# Nan Ya Plastics (1303.TW)

Canonical: https://gigainvestors.com/s/1303.TW

Analysis as of: 2026-10-16T07:33:45.879Z. Financial observations: FY2000–FY2026.

Listing currency: TWD. Reporting currency: TWD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: TWD 314.50 per share; close as of 2026-10-15.

Estimated value: low TWD 31.06 per share, central TWD 34.27 per share, high TWD 38.53 per share. Buy at or below the central value TWD 34.27 per share. Valuation as of 2026-10-16T07:33:45.879Z; scenarios are not confidence intervals.

Expected annual return: 3.6% at the stated quote. About 3.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; TW 10-year bond 2.0% + 4 points).

## Checklist

### understandable: fail

- 5 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.82×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.10×

- FY2018: 0.09×

- FY2019: 0.10×

- FY2020: 0.12×

- FY2021: 0.26×

- FY2022: 0.14×

- FY2023: 0.01×

- FY2024: 0.00×

- FY2025: 0.01×

- LTM to Jun 2026: 0.06×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 5.6pp below the typical margin (limit 4pp)

- ROIC, median of available years: 6.5%

- ROIC, second-lowest year: 0.4%

- Typical minus recent gross margin: 5.6 pp

- Typical gross margin (annual median): 13.0%

- Recent gross margin (lower of latest and 3-year median): 7.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.7%

- ROIC including acquisitions, ten-year median: 4.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.5%

- FY2017: 7.1%

- FY2018: 6.5%

- FY2019: 6.4%

- FY2020: 7.1%

- FY2021: 19.8%

- FY2022: 9.5%

- FY2023: 0.4%

- FY2024: 0.1%

- FY2025: 0.6%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.08×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: TWD 137B

- Net income, five-year total: TWD 128B

- Return on incremental invested capital: -111.1%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 3.1 pp

- Working capital / revenue, final three-year average: 31.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 0.66×

- FY2023: 0.91×

- FY2024: 3.99×

- FY2025: 3.45×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 6.5% vs 0.4%

- Per-share earnings: 6.16 to 0.57 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: TWD -87B

- Cumulative retained earnings: TWD -165B

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -25.7%

- Per-share value change: TWD -5.59

- Per-share value, starting three-year median: TWD 6.16

- Per-share value, ending three-year median: TWD 0.57

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: TWD 3.0B

- Cumulative net income, 10 years: TWD 332B

- ROIC, first three-year median: 6.5%

- ROIC, last three-year median: 0.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: TWD 6.16

- FY2017: TWD 6.87

- FY2018: TWD 6.65

- FY2019: TWD 2.91

- FY2020: TWD 3.24

- FY2021: TWD 10.25

- FY2022: TWD 4.05

- FY2023: TWD 0.80

- FY2024: TWD 0.42

- FY2025: TWD 0.57

### accounting: pass

- Sloan accruals: -0.7%

- Receivables to sales index (DSRI): 1.09×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.91×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 0.5%

- FY2017: 2.5%

- FY2018: -0.3%

- FY2019: -5.3%

- FY2020: -2.7%

- FY2021: 0.4%

- FY2022: -6.5%

- FY2023: -4.5%

- FY2024: -2.5%

- FY2025: -0.7%

## Holders

## Price story

Price needs cash profits to grow 33% a year for ten years · sales +8.1%

Story as of 2026-10-16T09:59:57.663Z; price observation 2026-10-15.

