Asia PCB Manufacturers — Investment Report

Investment conclusion

Tripod is the best investment candidate — conditionally, not blindly.

Tripod is the only name in the leading cluster that simultaneously offers near-pure PCB exposure, strong and durable returns, net cash, positive free-cash-flow conversion, an NTM valuation in the low teens, and a dividend. The market has already punished the shares despite accelerating first-half revenue. The missing proof is whether the record Q2 sales converted into margin and EPS.

Purity: PCB represented 99.53% of 2025 revenue; products span AI/server, memory, networking, automotive and optical modules.
Economics: 18.0% TTM operating margin, 15.5% five-year ROIC and 3.9% TTM FCF margin in the standardized Fiscal.ai snapshot.
Valuation: 12.6× standardized NTM P/E versus 17.0× for Gold Circuit and 16.1× for Victory Giant; 3.5% indicated dividend yield.
Setup: official monthly revenue implies H1 2026 sales of TWD 45.8bn, up about 30.8%; the July 31 close was 35.6% below the June 18 peak.
Why not the mechanical winner: Gold Circuit leads the quant screen, but Tripod has better cash conversion and a materially less demanding earnings setup.

Action status: research candidate / wait for proof. Tripod’s board is scheduled to approve Q2 financials on 11 August 2026. The preferred entry condition is gross margin ≥26%, operating margin ≥18%, and no balance-sheet deterioration.

Business purityPass

ValuationPass

Balance sheetPass

Liquidity / local listingPass

Q2 margin and EPSPending 11 Aug

Capex / FCF conversionWatch

99.53%Tripod 2025 revenue from PCB

12.6×Standardized NTM P/E

18.0%TTM operating margin

15.5%Five-year ROIC

$737mNet cash, USD equivalent

3.5%Indicated dividend yield

The industry is accelerating — and spending aggressively

Prismark estimates the 2025 PCB market at about $85.8bn, up 16.7%, and forecasts $123.3bn by 2030. That demand signal is real, but so is supply: top-40 producer capex rose 27%, with capex equal to 15.6% of sales. The investable edge is therefore not “AI boards grow”; it is finding companies that turn mix and qualification barriers into cash before capacity catches up.

2025 global PCB supplier scale

US$m. Teal bars are issuers represented in this Asia majority-PCB screen; gray bars are excluded because of geography or parent-company revenue mix. Source: Compeq investor presentation citing Prismark.

What is structurally attractive

High-layer-count and low-loss boards: AI accelerators, switches and optical interconnects raise layer count, materials complexity and process steps.
Qualified capacity: customer audits and yield learning slow substitution for the highest-specification boards.
Geographic redundancy: Vietnam and Thailand capacity can matter as customers diversify from China—but new-fab yield is an execution risk.
Package substrates: attractive secular demand, but capital intensity and current valuations make the risk/reward less forgiving.

What is not in scope

EMS/PCB assembly, copper-clad laminates, glass cloth, chemicals, equipment and connectors are excluded. Diversified parents are excluded unless board manufacturing exceeds 50% of revenue. This removes upstream names such as Elite Material and ITEQ, as well as Mektec’s parent NOK and Kingboard Group at the parent level.

Universe design: 49 issuers across eight markets; one issuer per operating business. Victory Giant’s Shenzhen A share and Hong Kong H share are not double-counted.

Ranked screen: growth, quality and valuation are rarely cheap together

The quantitative score applies only to companies above $500m market cap with usable forward growth, valuation, margin, returns and FCF data. It weights valuation and growth at 25% each, operating margin and ROIC at 12.5% each, balance sheet at 15% and FCF margin at 10%. It is a triage tool—not the investment verdict.

Forward revenue growth vs NTM valuation

Bubble size represents market capitalization; color represents operating margin. Tripod is labeled. The table below contains the same screened companies for accessibility.

