Nan Ya PCB outsold all of 2025 in nine months as AMD pays to loosen Taiwan's substrate squeeze

Nine months have already outsold 2025

Nan Ya Printed Circuit Board▲+2.68% — Nan Ya Printed Circuit Board, up 2.68 percent today, the Formosa Plastics-group maker of ABF and BT substrates, the layered boards that connect AI accelerators and server CPUs to the rest of the machine, posted September revenue of NT$5.586 billion (US$181 million), up 57.82% from a year earlier and its best month in 45↗ ¹. Third-quarter revenue of NT$16.378 billion, up 49.34%, was its strongest quarter in 15 ¹. At NT$41.131 billion, the first nine months of 2026 already top the NT$40.173 billion booked in all of 2025 ¹.

Customers are now paying to expand capacity

Pricing is doing part of the work. The Kunshan plant, Nan Ya's ABF substrate site in China since 2021, is approaching full loading, and Daiwa Securities, the Japanese broker, kept its Buy rating and NT$2,460 target on October 5 while forecasting average BT substrate prices up a single-digit percentage in Q4 2026 and 20% in Q1 2027 ².

AMD▲+2.55% — AMD, up 2.55 percent today chief executive Lisa Su was in Taipei the same week, urging AI chipmakers to stop outbidding each other for scarce packaging and substrate capacity↗ and pledging to lift May's US$10 billion Taiwan supply-chain commitment↗ to "tens of billions" ³⁴. That May program counts Nan Ya PCB among its co-investment partners, with money running through 2029 across packaging, substrates and rack manufacturing ⁴⁵.

Chip designers are helping pay for their suppliers' factories because substrate lines take years to build. Forecasts put the global IC substrate market up 32% to US$19.5 billion this year, with key materials short through 2028 ⁶. Nan Ya's de-bottlenecking, squeezing more output from existing lines rather than building new ones, adds only 5% to 10% of ABF capacity in each of 2027 and 2028, and its NT$46.8 billion Chiayi plant for larger next-generation substrates targets 2029 mass production ¹.

The rerating has already happened

Nan Ya itself has not guided those BT increases; the 20% is Daiwa's call, dependent on customer negotiations ¹². The market has moved regardless, from NT$232 a year ago to NT$1,505 on October 6 and NT$1,430 on October 12, a market value of NT$924 billion↗ ²⁷⁸. Fourteen analysts average NT$1,731.54, well under Daiwa's target ⁷. Hong Kong strategists read the AI-hardware trade shifting from valuation expansion to earnings realization ⁹.

What November 10 decides

Third-quarter results land on November 10, with NT$5.45 in earnings per share expected↗ ⁸. The tell is gross margin: growth arriving as price rather than volume means the hikes are landing. Su has stretched AMD's forecasts to suppliers out three to five years ³, so the squeeze Nan Ya sells into has years left to run.