Price needs cash profits to grow 33% a year for ten years

### Sales · FY2025–2026

sales +8.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: TWD 306B 

- FY2018: TWD 333B 

- FY2019: TWD 286B 

- FY2020: TWD 273B 

- FY2021: TWD 412B 

- FY2022: TWD 355B 

- FY2023: TWD 260B 

- FY2024: TWD 260B 

- FY2025: TWD 260B 

- FY2026: TWD 281B 

### Gross margin · FY2025

gross margin 7.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 11.4% 

- FY2017: 16.3% 

- FY2018: 14.7% 

- FY2019: 9.8% 

- FY2020: 14.5% 

- FY2021: 25.2% 

- FY2022: 15.2% 

- FY2023: 7.4% 

- FY2024: 7.2% 

- FY2025: 7.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in specialty chemicals; annual sales are TWD 259.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:45.879Z); FY2025: revenue 259923885000; grossProfit 20125269000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 1303.TW: Nan Ya Plastics Corporation engages in the manufacture and sale of plastic products, polyester fibers, petrochemical products, and electronic materials in Taiwan, China, the United States, and internationally. It provides plastic products, such as PP synthetic paper, adhesives, optical films, outdoor decoration materials, TPU films, synthetic leathers, PU resins, doors, Neuma fire-rated doors and windows, plastic pallets, PVC cling and PE Stectch films, BOPP film, engineering and PVC compounds, unsaturated polyesters, pipes and fittings, rigid sheets, A-PET sheet/rigid films, interior decoration materials, PVC sheets, PVC rigid sheet, injection, decoration and window films, PET films, and PU-DISCs. The company also offers chemicals, including phthalate plasticizers, phthalic anhydride, alcohols, glycols, curing agents, hydrogen peroxide, tetrahydrofuran, butanediol, bisphenol-A, epoxidized soybean oil, stabilizers, liquefied gases, and epoxy. In addition, it offers electronic materials comprising copper clad laminate, glass fabrics, liquid crystal displays, touch panels, copper foils, and PCB inks; and fibers and textiles consisting of draw textured yarn, spin draw yarn, fully oriented yarn, partially oriented yarn, polyester staple fiber, PET resin, polyester film, polyester release film, woven fabric, and knitting fabric. Further, the company provides HV/LV switchgears, cast resin transformers, vacuum contactor switchgears, molds, rollers, and screws and barrels. Its products are used in household items, outdoor sports, transport materials, building materials, coatings, 3C appliances, civil farm, industrial equipment, and other applications. Nan Ya Plastics Corporation was incorporated in 1958 and is headquartered in Kaohsiung, Taiwan.

### Why customers stay

Margins ranged from 7.2% to 7.7% during 2023–25; it earns 6.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:45.879Z); FY2023: grossProfit / revenue = 7.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:45.879Z); FY2024: grossProfit / revenue = 7.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:45.879Z); FY2025: grossProfit / revenue = 7.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:45.879Z); 10-year return on capital observations [[2016,0.03462736505267608],[2017,0.07058897044723295],[2018,0.06459137413139053],[2019,0.06440864795425938],[2020,0.07148053422444231],[2021,0.19834308441904175],[2022,0.09533335872773906],[2023,0.003604326654090629],[2024,0.0007360665922384353],[2025,0.006232699123209554]]; median 0.06450001104282496. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:45.879Z); FY2016: growth capex 0; upkeep 10176351000; owner earnings 56469146000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:45.879Z); FY2017: growth capex 0; upkeep 9382034000; owner earnings 63407053000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:45.879Z); FY2018: growth capex 3293829000; upkeep 17853188000; owner earnings 52746021000. Growth capex / owner earnings = 0.06244696637875301.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:45.879Z); FY2019: growth capex 0; upkeep 29483979000; owner earnings 10039036200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:45.879Z); FY2020: growth capex 0; upkeep 30134890000; owner earnings 12285109600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:45.879Z); FY2021: growth capex 9393952000; upkeep 19784190000; owner earnings 81234010000. Growth capex / owner earnings = 0.11564062884498746.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:45.879Z); FY2022: growth capex 0; upkeep 31241870000; owner earnings 21338443800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:45.879Z); FY2023: growth capex 0; upkeep 23957751000; owner earnings 5730194400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:45.879Z); FY2024: growth capex 0; upkeep 12640451000; owner earnings 13342195200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:45.879Z); FY2025: growth capex 0; upkeep 11329334000; owner earnings 15596518600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:45.879Z); Dividend observations: [[2016,25133161000],[2017,35667630000],[2018,40399354000],[2019,39629893000],[2020,17460662000],[2021,19044329000],[2022,59374150000],[2023,23833140000],[2024,5615258000],[2025,5562126000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 38.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 1303.TW SharesStats.PercentInsiders = 38.118 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 33% yearly over ten years; actual decline was 9.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:45.879Z); Ten-year compound average after fade. Initial solved rate 0.47373723315038585. Price 314.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 5.4824887004146605 → FY2025 1.9665702495907738. Closing-price date 2026-10-15.

