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Formosa Plastics Group's PCB and IC substrate maker for consumer electronics and servers.
Formosa Plastics Group's PCB and IC substrate maker for consumer electronics and servers.
Sells IC substrates, the small base boards on which chips are mounted, and circuit boards, on programmes qualified with chipmakers, so volume follows their product cycles. It is a subsidiary of Nan Ya Plastics, in the same group as a laminate and materials supplier.
Moat: narrow (scale, process know-how). Backed by Formosa Group's materials scale; PCB/substrate manufacturing is competitive.
Headquarters: Taoyuan, Taiwan · Employees: 9,874
Size Nan Ya Printed Circuit Board (8046.TW) is a Taiwan Information Technology company (Electronic Components) with a market value of $17.1B, the 35th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$875.00 on 6 Nov 2026.
Performance Over six months the shares fell 12.1%, against -27.1% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 7th highest of 20 in its peer set.
Growth Revenue grew 33.6% over the last twelve months (peer median +33.5%); the operating margin is 12.4% (peer median 13.5%).
Valuation It trades at 26.1× forward earnings against a peer median of 19.3× (5th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 59% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is +58 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.4 points below its cost of capital (15.1% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$46.9B | NT$40.2B | NT$32.3B | NT$42.3B | NT$64.6B |
| Revenue growth | — | +24% | -24% | -35% | — |
| Gross profit | NT$7.55B | NT$3.62B | NT$331M | NT$8.16B | NT$25.8B |
| EBITDA | NT$12.9B | NT$8.88B | NT$5.19B | NT$12.2B | NT$27.9B |
| Net income | NT$5.50B | NT$1.95B | NT$204M | NT$5.82B | NT$19.4B |
| Free cash flow | NT$3.96B | NT$625M | -NT$204M | NT$4.79B | NT$15.4B |
| Capital expenditure | NT$1.93B | NT$2.42B | NT$2.38B | NT$11.8B | NT$16.9B |
| Total debt | NT$1.11B | NT$1.23B | NT$1.48B | NT$1.69B | NT$1.91B |
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 Ya Printed Circuit Board 8046.TW | $17.1B | -12% | +34% | 12% | 26.1× | 58.7% |
| Unimicron Technology 3037.TW | $35.4B | -19% | +33% | 13% | 20.1× | 45.9% |
| Zhen Ding Technology Holding Lt 4958.TW | $12.8B | -12% | +5% | 9% | 18.4× | n/a |
| Kinsus Interconnect Technology 3189.TW | $10.7B | +27% | +34% | 14% | 29.4× | 41.2% |
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 | 8046.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -41.5% | -39.8% | 9th lowest of 21 |
| 6-month return | -12.1% | -27.1% | 7th highest of 20 |
| Distance from 52-week high | -43.9% | -51.9% | 6th highest of 21 |
| Revenue growth (TTM) | +33.6% | +33.5% | 11th highest of 21 |
| Operating margin | 12.4% | 13.5% | 10th lowest of 21 |
| Forward P/E | 26.1× | 19.3× | 5th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 58.7% | 18.2% | most demanding of 12 |
| Growth delivered (Del g) | +0.8% | +8.3% | 2nd lowest of 12 |
| Hurdle (Req g minus delivered) | +57.8 pp | +10.8 pp | most demanding of 12 |
| ROIC minus cost of capital | -3.4 pp | +4.1 pp | 4th lowest of 21 |
| EV / EBITDA | 43.0× | 13.4× | most expensive of 10 |
| Net debt / EBITDA | -0.7× | -0.9× | 6th least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nan Ya Printed Circuit Board 8046.TW | Taiwan | $17.1B | -12% | +34% | 12% | 26.1× | 58.7% | +0.8% |
| NVT NVT | United States | $17.2B | -38% | +48% | 18% | 16.4× | 16.2% | +14.3% |
| Largan Precision 3008.TW | Taiwan | $17.7B | +76% | 0% | 35% | 26.0× | 12.6% | +1.8% |
| Avary Holding (Shenzhen) 002938.SZ | China | $16.2B | -35% | +8% | 10% | 22.4× | n/a | n/a |
| Victory Giant Technology (HuiZhou) 300476.SZ | China | $18.3B | -62% | +38% | 26% | 17.2× | n/a | n/a |
| Chaozhou Three-Circle (Group) 6951.HK | Hong Kong | $20.2B | n/a | +74% | 34% | 22.3× | 34.2% | +16.8% |
| Shennan Circuit 002916.SZ | China | $20.4B | -36% | +51% | 18% | 22.6× | n/a | n/a |
| Wus Printed Circuit (Kunshan) 002463.SZ | China | $21.2B | -29% | +61% | 28% | 18.2× | n/a | n/a |
| Ibiden 4062.T | Japan | $22.1B | +164% | +26% | 18% | 39.2× | 39.2% | +5.2% |
| Gold Circuit Electronics 2368.TW | Taiwan | $12.9B | -45% | +68% | 26% | 14.5× | 14.2% | +20.7% |
| Zhen Ding Technology Holding Lt 4958.TW | Taiwan | $12.8B | -12% | +5% | 9% | 18.4× | n/a | n/a |
| Tdk 6762.T | Japan | $25.4B | -27% | +25% | 10% | 15.0× | 18.2% | +11.1% |
| Celestica CLS.TO | Canada | $26.3B | -44% | +61% | 9% | 11.5× | 11.0% | +17.6% |
| Suzhou Dongshan Precision Manufacturing 002384.SZ | China | $26.9B | -57% | +56% | 11% | 18.0× | n/a | n/a |
| Accelink Technologies 002281.SZ | China | $10.8B | -37% | +32% | 11% | 42.6× | n/a | n/a |
| Kinsus Interconnect Technology 3189.TW | Taiwan | $10.7B | +27% | +34% | 14% | 29.4× | 41.2% | +7.7% |
| Sunny Optical 2382.HK | Hong Kong | $8.92B | -3% | +20% | 8% | 14.8× | 4.9% | +1.9% |
| Innolux 3481.TW | Taiwan | $8.71B | +32% | +11% | 0% | 62.6× | 37.3% | -3.4% |
| Shenzhen Kinwong Electronic 603228.SS | China | $8.38B | -23% | +33% | 12% | 22.6× | n/a | n/a |
| Unimicron Technology 3037.TW | Taiwan | $35.4B | -19% | +33% | 13% | 20.1× | 45.9% | +8.3% |
| Taiwan Union Technology 6274.TWO | Taiwan | $8.21B | -26% | +87% | 23% | 13.9× | n/a | n/a |