#	Company	Score	Mkt cap	NTM P/E	Fwd rev CAGR	Op margin	5y ROIC	FCF margin	Balance sheet
1	Gold Circuit Electronics TWSE:2368	85.2	$11.2bn	17.0×	57.0%	24.8%	25.5%	-0.9%	Net cash $197m
2	Tripod Technology TWSE:3044	72.6	$5.5bn	12.6×	23.3%	18.0%	15.5%	3.9%	Net cash $737m
3	Victory Giant Technology SZSE / HKEX:300476 / 2476	71.1	$25.6bn	16.1×	74.9%	27.2%	11.1%	-15.4%	Net debt $683m
4	ISU Petasys KRX:007660	65.2	$3.0bn	18.3×	44.5%	19.1%	18.5%	-13.1%	Net debt $4m
5	Olympic Circuit Technology SSE:603920	65.0	$3.4bn	21.4×	29.1%	9.4%	15.6%	0.5%	Net cash $501m
6	Daeduck Electronics KRX:353200	62.3	$2.6bn	21.2×	33.0%	8.9%	7.3%	2.0%	Net cash $137m
7	Compeq Manufacturing TWSE:2313	61.0	$5.6bn	21.1×	21.8%	10.9%	12.2%	5.7%	Net cash $329m
8	Nan Ya Printed Circuit Board TWSE:8046	60.9	$16.6bn	40.4×	52.6%	7.7%	12.2%	5.9%	Net cash $270m
9	Unimicron Technology TWSE:3037	59.8	$36.1bn	32.3×	41.9%	8.9%	7.3%	-2.9%	Net cash $1.4bn
10	WUS Printed Circuit (Kunshan) SZSE:002463	59.8	$27.5bn	26.9×	41.8%	23.1%	17.4%	-5.0%	Net debt $284m
11	Dynamic Holding TWSE:3715	54.7	$793m	11.4×	65.9%	5.0%	4.6%	-39.8%	Net debt $434m
12	Avary Holding (Shenzhen) SZSE:002938	51.2	$26.0bn	33.7×	23.1%	10.2%	13.1%	-0.9%	Net cash $1.1bn
13	Kinsus Interconnect Technology TWSE:3189	50.9	$9.4bn	39.9×	41.3%	7.3%	6.1%	6.0%	Net cash $259m
14	Zhen Ding Technology Holding TWSE:4958	49.8	$12.4bn	24.1×	26.0%	8.4%	7.4%	-6.9%	Net cash $530m
15	Suzhou Dongshan Precision Manufacturing SZSE:002384	46.4	$43.6bn	33.7×	57.1%	6.0%	6.0%	-0.8%	Net debt $1.9bn
16	Meiko Electronics TSE:6787	45.2	$3.0bn	19.4×	28.5%	10.2%	6.3%	-9.3%	Net debt $595m
17	Ibiden TSE:4062	44.8	$23.3bn	64.6×	26.2%	14.0%	6.7%	0.1%	Net cash $610m
18	Shennan Circuits SZSE:002916	44.4	$28.7bn	37.0×	29.3%	16.0%	10.2%	-6.4%	Net debt $393m
19	Simmtech KOSDAQ:222800	38.5	$1.7bn	14.8×	27.0%	2.8%	4.4%	-17.8%	Net debt $413m
20	Korea Circuit KRX:007810	37.5	$669m	10.4×	16.4%	5.2%	2.2%	-5.7%	Net debt $125m

Fiscal.ai normalized companyStatistics, pulled 3 August 2026. NTM means the rolling next 12 months and will not equal price divided by a single fiscal-year EPS estimate. Cross-country accounting, currencies and estimate breadth reduce precision.

The shortlist: three ways to own the AI-board cycle

The highest-quality cluster is Tripod, Gold Circuit and Victory Giant. The first offers the best margin of safety; the latter two offer the most forecast torque. WUS Kunshan and ISU Petasys are credible alternatives at less attractive total setups.

Preferred · risk-adjusted

Tripod Technology

TWD 375

Near-pure PCB exposure, positive FCF, net cash, strong margins and the least demanding valuation of the leaders.

