9.4% | 4th highest of 21 |
| 6-month return | -6.3% | -22.3% | 3rd highest of 21 |
| Distance from 52-week high | -14.7% | -47.6% | 2nd highest of 21 |
| Revenue growth (TTM) | +2.9% | +3.0% | 11th highest of 21 |
| Operating margin | 16.5% | 10.8% | 7th highest of 21 |
| Forward P/E | 13.3× | 21.1× | 5th cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | -8.7% | 5.5% | least demanding of 12 |
| Growth delivered (Del g) | +8.3% | +9.9% | 5th lowest of 12 |
| Hurdle (Req g minus delivered) | -17.1 pp | -2.6 pp | 2nd least demanding of 12 |
| ROIC minus cost of capital | +16.0 pp | -1.8 pp | highest of 21 |
| EV / EBITDA | 8.4× | 7.9× | 3rd most expensive of 7 |
| Net debt / EBITDA | -0.5× | 0.2× | 3rd least indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nan Pao Resins Chemical 4766.TW | Taiwan | $1.24B | -6% | +3% | 16% | 13.3× | -8.7% | +8.3% |
| Shanghai Chlor-Alkali Chemical 600618.SS | China | $1.24B | -29% | +2% | 6% | n/a | -0.4% | +9.9% |
| Anhui Shenjian New Materials 002361.SZ | China | $1.25B | -54% | -4% | -3% | n/a | n/a | n/a |
| Guizhou Redstar Developing 600367.SS | China | $1.25B | +14% | +1% | 7% | n/a | 26.8% | +9.1% |
| Zhejiang Jiahua Energy Chemical Industry 600273.SS | China | $1.23B | -22% | +4% | 5% | 7.8× | -6.3% | +12.9% |
| Shanghai Skychem Technology 688603.SS | China | $1.22B | -29% | +38% | 19% | 44.6× | n/a | n/a |
| Yunnan Energy Investment 002053.SZ | China | $1.21B | -24% | -24% | 20% | 11.6× | n/a | n/a |
| Tongyu Advanced Materials (Guangdong) 301630.SZ | China | $1.21B | -19% | +26% | 18% | n/a | 35.9% | +26.0% |
| ISE Chemicals 4107.T | Japan | $1.20B | -30% | 0% | 22% | 36.0× | 18.6% | +18.4% |
| Shandong Kaisheng New Materials 301069.SZ | China | $1.28B | -19% | +20% | 13% | 47.0× | 29.2% | +10.4% |
| Chengzhi 000990.SZ | China | $1.29B | -43% | -7% | 7% | 10.6× | -2.8% | +2.2% |
| Toagosei 4045.T | Japan | $1.19B | +3% | +2% | 9% | 14.4× | n/a | n/a |
| Shiny Chemical Industrial 1773.TW | Taiwan | $1.29B | -20% | +20% | 22% | 15.1× | 5.5% | +8.1% |
| Chemtrade Logistics Income Fund CHE-UN.TO | Canada | $1.19B | -17% | +12% | 12% | 9.5× | -0.8% | +7.7% |
| Beijing Haixin Energy Technology 300072.SZ | China | $1.30B | -20% | +61% | -9% | 121.7× | n/a | n/a |
| Hunan Kaimeite Gases 002549.SZ | China | $1.18B | -43% | -7% | -5% | 38.9× | n/a | n/a |
| Industrie De Nora DNR.MI | Italy | $1.31B | -23% | -2% | 14% | 16.0× | n/a | n/a |
| REX American Resources REX | United States | $1.31B | -21% | +6% | 15% | 26.2× | -3.8% | +11.7% |
| Jinhong Gas 688106.SS | China | $1.17B | -42% | +15% | 2% | 67.0× | n/a | n/a |
| Dawei Technology (Guangdong) 600589.SS | China | $1.32B | -38% | +29% | -10% | n/a | n/a | n/a |
| Hebei Jinniu Chemical Industry 600722.SS | China | $1.16B | -16% | -1% | 18% | n/a | 28.1% | +3.0% |