NYPCB 5月未经财报显示毛利率环比显著扩张

NYPCB (8046.TW) Unaudited Mayresults suggestmeaningfulGMexpansionMoM NYPCBreportedunauditedMayresultswithpre-taxmarginexpanding 5.2pptMoM.Non-opshouldbecleaninMaywith limitedFXG/Lrecognized.SimilartoKinsus,NYPCBbenefitedfromenhanced productmixineitherABForBTsubstrateproducts,alongwithimprovingUTRandglassconstraintsandmorecapacity-consumingproducts(i.e.,decliningoutput),theGMprofilehasseenmeaningfulimprovementMoM.Weexpectthecompanytobeaggressiveaboutpricinginthecomingquarters,which would serveas akey drivertoboth itstop line and GM profiles.Thus,weseeupsidepotentialtoNYPCB'sGMprofile/profitabilityinthecomingquarters. +886-2-8726-9091jack1.chen@citi.com Laura (Chia Yi) Chen+886-2-8726-9090laura.cy.chen@citi.com Nicholas Lai+886-2-8726-9093nicholas.lai@citi.com Valuation OurDCF-based TP forNYPCB is NT$1,100.With a risk-free rate of 4.30% (10-year government bond rate),a market risk premiumof7%andanequitybetaof1.22(YTDweeklyshareprice),wecalculateNYPCB'sWACCas12.8%.OurTPisequivalentto78x/30x2026EEPS/BVPS,which reflects its high P/Emultiple during upcycles.NYPCBtraded at 15-20xP/Eduring its2003-2008upcycledrivenbyPC/NBdemandstrength.In2O10-11whenthemarketwasrecoveringfromtheglobalfinancialcrisis,NYPCBtradedat25-35xP/E.Inthelast2019-22upcyclewhenABFwas inshortage,NYPCBtradedat30-40xP/ERisks demandfromkeycustomers;2)BTbusinessseasonalityweaknessandfewer-than-expectedpricehikes;and3)severeTglassshortagesthatcauseabottlenecktoitsproduction. ofthegraphicsinthisdocument,pleasecallUSA1-888-500-5008(TTY:711),fromoutsidetheUS+1-210-677-3788 AppendixA-1 by"Ac"intheauthorblockor(ii)listed inboldalongsidecontentwhichis attributabletothatanalyst.IfmultipleACanalystsaredesignatedintheauthorblock,eachanalystiscertifyingwithrespecttotheentireresearchreportotherthan(a)contentattributabletoanotherACcertifyinganalystlistedinboldalongsidethecontentand(b)viewsexpressedsolelywithrespecttoaspecificissuerwhichareattributabletoanotherACcertifyinganalystidentifiedinthepricechartsorratinghistorytablesforthatissuershownbelow.Eachoftheseanalysts certify,withrespecttothesectionsofthereportforwhichtheyareresponsible:(1)thattheviewsexpressedthereinaccuratelyreflecttheirpersonalviewsabouteachissuerandsecurityreferencedandwerepreparedinanindependentmanner,includingwithrespecttoCitigroup GlobalMarketsInc.and itsaffiliates;and (2)nopartoftheresearchanalyst'scompensationwas,is,orwill be,directlyorindirectly,relatedtothespecificrecommendationsorviewsexpressedbythatresearchanalystinthisreport.IMPORTANTDISCLOSURES NYPCB(8046.TW) Citigroup Global Markets Inc.or its affiliates received compensation for products and services otherthan investment banking servicesprovidedwerenon-investment-banking,securities-related:NYPCB.CitigroupGlobalMarketsInc.oritsaffiliatescurrentlyhas,orhadwithinthepast12months,thefollowingasclients,andthe servicesprovidedwerenon-investment-banking,non-securities-related:NYPCB.CitigroupGlobal MarketsInc.and/orits affiliates has a significant financial interest in relation toNYPCB.(Foran explanation ofthedeterminationofsignificantfinancial interest,pleaserefertothepolicyformanaging conflictsofinterestwhichcanbefoundatwww.citiVelocity.com.)Analysts'compensationisdeterminedbyCiti Researchmanagementand Citigroup's seniormanagementand isbasedupon activities and services intended to benefit theinvestorclients of Citigroup Global MarketsInc.and its affiliates (the“Firm").Compensationisnotlinkedtospecifictransactionsorrecommendations.LikeallFirmemployees,analystsreceivecompensationthatisimpactedbyoverallFirmprofitabilitywhichincludesinvestmentbanking,salesandtrading,andprincipaltradingrevenues.Onefactorinequityresearchanalystcompensation isarrangingcorporateaccesseventsbetweeninstitutionalclientsandthemanagementteamsofcoveredcompanies.Typically,companymanagementismore likelytoparticipatewhen theanalyst has a positiveviewofthecompany.Forfinancialinstruments recommended in the Productinwhichthe Firm is not amarketmaker,theFirm is a liquidityprovider in suchfinancialinstruments (and anyunderlying instruments)andmayactasprincipalin connection withtransactionsinrecommendedin theProduct.TheFirm regularlytrades inthe securities oftheissuer(s)discussedinthe Product.TheFirmmayProduct, willbuy orsell from customers onaprincipal basis.UnlessstatedotherwiseneithertheResearchAnalyst noranymemberoftheirteamhasviewedthematerialoperations ofthe Companiesforwhichaninvestmentviewhasbeenprovidedwithinthepast12months.Forimportant disclosures (includingcopies ofhistorical disclosures)regardingthecompanies thatarethe subjectofthis Citi Researchproduct(theProduct"),pleasecontactCitiResearch,388GreenwichStreet,6thFloor,NewYork,NY,10013,Attention:Legal/Compliance[E6wYB6412478].Inaddition,thesameimportantdisclosures,withtheexceptionoftheValuationand Riskassessmentsandhistorical disclosures,arecontainedontheFirm'sdisclosurewebsiteathttps://www.citivelocity.com/cvr/eppublic/citi_research_disclosures.ValuationandRiskassessmentscanbefoundinthe tex