12.6×NTM P/E

23.3%Fwd revenue CAGR

18.0%Op margin

3.9%FCF margin

Gate: Q2 margin/EPS on 11 August.

Higher AI torque

Gold Circuit

TWD 872

The best current economics and mechanical score. The trade-off is a 39.3× TTM P/E and much more earnings optimism.

17.0×NTM P/E

57.0%Fwd revenue CAGR

24.8%Op margin

−0.9%FCF margin

Proof: sustain >30% gross margin as capacity ramps.

Maximum growth / widest range

Victory Giant

CNY 190.43

AI/HPC drove 43.2% of 2025 revenue and growth is exceptional. Top-customer and capex concentration make the downside nonlinear.

16.1×NTM P/E

74.9%Fwd revenue CAGR

27.2%Op margin

−15.4%FCF margin

Risk: top five customers were 51.0%; 2025 capex was RMB 6.4bn.

Consensus revenue growth index (2025A = 100)

Fiscal.ai annual revenue estimates. Victory Giant’s series is in RMB; the index makes cross-currency growth comparable. Estimate counts thin after 2027 and should not be treated as precision forecasts.

Company	Judgment	NTM P/E	Fwd rev CAGR	Op margin	5y ROIC	FCF margin	Investment view
Tripod Technology TWSE:3044	Preferred	12.6×	23.3%	18.0%	15.5%	3.9%	Best valuation, quality and cash-conversion balance; wait for August 11 margin proof.
Gold Circuit Electronics TWSE:2368	High-beta alternative	17.0×	57.0%	24.8%	25.5%	-0.9%	Best operating momentum and quantitative score, but current price embeds more of the AI ramp.
Victory Giant Technology SZSE / HKEX:300476 / 2476	High-beta alternative	16.1×	74.9%	27.2%	11.1%	-15.4%	Fastest expected growth; customer concentration, capex and China risk widen the outcome range.
WUS Printed Circuit (Kunshan) SZSE:002463	Quality watch	26.9×	41.8%	23.1%	17.4%	-5.0%	Excellent margins and AI-networking exposure, but a less forgiving valuation.
ISU Petasys KRX:007660	Watch	18.3×	44.5%	19.1%	18.5%	-13.1%	Strong AI-board economics; negative FCF and Korean-cycle volatility weaken risk-adjusted appeal.
Compeq Manufacturing TWSE:2313	Value watch	21.1×	21.8%	10.9%	12.2%	5.7%	Positive FCF and reasonable valuation, with less structural margin and growth than Tripod.
Olympic Circuit Technology SSE:603920	Second-tier value	21.4×	29.1%	9.4%	15.6%	0.5%	Attractive returns and valuation; smaller scale and weaker AI-board positioning.
Meiko Electronics TSE:6787	Watch	19.4×	28.5%	10.2%	6.3%	-9.3%	Credible growth at a fair multiple, offset by lower returns and heavy investment.

Tripod: the market may be pricing a peak before the earnings arrive

Variant perception

Consensus view: Tripod is another cyclical Taiwanese PCB maker entering a capex-heavy AI buildout. Record revenue will invite new capacity, mix will normalize, and current earnings are close to peak.

Our differentiated view: the market is underweighting Tripod’s existing return profile and product breadth. AI/server and 800G optical-module boards are incremental to memory, networking and automotive franchises, while net cash and a low-teens NTM multiple absorb more forecast error than the faster growers.

What the price appears to imply: with standardized forward revenue CAGR above 23% but NTM P/E at 12.6×, the shares appear to discount either a sharp margin reversal or poor cash conversion. That is an inference—not a directly observable market forecast.

Evidence that would make the thesis real

Q2 revenue of roughly TWD 24.9bn converts into gross margin of at least 26% and operating margin of at least 18%.
2026 revenue stays on a path near or above the Fiscal.ai mean estimate of TWD 96.9bn.
Vietnam capacity ramps without a material yield or working-capital penalty.
Free cash flow remains positive across the full year even as capex steps up.
The net-cash balance sheet remains intact and the dividend is not funding leverage.