## Monthly share-price history (TWD per share)

- 2016-10: TWD 65.70 per share

- 2016-11: TWD 67.10 per share

- 2016-12: TWD 71.20 per share

- 2017-01: TWD 73.50 per share

- 2017-02: TWD 74.60 per share

- 2017-03: TWD 71.90 per share

- 2017-04: TWD 72.70 per share

- 2017-05: TWD 71.60 per share

- 2017-06: TWD 75.50 per share

- 2017-07: TWD 76.00 per share

- 2017-08: TWD 76.20 per share

- 2017-09: TWD 75.00 per share

- 2017-10: TWD 74.40 per share

- 2017-11: TWD 75.60 per share

- 2017-12: TWD 77.90 per share

- 2018-01: TWD 80.10 per share

- 2018-02: TWD 80.60 per share

- 2018-03: TWD 81.60 per share

- 2018-04: TWD 81.60 per share

- 2018-05: TWD 83.70 per share

- 2018-06: TWD 87.20 per share

- 2018-07: TWD 84.90 per share

- 2018-08: TWD 85.40 per share

- 2018-09: TWD 84.80 per share

- 2018-10: TWD 76.90 per share

- 2018-11: TWD 74.30 per share

- 2018-12: TWD 75.50 per share

- 2019-01: TWD 76.30 per share

- 2019-02: TWD 76.90 per share

- 2019-03: TWD 78.90 per share

- 2019-04: TWD 78.10 per share

- 2019-05: TWD 78.50 per share

- 2019-06: TWD 78.60 per share

- 2019-07: TWD 71.30 per share

- 2019-08: TWD 68.80 per share

- 2019-09: TWD 69.70 per share

- 2019-10: TWD 72.00 per share

- 2019-11: TWD 71.50 per share

- 2019-12: TWD 72.80 per share

- 2020-01: TWD 69.70 per share

- 2020-02: TWD 68.10 per share

- 2020-03: TWD 54.70 per share

- 2020-04: TWD 66.20 per share

- 2020-05: TWD 62.90 per share

- 2020-06: TWD 64.60 per share

- 2020-07: TWD 61.10 per share

- 2020-08: TWD 61.50 per share

- 2020-09: TWD 59.50 per share

- 2020-10: TWD 58.70 per share

- 2020-11: TWD 64.20 per share

- 2020-12: TWD 71.90 per share

- 2021-01: TWD 65.60 per share

- 2021-02: TWD 72.70 per share

- 2021-03: TWD 79.80 per share

- 2021-04: TWD 88.20 per share

- 2021-05: TWD 84.40 per share

- 2021-06: TWD 83.20 per share

- 2021-07: TWD 87.00 per share

- 2021-08: TWD 89.60 per share

- 2021-09: TWD 91.50 per share

- 2021-10: TWD 85.10 per share

- 2021-11: TWD 82.50 per share

- 2021-12: TWD 85.40 per share

- 2022-01: TWD 86.40 per share

- 2022-02: TWD 87.70 per share

- 2022-03: TWD 93.20 per share

- 2022-04: TWD 86.70 per share

- 2022-05: TWD 85.30 per share

- 2022-06: TWD 83.00 per share

- 2022-07: TWD 67.30 per share

- 2022-08: TWD 68.70 per share

- 2022-09: TWD 66.90 per share

- 2022-10: TWD 68.30 per share

- 2022-11: TWD 76.90 per share

- 2022-12: TWD 71.00 per share

- 2023-01: TWD 75.40 per share

- 2023-02: TWD 75.60 per share

- 2023-03: TWD 77.50 per share

- 2023-04: TWD 78.00 per share

- 2023-05: TWD 77.70 per share

- 2023-06: TWD 72.50 per share

- 2023-07: TWD 70.00 per share

- 2023-08: TWD 66.10 per share

- 2023-09: TWD 66.60 per share

- 2023-10: TWD 61.90 per share

- 2023-11: TWD 68.10 per share

- 2023-12: TWD 66.50 per share

- 2024-01: TWD 60.90 per share

- 2024-02: TWD 59.70 per share

- 2024-03: TWD 56.00 per share

- 2024-04: TWD 56.70 per share

- 2024-05: TWD 53.20 per share

- 2024-06: TWD 49.30 per share

- 2024-07: TWD 50.00 per share

- 2024-08: TWD 45.30 per share

- 2024-09: TWD 46.00 per share

- 2024-10: TWD 41.70 per share

- 2024-11: TWD 38.70 per share

- 2024-12: TWD 29.90 per share

- 2025-01: TWD 32.35 per share

- 2025-02: TWD 33.75 per share

- 2025-03: TWD 30.00 per share

- 2025-04: TWD 30.60 per share

- 2025-05: TWD 28.65 per share

- 2025-06: TWD 27.30 per share

- 2025-07: TWD 40.95 per share

- 2025-08: TWD 43.20 per share

- 2025-09: TWD 39.45 per share

- 2025-10: TWD 41.50 per share

- 2025-11: TWD 59.00 per share

- 2025-12: TWD 60.20 per share

- 2026-01: TWD 75.90 per share

- 2026-02: TWD 91.80 per share

- 2026-03: TWD 73.90 per share

- 2026-04: TWD 89.60 per share

- 2026-05: TWD 98.10 per share

- 2026-06: TWD 166.50 per share

- 2026-07: TWD 159.50 per share

- 2026-08: TWD 242.50 per share

- 2026-09: TWD 255.50 per share

- 2026-10: TWD 319.00 per share

## Annual estimated value (TWD per share)

- FY2016: low TWD 62.21 per share, central TWD 69.09 per share, high TWD 78.26 per share

- FY2017: low TWD 72.19 per share, central TWD 80.63 per share, high TWD 91.86 per share

- FY2018: low TWD 83.69 per share, central TWD 93.71 per share, high TWD 107.05 per share

- FY2019: low TWD 73.04 per share, central TWD 81.65 per share, high TWD 93.12 per share

- FY2020: low TWD 71.61 per share, central TWD 79.83 per share, high TWD 90.78 per share

- FY2021: low TWD 103.99 per share, central TWD 116.38 per share, high TWD 132.87 per share

- FY2022: low TWD 44.46 per share, central TWD 48.52 per share, high TWD 53.92 per share

- FY2023: low TWD 29.84 per share, central TWD 32.06 per share, high TWD 35.02 per share

- FY2024: low TWD 28.16 per share, central TWD 30.70 per share, high TWD 34.07 per share

- FY2025: low TWD 28.93 per share, central TWD 31.89 per share, high TWD 35.83 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:30.014Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.