Nan Ya Plastics Corp >20% electronic materials revenue growth in 2Q26? Accumulate on dips

Research evidence excerpt

Nan Ya Plastics Corp >20% electronic materials revenue growth in 2Q26? Accumulate on dips

J P M O R G A N Asia Pacific Equity Research

08 June 2026

Nan Ya Plastics Corp Overweight

1303.TW, 1303 TT

>20% electronic materials revenue growth in 2Q26? Price (08 Jun 26):NT$97.50

Accumulate on dips Price Target (Jun-27):NT$125.00

NPC’s May revenue print further validates our OW thesis on improving electronic Head of Asia Energy & Chemicals |

materials earnings momentum and broader 2Q margin expansion: May electronic Asia EV Battery

materials revenue reached NT$14.6bn (+2.7% m/m), taking the 2QTD monthly Parsley Ong AC

run-rate to NT$14.4bn, up 20% q/q and echoing the 15% price hike announced on (65) 6882-8578

16 Mar (JPM note). CCL peers again printed record-high monthly revenues in parsley.rh.ong@jpmorgan.com

May, reinforcing the supply-tightness/pricing-power narrative as AI/specialty J.P.J.P. MorganMorgan SecuritiesSecurities Singapore(Asia Pacific)PrivateLimited/Limited/J.P.

capacity continues to cannibalize conventional-grade supply. NPC’s consolidated Morgan Broking (Hong Kong) Limited

revenue also rose to another 40+ month high at NT$28.8bn (+4.2% m/m), led by Michelle Wong

Texas MEG volume ramp and pricing. At the 29 May AGM, Chairman Wu noted (852) 2800 8556

expectations of “significant expansion” in 2Q profitability following the 1Q solid michelle.wong@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

beat as triple EPS positives from electronic materials, NYT and chems continue to Morgan Broking (Hong Kong) Limited

play out. We continue to forecast NP growing by >10x in FY26, and suggest buying Vicky Hsia

on dips (NPC -6.7% today vs. TWSE: -3.5%) amidst the broader AI/tech sell-off. (852) 2800 3752

vicky.hsia@jpmorgan.com