Financial bridge

TWD 73.4bn2025 revenue, +11.5%

TWD 19.452025 EPS

TWD 5.61Q1 2026 EPS

TWD 45.8bnH1 2026 revenue, +30.8%

TWD 5.9bn2025 CFO less capex

2025 cash from operations of TWD 11.8bn less capital expenditure of TWD 5.9bn yields approximately TWD 5.9bn of simple free cash flow. This is not company-reported adjusted FCF.

Valuation: the base case is attractive, but it needs margin confirmation

The scenario frame uses an 18-month target horizon, a TWD 375 reference price and 525.6m shares. It is deliberately anchored to 2027 revenue because the current investment debate is whether the new AI/server mix can sustain economics through the capacity ramp.

Bear 25%

TWD 300

-20.0% price return

2027 revenue TWD 100bn, 12.6% net margin, EPS ≈24.0, 12.5× P/E. Capacity and mix dilute returns.

Base 50%

TWD 510

+36.0% price return

2027 revenue TWD 111.6bn, 15.0% net margin, EPS ≈31.9, 16× P/E. Mix sustains modest margin expansion.

Bull 25%

TWD 670

+78.7% price return

2027 revenue TWD 122.9bn, 15.9% net margin, EPS ≈37.2, 18× P/E. AI/server and optical demand outrun qualified supply.

Probability-weighted result

TWD 498 +32.7%

Excludes dividends and transaction costs. Probabilities and multiples are analyst assumptions, not consensus price targets.

Valuation discipline

Do not pay above 20× a credible 2027 EPS without upward estimate revisions. The thesis relies on a discount to the higher-torque peers; if that discount disappears before cash conversion improves, the risk/reward compresses.

Risks, catalysts and explicit decision rules

Advance

Q2 gross margin ≥26%, operating margin ≥18%, EPS ≥TWD 6.2, and balance sheet remains net cash.

Add after proof

2026 revenue trajectory ≥TWD 95bn, positive full-year FCF, and Vietnam yield/ramp commentary stays constructive.

Trim / avoid chasing

Valuation exceeds 20× 2027 EPS without upgrades, or price rerates faster than margin and cash conversion.

Kill thesis

Two quarters below 15% revenue growth with gross margin <24%, or net cash flips to net debt alongside negative FCF.

Risk	Probability	Impact	What to monitor	Why it matters
Capacity / capex overshoot	Medium	High	Capex, utilization, depreciation, FCF	Industry top-40 capex already rose 27%; excess supply can erase mix gains.
AI customer or platform concentration	Medium	High	Customer concentration, program timing, inventory	Qualification helps on the way up but creates step-function risk when a program changes.
Vietnam ramp / yield	Medium	Medium	Gross margin, start-up expense, scrap and working capital	Geographic diversification only creates value if yields converge quickly.
FX and Taiwan/China geopolitics	Low near term	Very high	TWD/CNY, customer sourcing mandates, export controls	Local-listing access and production footprint create non-fundamental tail risk.
Commodity input / low-loss material constraint	Medium	Medium	Copper, glass cloth, CCL lead times and pass-through	Revenue can rise while spreads contract if inputs cannot be repriced.
Cycle normalization	Medium	High	Book-to-bill, monthly sales, server capex and peer utilization	The low multiple may be a peak-earnings signal rather than a bargain.

Portfolio note: this is comparative company research, not personalized advice. Local-market access, FX, tax, custody and position sizing can dominate realized results. The report does not assume any authority to trade.

The 49-company issuer universe

This is a decision-useful screen, not a legal census. Exact purity percentages are shown where the boundary is material; otherwise the company is included because PCB/substrate manufacturing is its principal business. Smaller and less-liquid issuers still require a fresh segment check before investment.

