Analyst Estimates: Here's What Brokers Think Of Nan Ya Printed Circuit Board Corporation (TWSE:8046) After Its Full-Year Report

Shareholders might have noticed that Nan Ya Printed Circuit Board Corporation (TWSE:8046) filed its annual result this time last week. The early response was not positive, with shares down 5.0% to NT$211 in the past week. Nan Ya Printed Circuit Board reported in line with analyst predictions, delivering revenues of NT$42b and statutory earnings per share of NT$9.00, suggesting the business is executing well and in line with its plan. This is an important time for investors, as they can track a company's performance in its report, look at what experts are forecasting for next year, and see if there has been any change to expectations for the business. Readers will be glad to know we've aggregated the latest statutory forecasts to see whether the analysts have changed their mind on Nan Ya Printed Circuit Board after the latest results.

View our latest analysis for Nan Ya Printed Circuit Board

Taking into account the latest results, the seven analysts covering Nan Ya Printed Circuit Board provided consensus estimates of NT$40.8b revenue in 2024, which would reflect a noticeable 3.5% decline over the past 12 months. Per-share earnings are expected to increase 7.8% to NT$9.71. In the lead-up to this report, the analysts had been modelling revenues of NT$45.2b and earnings per share (EPS) of NT$10.09 in 2024. The analysts are less bullish than they were before these results, given the reduced revenue forecasts and the small dip in earnings per share expectations.

Despite the cuts to forecast earnings, there was no real change to the NT$212 price target, showing that the analysts don't think the changes have a meaningful impact on its intrinsic value. Fixating on a single price target can be unwise though, since the consensus target is effectively the average of analyst price targets. As a result, some investors like to look at the range of estimates to see if there are any diverging opinions on the company's valuation. Currently, the most bullish analyst values Nan Ya Printed Circuit Board at NT$275 per share, while the most bearish prices it at NT$145. This is a fairly broad spread of estimates, suggesting that analysts are forecasting a wide range of possible outcomes for the business.

Another way we can view these estimates is in the context of the bigger picture, such as how the forecasts stack up against past performance, and whether forecasts are more or less bullish relative to other companies in the industry. We would highlight that revenue is expected to reverse, with a forecast 3.5% annualised decline to the end of 2024. That is a notable change from historical growth of 15% over the last five years. Compare this with our data, which suggests that other companies in the same industry are, in aggregate, expected to see their revenue grow 11% per year. So although its revenues are forecast to shrink, this cloud does not come with a silver lining - Nan Ya Printed Circuit Board is expected to lag the wider industry.

The Bottom Line

The most important thing to take away is that the analysts downgraded their earnings per share estimates, showing that there has been a clear decline in sentiment following these results. Unfortunately, they also downgraded their revenue estimates, and our data indicates underperformance compared to the wider industry. Even so, earnings per share are more important to the intrinsic value of the business. The consensus price target held steady at NT$212, with the latest estimates not enough to have an impact on their price targets.

With that said, the long-term trajectory of the company's earnings is a lot more important than next year. We have forecasts for Nan Ya Printed Circuit Board going out to 2025, and you can see them free on our platform here.

Even so, be aware that Nan Ya Printed Circuit Board is showing 2 warning signs in our investment analysis , and 1 of those is significant...

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.