Nan Ya Plastics Corp: Blue skies turn to reality, raise PT to NT$200; good progress on M9/M10 CCL and T-glass; Al-grade might form >50% of mix by 2028
Report Coverage
- Broker
- JPMorgan
- Region
- Asia Pacific
- Sector
- Electronic Equipment
- Report Type
- Market Report
- Primary Focus
- NPC is a major producer of electronic materials (CCL, Copper foil, Epoxy Resin, glass fiber, PCB), polyester, chemicals
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Report Summary
NPC is a major producer of electronic materials (CCL, Copper foil, Epoxy Resin, glass fiber, PCB), polyester, chemicals (mainly MEG/BPA), and PVC plastics. We are OW on NPC on the back of emerging EPS positives from a multi-year PCB material supply tightness and its transition towards specialty grade electronic materials. While we estimate that >90% of NPC’s electronic materials sales are commodity-grade with lower margins as of 2025, an improving product mix, utilisation uptick and price hikes on the back of tightening industry S&D in YTD 1m 3m 12m the coming years should drive OPM upside for the segment, in Abs 130.9% 65.1% 61.2% 388.6% our view. Rel 70.5%
Key Takeaways
- . An M9/M10 order win in coming months might be the much-needed catalyst J.P. Morgan Securities (Asia Pacific) Limited/ J.P.
- Good progress on M8-M10 CCL and T-glass: As recently as 2025, NPC had [email protected]
- Commodity-grade EM upcycle might last longer than you think: On 14
- NER glass for M9 - broadening the opportunity for NPC. As noted by our
- Further upside to the 10%-40% industry price hikes: Following the 10%-40% price
- Raise EPS by 38%-65% and PT to a new Street-high of NT$200: We raise FY26-28E
Why This Report Matters
JPMorgan's 15-page analysis on "Nan Ya Plastics Corp: Blue skies turn to reality, raise PT to NT$200; good progress on M9/M10 CCL an" provides institutional-grade insights for investors and professionals seeking to understand current market dynamics and investment implications in this space.
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This summary is for users researching the JPMorgan Nan Ya Plastics Corp report. It helps users review Nan Ya Plastics Corp: Blue skies turn to reality, raise PT to NT$200; good progress on M9/M10 CCL and T-glass; Al-grade might form >50% of mix by 2028 coverage, key takeaways, and related broker or sector research paths across AI, EV, revenue; Asia Pacific Equity Research, June.
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