China 17Taiwan 16South Korea 8Japan 4India 2Thailand 1Malaysia 1

Quant #	Company	Country	PCB focus	Majority-revenue basis	Confidence	Tier	Price	Mkt cap	TTM P/E	NTM P/E	Fwd rev CAGR	Op margin	5y ROIC	FCF margin	Score
15	Suzhou Dongshan Precision Manufacturing SZSE:002384	China	Flexible and rigid PCB through Multek/MFlex plus components	Electronic circuits (FPC, rigid and rigid-flex PCB) were 63.85% of 2025 revenue	High	Institutional	164.43 CNY	$43.6bn	153.2×	33.7×	57.1%	6.0%	6.0%	-0.8%	46.4
18	Shennan Circuits SZSE:002916	China	Communications PCB, package substrates and assembly	PCB-led issuer	High	Institutional	300.23 CNY	$28.7bn	61.1×	37.0×	29.3%	16.0%	10.2%	-6.4%	44.4
10	WUS Printed Circuit (Kunshan) SZSE:002463	China	AI server, switching and automotive PCB	PCB-focused issuer	High	Institutional	100.78 CNY	$27.5bn	47.8×	26.9×	41.8%	23.1%	17.4%	-5.0%	59.8
12	Avary Holding (Shenzhen) SZSE:002938	China	Rigid, flex, HDI and IC substrates	PCB-focused issuer	High	Institutional	80.58 CNY	$26.0bn	51.9×	33.7×	23.1%	10.2%	13.1%	-0.9%	51.2
3	Victory Giant Technology SZSE / HKEX:300476 / 2476	China	AI/HPC and high-layer-count PCB	PCB was 93.7% of 2025 revenue	High	Institutional	190.43 CNY	$25.6bn	61.3×	16.1×	74.9%	27.2%	11.1%	-15.4%	71.1
23	Kinwong Electronic SSE:603228	China	Automotive, industrial and communications PCB	PCB-focused issuer	High	Institutional	74.04 CNY	$9.9bn	64.8×	32.5×	18.6%	8.1%	9.7%	-11.4%	29.7
—	Delton Technology (Guangzhou) SZSE:001389	China	Computing and high-layer-count PCB	PCB-focused issuer	High	Institutional	136.26 CNY	$8.8bn	52.3×	28.1×	23.9%	21.9%	—	-10.8%	—
24	Shenzhen Fastprint Circuit Tech SZSE:002436	China	Prototypes, small-batch and multilayer PCB	PCB-led issuer	High	Institutional	26.52 CNY	$6.9bn	373.5×	57.5×	41.5%	1.2%	1.5%	-16.2%	23.8
—	Founder Technology Group SSE:600601	China	PCB manufacturing after restructuring	The 2025 annual report identifies PCB design, manufacturing and sales as the principal business	High	Institutional	9.03 CNY	$5.5bn	67.0×	—	—	11.9%	3.5%	-18.4%	—
5	Olympic Circuit Technology SSE:603920	China	Automotive and multilayer PCB	PCB-focused issuer	High	Institutional	31.55 CNY	$3.4bn	43.0×	21.4×	29.1%	9.4%	15.6%	0.5%	65.0
—	Shenzhen Kingshine Electronic SZSE:300903	China	High-density and specialty PCB	PCB-focused issuer	High	Turnaround / distressed	43.66 CNY	$2.9bn	—	—	—	-5.1%	-3.4%	-6.3%	—
—	Shenzhen Jove Enterprise SZSE:300814	China	Communications and automotive PCB	PCB-focused issuer	High	Institutional	95.03 CNY	$2.8bn	481.8×	—	—	7.1%	4.5%	-9.2%	—
—	Suntak Technology SZSE:002815	China	Multilayer, HDI and specialty PCB	PCB-focused issuer	High	Investable	11.23 CNY	$2.0bn	53.1×	8.8×	—	6.9%	8.3%	-7.1%	—
22	Aoshikang Technology SZSE:002913	China	High-density and multilayer PCB	PCB-focused issuer	High	Investable	39.36 CNY	$1.8bn	58.5×	17.5×	21.7%	6.3%	6.6%	-7.1%	36.8
