Nien Made (8464 TT, NT$364.00)- Growth acceleration in 2H26

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Nien Made (8464 TT, NT$364.00)- Growth acceleration in 2H26

Taiwan Equity | Home Living

Company Snapshot

Fubon Research Nien Made (8464 TT)

July 24, 2026

_ Growth acceleration in 2H26

Buy

Maintain Buy, raise target price to NT$420, 15% upside

Price Target price

NT$364.00 NT$420 1. Increasing transportation costs suppress OpM rebound in 2Q26, but YoY profit still

●Visit notes ○Initiating coverage surges

○Company update ●Earnings revision 2. Market share of high-GM custom blinds continues to expand, positive outlook for

●Earnings preview ○Rating change

2H26 operations

Shares out. (mn) 293

3. Operations to grow QoQ this year, double-digit growth expected in 2H26

Mkt cap (NT$mn) 106,650

Mkt cap (US$mn) 3,300

FINI holding (%) 40.52 Increasing transportation costs suppress OpM rebound in 2Q26, but YoY profit still surges

Local IM holding (%) 2.08 2Q26 sales reached NT$7.92bn, up 2.9% YoY (+1.0% YoY in USD terms). Benefiting from

Directors holding (%) 24.68

economies of scale, price increases for custom blinds in North America, and tariff

52-week high (NT$) 478.63

52-week low (NT$) 306.00 reductions, GM increased both YoY and QoQ to 59.7%. However, rising oil prices led to

Day-trading % 21% higher transportation costs, resulting in a downward revision of OpM to 28.8%. Non-op

items improved YoY (there was a foreign exchange loss of NT$890mn last year).

ESG rating 6 Industry Rank 4/35 Unaudited EPS in May was NT$1.35, up 48.4% YoY. Overall, estimated net EPS is NT$5.84,

with profit up 48.5% YoY.

Market share of high-GM custom blinds continues to expand, positive outlook for 2H26

operations

Due to superior product value and sales service compared to competitors, Nien Made

continues to expand its market share, especially in high-GM custom blinds. For custom