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Nan Ya Printed Circuit Board Corp (8046) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Nan Ya Printed Circuit Board Corp TWD 1,936, price TWD 1,240, upside +56.1%, quality 67 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
  3. Add to watchlist

Technology · TW · ISIN TW0008046004

NY Some data Sep 24, 2026

Nan Ya Printed Circuit Board Corp

8046 · TW

Clearly undervaluedStrong Fair Value upside, but quality is only moderate.

Fair value 1,936 TWD · Strongly undervalued (+56%)
Quality 67/100
!Weak Growth (revenue 5y +0.8 %/yr)
!Thin margins · 7.1% net margin (TTM)
Low debt · generates free cash flow
·0.16% dividend yield
!Mixed vs. peers (8/15)
!Narrow moat 39/100
!Evidence only medium, so the estimate is less certain
!Weak on past: 27 out of 100
!Weak on dividend: 3 out of 100

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

1,415 TWD 76.60 TWD Fair Value 1,936 TWD Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range 76.60 TWD – 1,415 TWD · fair‑value band 1,302 TWD – 2,685 TWD · the 1,240 TWD price screens below the 1,936 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Nan Ya Printed Circuit Board Corporation manufactures and sells printed circuit boards (PCBs) in Taiwan, the United States, Mainland China, Korea, and internationally.

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Nan Ya Printed Circuit Board Corporation manufactures and sells printed circuit boards (PCBs) in Taiwan, the United States, Mainland China, Korea, and internationally. It offers conventional PCBs that are used in the motherboards of desktops and notebooks, and home electrical appliances; high density connector boards that are used in smartphones, game consoles, navigation systems, GPS, PDAs, automobile appliances, and MP3 players; and soft and hard composite boards used in high-end handheld devices and notebook computers. The company also provides flip chip substrates comprising pin/land grid arrays for microprocessors; and ball grid arrays for graphic chips, northbridge chipsets, high-end ASIC chipsets, and digital TV chipsets. In addition, it offers wire bond substrates for MCP, southbridge chipsets, communication, and networking applications, as well as for use in memory, portable devices, handsets, consumer electronics, and PC peripheral devices. Further, the company provides electronic product sales and investment; ABF (Ajinomoto Build-upFilm) substrate, and PP (Prepreg) substrate businesses. The company was founded in 1997 and is headquartered in Taipei City, Taiwan. Nan Ya Printed Circuit Board Corporation operates as a subsidiary of Nan Ya Plastics Corporation.

Stock analysis

Nan Ya Printed Circuit Board Corp (8046) currently trades at 1,240 TWD, while our model-based Fair Value estimate is 1,936 TWD, implying the stock looks roughly 36.0% undervalued today.

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Valuation

How firm this estimate is: it rests on 25 models at a data quality of 95/100, which puts the evidence level at medium.

Scenario range: 1,302 TWD (bear) to 2,685 TWD (bull), the price of 1,240 TWD sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 67/100 (solid quality), in the Technology sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Nan Ya Printed Circuit Board Corp reported revenue of 40.2B TWD in FY2025 versus 52.2B TWD in FY2021, a compound −6.4%/yr. Reported net income was 1.9B TWD in FY2025, compounding −34.5%/yr from FY2021.

Key figures

Market cap 802B TWD (≈ $25.2B) · P/E ratio 407.9 · P/S ratio 19.8 · EPS (TTM) 3.04 TWD · Dividend yield 0.2% · Net margin 4.8% · Return on equity 6.6% · Return on assets (EBIT) 12.9%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).

What moves the price

The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.

The share trades about 12% below its 52-week high and 466% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Technology peers we cover trades at −65% fair-value upside, at 56%, 8046 screens cheaper than that median.