—	Bomin Electronics SSE:603936	China	HDI, rigid-flex and specialty PCB	PCB-focused issuer	High	Investable	12.20 CNY	$1.1bn	—	25.2×	—	1.7%	-0.1%	-24.4%	—
—	Sunshine Global Circuits SZSE:300739	China	Automotive and industrial PCB	PCB-focused issuer	High	Investable	19.30 CNY	$1.0bn	78.4×	—	—	5.9%	5.2%	-14.7%	—
—	Huizhou China Eagle Electronic Technology SZSE:002579	China	HDI and multilayer PCB	PCB-focused issuer	High	Investable	10.66 CNY	$957m	288.3×	—	—	2.7%	0.7%	0.5%	—
—	BCC Fuba India BSE:517246	India	Single-, double-sided and multilayer PCB	PCB-focused issuer	High	Microcap	—	$30m	59.7×	—	—	12.5%	16.0%	-0.3%	—
—	Fine-Line Circuits BSE:517264	India	Specialty PCB	PCB-focused issuer	High	Microcap	—	$4m	2,311.1×	—	—	2.4%	2.0%	-4.4%	—
17	Ibiden TSE:4062	Japan	Advanced IC package substrates plus ceramics	Electronics was 58.5% of FY2025 revenue	High	Institutional	15,810 JPY	$23.3bn	75.2×	64.6×	26.2%	14.0%	6.7%	0.1%	44.8
16	Meiko Electronics TSE:6787	Japan	Automotive and high-density PCB	PCB-focused issuer	High	Institutional	21,120 JPY	$3.0bn	26.5×	19.4×	28.5%	10.2%	6.3%	-9.3%	45.2
—	CMK TSE:6958	Japan	Automotive PCB	PCB-focused issuer	High	Smaller-cap	628 JPY	$255m	10.8×	24.3×	4.6%	2.8%	2.7%	-0.8%	—
—	Shirai Electronics Industrial TSE:6658	Japan	Double-sided and multilayer PCB	PCB-focused issuer	High	Microcap	425 JPY	$40m	4.8×	—	—	7.0%	12.1%	4.7%	—
—	GUH Holdings MYX:3247	Malaysia	PCB manufacturing plus property and utilities	PCB manufacturing was 76.4% of 2025 revenue	High	Turnaround / distressed	—	$17m	1.1×	—	—	-12.8%	-2.0%	-14.6%	—
4	ISU Petasys KRX:007660	South Korea	AI accelerator, network and high-layer-count PCB	PCB-focused issuer	High	Institutional	75,200 KRW	$3.0bn	32.9×	18.3×	44.5%	19.1%	18.5%	-13.1%	65.2
6	Daeduck Electronics KRX:353200	South Korea	Package substrates and multilayer PCB	PCB and substrate-focused issuer	High	Institutional	97,800 KRW	$2.6bn	54.8×	21.2×	33.0%	8.9%	7.3%	2.0%	62.3
19	Simmtech KOSDAQ:222800	South Korea	Semiconductor package substrates and module PCB	PCB and substrate-focused issuer	High	Investable	86,100 KRW	$1.7bn	—	14.8×	27.0%	2.8%	4.4%	-17.8%	38.5
20	Korea Circuit KRX:007810	South Korea	Semiconductor substrates and multilayer PCB	PCB-focused issuer	High	Investable	46,450 KRW	$669m	21.7×	10.4×	16.4%	5.2%	2.2%	-5.7%	37.5
—	BH KRX:090460	South Korea	Flexible PCB for mobile and automotive	Flexible-PCB-led issuer	High	Smaller-cap	15,650 KRW	$295m	6.2×	5.1×	11.5%	4.9%	10.9%	3.4%	—
—	TLB KOSDAQ:356860	South Korea	Memory module and SSD PCB	PCB-focused issuer	High	Smaller-cap	26,900 KRW	$277m	20.1×	13.8×	30.9%	10.0%	11.0%	-13.3%	—
—	Interflex KOSDAQ:051370	South Korea	Flexible PCB	Flexible-PCB-focused issuer	High	Microcap	6,740 KRW	$95m	4.6×	4.9×	3.8%	5.5%	12.1%	-7.9%	—
—	Newflex Technology KOSDAQ:085670	South Korea	Flexible PCB	Flexible-PCB-focused issuer	High	Microcap	2,880 KRW	$43m	7.4×	2.8×	—	5.8%	6.7%	4.6%	—
