---
title: "Nan Ya PCB outsold all of 2025 in nine months as AMD pays to loosen Taiwan's substrate squeeze"
description: "September was Nan Ya PCB's best month in 45 months. With Kunshan running near full loading and BT substrate price hikes forecast into 2027, the November 10 report turns on how much of that demand lands as margin rather than volume."
publisher: "The Inference"
section: "Chips"
published: 2026-10-20T23:19:40.094Z
modified: 2026-10-20T23:19:40.094Z
canonical: https://theinference.org/article/nan-ya-pcb-outsold-all-of-2025-in-nine-months-as-amd-pays-to-loosen-taiwan-s-substrate-squeeze
language: en
keywords: "Nan Ya PCB, AMD, Substrates, Taiwan, AI Supply Chain"
---

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

> September was Nan Ya PCB's best month in 45 months. With Kunshan running near full loading and BT substrate price hikes forecast into 2027, the November 10 report turns on how much of that demand lands as margin rather than volume.

## Nine months have already outsold 2025

[Nan Ya Printed Circuit Board](https://theinference.org/markets/companies/nan-ya-pcb), 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](https://aiindustrytoday.com/news/nan-ya-pcb-revenue-hits-45-month-high-as-ai-substrate-demand-pushes-kunshan-toward-full-utilization/) [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].

*Chart: **Revenue has climbed for three straight quarters to a 15-quarter high** Column chart of Nan Ya PCB quarterly revenue for Q1 to Q3 2026, rising from NT$11.18 billion to NT$16.38 billion*

*Consolidated quarterly revenue, NT$ billions, as reported in company sales data. [1][2][8]*

## 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](https://theinference.org/markets/companies/amd) chief executive [Lisa Su](https://theinference.org/markets/people/lisa-su) was in Taipei the same week, [urging AI chipmakers to stop outbidding each other for scarce packaging and substrate capacity](https://startupfortune.com/amds-lisa-su-asks-rivals-to-share-taiwan-chip-capacity-as-demand-surges/) and pledging to lift [May's US$10 billion Taiwan supply-chain commitment](https://www.fool.com/investing/2026/08/23/amd-is-investing-more-than-xx-billion-in-taiwan-to/) to "tens of billions" [3][4]. That May program counts Nan Ya PCB among its co-investment partners, with money running through 2029 across packaging, substrates and rack manufacturing [4][5].

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 [1][2]. 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](https://www.ad-hoc-news.de/boerse/news/corporate-news/nan-ya-pcb-stock-reaches-97-1-percent-of-its-yearly-high/70240478) [2][7][8]. 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].

*Chart: **At NT$1,430 the stock trades 17% below consensus and 42% below Daiwa** Bars ranking Nan Ya PCB share price against its 52-week low and analyst targets, showing the gap between NT$1,430 and the NT$1,731.54 consensus and NT$2,460 Daiwa target*

*Share price and 12-month analyst targets, TWD per share, as of October 12, 2026; target bars are analyst estimates. [2][7][8]*

## What November 10 decides

Third-quarter results land on November 10, [with NT$5.45 in earnings per share expected](https://www.ad-hoc-news.de/boerse/news/nebenwerte/daiwa-nennt-2-460-twd-fuer-die-nan-ya-pcb-aktie/70295133) [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](https://theinference.org/article/amd-locks-substrates-into-a-five-year-plan-the-newest-unimicron-target-sits-under-the-price) [3], so the squeeze Nan Ya sells into has years left to run.

## Takeaway

Nan Ya PCB's first nine months of 2026 already outsold all of 2025 as Kunshan nears full loading, but the November 10 report decides whether Daiwa's forecast BT price hikes land as gross margin, since capacity adds of 5% to 10% a year cap how much of the squeeze becomes volume.

## Sources

1. [AI Industry Today, "Nan Ya PCB Revenue Hits 45-Month High as AI Substrate Demand Pushes Kunshan Toward Full Utilization", 7 October 2026](https://aiindustrytoday.com/news/nan-ya-pcb-revenue-hits-45-month-high-as-ai-substrate-demand-pushes-kunshan-toward-full-utilization/)
2. [AD HOC NEWS, "Daiwa bestätigt Kaufempfehlung für die Nan-Ya-PCB-Aktie", 7 October 2026](https://www.ad-hoc-news.de/boerse/news/nebenwerte/daiwa-bestaetigt-kaufempfehlung-fuer-die-nan-ya-pcb-aktie/70235000)
3. [Yahoo Finance, "AMD CEO Lisa Su pledges tens of billions for AI chip supply", 7 October 2026](https://finance.yahoo.com/technology/ai/articles/amd-ceo-lisa-su-pledges-112322449.html)
4. [Startup Fortune, "AMD's Lisa Su asks rivals to share Taiwan chip capacity as demand surges", 6 October 2026](https://startupfortune.com/amds-lisa-su-asks-rivals-to-share-taiwan-chip-capacity-as-demand-surges/)
5. [The Motley Fool, "AMD Is Investing More Than $10 Billion in Taiwan to Build Advanced Chip Packaging With TSMC", 23 August 2026](https://www.fool.com/investing/2026/08/23/amd-is-investing-more-than-xx-billion-in-taiwan-to/)
6. [DIGITIMES, "News tagged IC substrate" (tag page), accessed 20 October 2026](https://www.digitimes.com/tags.asp?id=1525&page=001)
7. [AD HOC NEWS, "Nan Ya PCB stock reaches 97.1 percent of its yearly high", 6 October 2026](https://www.ad-hoc-news.de/boerse/news/corporate-news/nan-ya-pcb-stock-reaches-97-1-percent-of-its-yearly-high/70240478)
8. [AD HOC NEWS, "Daiwa nennt 2.460 TWD für die Nan-Ya-PCB-Aktie", 15 October 2026](https://www.ad-hoc-news.de/boerse/news/nebenwerte/daiwa-nennt-2-460-twd-fuer-die-nan-ya-pcb-aktie/70295133)
9. [etnet.com.hk, "What Stocks to Buy Tomorrow?" (Star Financial Research commentary), 8 October 2026](https://www.etnet.com.hk/www/eng/futures/futures_news_detail.php?newsid=2026100716)


---

Nan Ya PCB outsold all of 2025 in nine months as AMD pays to loosen Taiwan's substrate squeeze — The Inference. Canonical: https://theinference.org/article/nan-ya-pcb-outsold-all-of-2025-in-nine-months-as-amd-pays-to-loosen-taiwan-s-substrate-squeeze