Fair Value models

The price assumes far more growth than our models allow for, so the models scatter widely (14.15 TWD to 260.56 TWD). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear 1,302 TWD Fair Value 1,936 TWD Bull 2,685 TWD
Model Each model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.7608 TWD per share) are deliberately not added. Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence Evidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF 24.03 TWD 29.23 TWD 36.82 TWD 82
Growth DCF 24.30 TWD 29.04 TWD 35.63 TWD 80
Owner Earnings 121.78 TWD 174.26 TWD 250.98 TWD 76
All 25 models by family
DCF Models
FCF DCF 24.03 TWD 29.23 TWD 36.82 TWD 82
Owner Earnings 121.78 TWD 174.26 TWD 250.98 TWD 76
5Y Revenue Exit 34.05 TWD 48.16 TWD 66.01 TWD 73
5Y EBITDA Exit 122.03 TWD 207.54 TWD 305.96 TWD 74
5Y P/E Exit 52.92 TWD 82.34 TWD 112.48 TWD 71
10Y Revenue Exit 29.42 TWD 41.37 TWD 56.99 TWD 67
10Y EBITDA Exit 85.62 TWD 150.15 TWD 234.81 TWD 67
10Y P/E Exit 42.12 TWD 64.70 TWD 91.43 TWD 64
Earnings-Based
Graham-Dodd 20.49 TWD 53.73 TWD 70.13 TWD 65
PEG = 1.0 10.27 TWD 14.67 TWD 19.07 TWD 57
EPV 36.63 TWD 40.53 TWD 43.93 TWD 74
Dividend Discount
Gordon GGM 9.18 TWD 18.63 TWD 30.29 TWD 66
DDM Multi-Stage 9.18 TWD 14.15 TWD 19.48 TWD 66
Multiples
P/E Multiple 63.27 TWD 84.36 TWD 105.45 TWD 63
P/S Multiple 38.41 TWD 51.22 TWD 64.02 TWD 58
P/B Multiple 38.41 TWD 51.22 TWD 64.02 TWD 55
EV/EBIT 68.52 TWD 86.92 TWD 105.33 TWD 66
EV/EBITDA 198.74 TWD 260.56 TWD 322.37 TWD 67
EV/Revenue 41.21 TWD 53.18 TWD 65.14 TWD 54
Asset-Based
NCAV (Graham) 35.69 TWD 47.82 TWD 71.38 TWD 54
Growth DCF
Growth DCF 24.30 TWD 29.04 TWD 35.63 TWD 80
Rev-Margin DCF 34.05 TWD 48.02 TWD 63.23 TWD 73
Economic Profit
Residual Income 53.56 TWD 53.34 TWD 48.75 TWD 76
ROIC Compounder 36.63 TWD 40.53 TWD 43.93 TWD 72
Growth Earnings
Growth-Adj P/E 48.44 TWD 69.20 TWD 89.97 TWD 67

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Quality Score breakdown

Overall quality 67/100

Of which business quality 64 · Market factors (momentum, volatility) 69

Profitability 29
Margins and returns on capital today
Quality Growth 89
Are margins and returns improving?
Cashflow 32
Earnings quality: real cash, not paper profit
Fin. Strength 89
Balance sheet, leverage, solvency risk
Investment 93
Disciplined investing over empire-building
Low Volatility 0
Calm price path (market factor)
Momentum 100
Price trend over the last 3–12 months (market factor)
52W Momentum 93
Distance to the 52-week high (market factor)
Net Issuance 81
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality Growth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+24.4%
Revenue growth 3 years Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−14.7%
Revenue growth 5 years Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.8%
Start year 2020 (pandemic). Over 10 years: +3.0% a year
Revenue growth 23 years Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.4%
What shareholders gained per year (last 5 years), in TWD What the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in TWD: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−11.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−11.9%
Dividend (yield on the price)0.2%
Pace: 5 vs 10 years Two data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−12% vs 5%, slowing
Profit margin 2020 to 2025 Operating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.11% → 5%
Start year 2020 (pandemic)

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Peer GroupHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Electronic Components · 660 stocks

Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 67 · Top 25%
Fair Value upside +56% · Top 25%
Profitability
Return on equity (TTM) 7% · Above median
Return on assets 3% · Above median
Net margin (TTM) 7% · Above median
Operating margin (TTM) 12% · Top 25%
Growth and dividend
Revenue growth 32% · Top 25%
Dividend yield (TTM) 0.2% · Bottom 25%

Valuation Multiplesvs Electronic Components median · lower = cheaper

P/E (TTM) 407.9× · Priciest 25%
P/B 17.39× · Priciest 25%
P/S (TTM) 18.70× · Priciest 25%
P/FCF 40.3× · Priciest 25%
EV/EBITDA 79.0× · Priciest 25%
PEG 11.28× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 0
FUTURE (revenue growth)100 · sector 39
PAST (return on equity)27 · sector 26
HEALTH (low debt)100 · sector 96
DIVIDEND (yield)3 · sector 25

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Electronic Components stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Amphenol Corporation APH $82.84 $91.12 +10%
Delta Electronics, Inc 2308 1,900 TWD 519.57 TWD −73%
Corning Incorporated GLW $159.69 $34.01 −79%
Luxshare Precision Industry Co 002475 ¥54.84 ¥19.37 −65%
Samsung Electro-Mechanics Co 009150 1,507,000 KRW 178,632 KRW −88%
Suzhou Dongshan Precision Manufacturing Co 002384 ¥198.12 ¥21.19 −89%
TE Connectivity plc TEL $213.48 $140.75 −34%
Shengyi Technology Co 600183 ¥143.45 ¥66.42 −54%
Flex Ltd FLEX $114.45 $51.46 −55%
Celestica Inc CLS $356.09 $116.21 −67%

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Frequently asked questions

Is Nan Ya Printed Circuit Board Corp (8046) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 1,936 TWD versus a price of 1,240 TWD, about +56% upside (undervalued).
What is the fair value of 8046?
Our model-based fair value for Nan Ya Printed Circuit Board Corp is 1,936 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 1,240 TWD.
What is the quality score of 8046?
Nan Ya Printed Circuit Board Corp has a Quality Score of 67/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Nan Ya Printed Circuit Board Corp (8046)?
Our model-based price target is the fair value of 1,936 TWD (as of Sep 24, 2026) from 25 valuation models. Cautious scenario 1,302 TWD, optimistic scenario 2,685 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Nan Ya Printed Circuit Board Corp stock forecast for 2026?
Our models put fair value at 1,936 TWD, about +56% upside versus a price of 1,240 TWD (undervalued). Cautious scenario 1,302 TWD, optimistic scenario 2,685 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Nan Ya Printed Circuit Board Corp (8046)?
Nan Ya Printed Circuit Board Corp reported trailing-twelve-month revenue of about 42.9B TWD (latest available figure, as of Sep 24, 2026).
Does Nan Ya Printed Circuit Board Corp pay a dividend?
Nan Ya Printed Circuit Board Corp currently shows a dividend yield of about 0.16% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Nan Ya Printed Circuit Board Corp (8046)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Nan Ya Printed Circuit Board Corp it is 1,936 TWD per share (as of Sep 24, 2026), against a price of 1,240 TWD. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is Nan Ya Printed Circuit Board Corp stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 8046 trades below its calculated fair value: price 1,240 TWD, fair value 1,936 TWD, a gap of about +56% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 8046?
No. The price is what the market pays today (1,240 TWD); the fair value is what the company's own numbers justify (1,936 TWD). For Nan Ya Printed Circuit Board Corp the two are 696.00 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Nan Ya Printed Circuit Board Corp worth?
The market values Nan Ya Printed Circuit Board Corp at about 802B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 1,240 TWD; our models calculate a fair value of 1,936 TWD per share.
What do the bullish and bearish scenarios say about 8046?
Our models span a range for Nan Ya Printed Circuit Board Corp: cautious scenario 1,302 TWD, base 1,936 TWD, optimistic 2,685 TWD per share (as of Sep 24, 2026, price 1,240 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 8046?
Nan Ya Printed Circuit Board Corp trades at a price-to-earnings ratio of 407.9 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 1,936 TWD is built from several models across several years. Other multiples: PEG 11.3, P/B 17.4, P/S 18.7, EV/EBITDA 79.0.
What is the PEG ratio of 8046?
The PEG ratio of Nan Ya Printed Circuit Board Corp is 11.28 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Nan Ya Printed Circuit Board Corp (8046)?
Balance-sheet figures for Nan Ya Printed Circuit Board Corp (as of Sep 24, 2026): return on equity 6.6%. They feed the Quality Score of 67/100, which measures business quality independently of the share price.
How far is 8046 from its 52-week high?
Nan Ya Printed Circuit Board Corp trades at 1,240 TWD, about 12% below its 52-week high of 1,415 TWD and 466% above the low of 219.00 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 1,936 TWD is for.
Which stocks are comparable to Nan Ya Printed Circuit Board Corp?
From the same area (Technology) we also value Amphenol Corporation, Delta Electronics, Inc, Corning Incorporated, Luxshare Precision Industry Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Nan Ya Printed Circuit Board Corp stock attractive at the current price?
The data as of Sep 24, 2026: price 1,240 TWD, calculated fair value 1,936 TWD (+56%), Quality Score 67/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 8046 calculated?
We run Nan Ya Printed Circuit Board Corp through 25 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 1,936 TWD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Nan Ya Printed Circuit Board Corp currently trades 56 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Nan Ya Printed Circuit Board Corp (8046)?
The closing price on Sep 24, 2026 was 1,240 TWD. Our model-based fair value is 1,936 TWD, about +56% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Nan Ya Printed Circuit Board Corp right now?
The price is below even our cautious bear case (1,302 TWD). The market is more pessimistic than our downside scenario. Solid quality (67/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (1,302 TWD to 2,685 TWD) leaves room in how you read the outcome.