9	Unimicron Technology TWSE:3037	Taiwan	IC substrates, HDI and multilayer PCB	PCB and substrate-focused issuer	High	Institutional	865 TWD	$36.1bn	50.3×	32.3×	41.9%	8.9%	7.3%	-2.9%	59.8
8	Nan Ya Printed Circuit Board TWSE:8046	Taiwan	IC substrates and high-density PCB	PCB and substrate-focused issuer	High	Institutional	969 TWD	$16.6bn	191.6×	40.4×	52.6%	7.7%	12.2%	5.9%	60.9
14	Zhen Ding Technology Holding TWSE:4958	Taiwan	Full-stack PCB, flex, HDI and IC substrates	PCB-focused issuer	High	Institutional	434.50 TWD	$12.4bn	55.6×	24.1×	26.0%	8.4%	7.4%	-6.9%	49.8
1	Gold Circuit Electronics TWSE:2368	Taiwan	AI server, high-layer-count, HDI and backplane PCB	PCB-focused issuer	High	Institutional	872 TWD	$11.2bn	35.0×	17.0×	57.0%	24.8%	25.5%	-0.9%	85.2
13	Kinsus Interconnect Technology TWSE:3189	Taiwan	IC substrates and advanced interconnect	PCB and substrate-focused issuer	High	Institutional	698 TWD	$9.4bn	153.9×	39.9×	41.3%	7.3%	6.1%	6.0%	50.9
7	Compeq Manufacturing TWSE:2313	Taiwan	HDI, rigid-flex, multilayer and SMT	About 80% board products; SMT was 20% of 2025 sales	High	Institutional	185.50 TWD	$5.6bn	29.4×	21.1×	21.8%	10.9%	12.2%	5.7%	61.0
2	Tripod Technology TWSE:3044	Taiwan	High-layer-count server, memory, networking and automotive PCB	PCB was 99.53% of 2025 revenue	High	Institutional	375 TWD	$5.5bn	17.7×	12.6×	23.3%	18.0%	15.5%	3.9%	72.6
—	WUS Printed Circuit TWSE:2316	Taiwan	Multilayer and communications PCB	PCB-focused issuer	High	Turnaround / distressed	148.50 TWD	$1.2bn	13.5×	61.6×	—	-11.6%	-3.0%	-18.4%	—
—	HannStar Board TWSE:5469	Taiwan	Notebook, networking and server PCB	PCB-focused issuer	High	Investable	68.10 TWD	$939m	11.5×	10.2×	—	9.8%	7.1%	2.1%	—
11	Dynamic Holding TWSE:3715	Taiwan	Automotive, server and high-frequency PCB	PCB-focused issuer	High	Investable	105.50 TWD	$793m	100.2×	11.4×	65.9%	5.0%	4.6%	-39.8%	54.7
—	Unitech Printed Circuit Board TWSE:2367	Taiwan	HDI and multilayer PCB	PCB-focused issuer	High	Turnaround / distressed	38.25 TWD	$726m	—	12.6×	—	-1.6%	2.1%	-13.1%	—
—	Flexium Interconnect TWSE:6269	Taiwan	Flexible PCB	Flexible-PCB-focused issuer	High	Turnaround / distressed	54.10 TWD	$454m	—	—	7.4%	-15.3%	0.5%	-6.0%	—
—	Chin-Poon Industrial TWSE:2355	Taiwan	Automotive PCB	PCB-focused issuer	High	Smaller-cap	38.35 TWD	$422m	21.3×	22.6×	0.6%	3.4%	3.2%	3.6%	—
—	Career Technology TWSE:6153	Taiwan	Flexible PCB and modules	Flexible-PCB-focused issuer	High	Turnaround / distressed	15.05 TWD	$264m	—	—	—	-36.3%	-10.0%	-16.9%	—
—	Taiwan PCB Techvest TWSE:8213	Taiwan	Multilayer PCB	PCB-focused issuer	High	Smaller-cap	29.80 TWD	$238m	12.8×	7.3×	—	4.8%	5.1%	-0.6%	—
—	Apex International TWSE:4927	Taiwan	Thailand-based rigid PCB production	PCB-focused issuer	High	Turnaround / distressed	30.10 TWD	$219m	—	2.7×	—	-19.1%	-2.7%	-16.4%	—
21	KCE Electronics SET:KCE	Thailand	Automotive PCB	PCB-focused issuer	High	Investable	43.75 THB	$1.2bn	48.5×	41.8×	6.2%	6.0%	9.7%	10.5%	37.3