Key figures of Nan Ya Printed Circuit Board Corp

How large is the market capitalisation of Nan Ya Printed Circuit Board Corp (8046)?
The market capitalisation of Nan Ya Printed Circuit Board Corp is 802B TWD (≈ $25.2B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Nan Ya Printed Circuit Board Corp (8046)?
The price-to-sales ratio of Nan Ya Printed Circuit Board Corp is 19.8 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Nan Ya Printed Circuit Board Corp (8046)?
Earnings per share at Nan Ya Printed Circuit Board Corp are 3.04 TWD (price ÷ EPS = P/E 407.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Nan Ya Printed Circuit Board Corp (8046)?
The dividend yield of Nan Ya Printed Circuit Board Corp is 0.2% (payout 65.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Nan Ya Printed Circuit Board Corp (8046)?
The net margin of Nan Ya Printed Circuit Board Corp is 4.8% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Nan Ya Printed Circuit Board Corp (8046)?
The return on equity (ROE) of Nan Ya Printed Circuit Board Corp is 6.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Nan Ya Printed Circuit Board Corp (8046)?
On an EBIT basis the return on assets of Nan Ya Printed Circuit Board Corp is 12.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Nan Ya Printed Circuit Board Corp (8046)?
The operating margin of Nan Ya Printed Circuit Board Corp is 12.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Nan Ya Printed Circuit Board Corp (8046)?
Revenue at Nan Ya Printed Circuit Board Corp is growing +32.1% versus a year earlier (3y avg −14.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Nan Ya Printed Circuit Board Corp (8046)?
Earnings per share at Nan Ya Printed Circuit Board Corp are growing +533% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Nan Ya Printed Circuit Board Corp (8046) generate?
The free cash flow of Nan Ya Printed Circuit Board Corp is 625M TWD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Nan Ya Printed Circuit Board Corp (8046) hold?
Nan Ya Printed Circuit Board Corp holds more cash than debt, 6.4B TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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