Prices are intraday TradingView public-scanner observations at the data-freeze time; GUH and the two BSE microcaps lacked a matching scanner row. Fiscal.ai market capitalization is reported in USD equivalents. Negative or missing forward multiples are shown as “—”.

Sources, method and limitations

Prismark — 2025 PCB Industry Review and Outlook. Market growth, 2030 forecast, geographic production, capex intensity and producer economics.
Compeq — 2026 investor presentation. Supplier ranking, 2025 sales, 2026 growth outlook and Compeq product mix.
Tripod Technology — 2025 annual report. Revenue purity, product applications, operating performance, competitive risks and subsidiaries.
Taiwan Stock Exchange — Tripod company information. Official price history, monthly revenue, dividends, Q1 EPS and the 11 August board date.
Gold Circuit — 26 May 2026 investor presentation. Q1 revenue, margins, EPS, product capability and application mix.
Victory Giant — Hong Kong listing prospectus. PCB purity, AI/HPC mix, customer concentration, capex, market position and dual listing.
Ibiden — FY2025 results. Electronics segment revenue and profitability; evidence that the segment cleared the 50% inclusion threshold.
Dongshan Precision — 2025 annual report. Electronic circuits were 63.85% of revenue, clearing the inclusion threshold despite other components businesses.
GUH Holdings — 2025 annual report. PCB manufacturing contributed RM159.7m of RM209.0m group revenue, or 76.4%.
Founder Technology — 2025 annual report filing mirror. The company identifies PCB design, manufacturing and sales as its principal business.
Fiscal.ai standardized companyStatistics. Market cap, revenue, TTM/NTM valuation, margins, five-year returns, financial health and forward estimates; pulled 3 August 2026 through the local authenticated wrapper.
TradingView market data. Intraday local prices and trailing market statistics at the stated data-freeze time, retrieved through the public scanner.
Meiko Electronics investor relations, Ibiden investor relations, and issuer disclosures. Business-description cross-checks for the Japan cohort.
Unimicron, Zhen Ding, and issuer disclosures. Business-description cross-checks for the Taiwan cohort.
ISU Petasys issuer filings and exchange profiles. Business-description cross-checks for the South Korea cohort.

Method

Screen listed Asian issuers; apply the >50% revenue definition; deduplicate dual listings; normalize fundamentals; require $500m market cap and complete forward/quality data for the ranked screen; then underwrite the leaders using primary filings and explicit valuation scenarios.

Important limitations

Cross-market estimates are uneven; rolling NTM multiples and fiscal-year estimates are not identical; accounting and currency conventions vary; smaller issuers have thin disclosure and liquidity; exact revenue purity is not independently audited for every pure-play; current prices can move materially after the freeze. Re-check the latest filing before acting.