$2316
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WUS 持有高值子公司股份却市值极低，建议管理层减持以释放价值。
我同意 Palliser Capital 的观点。作为股东，WUS（2316 TW）市值仅约 10 亿美元简直太愚蠢了。尽管他们持有昆山 WUS 11.26% 的股份，而后者是一家市值 393 亿美元（2820 亿人民币）的公司……其税前价值达 44.2 亿美元。只需出售四分之一或类似比例的股份？你还能额外获得约 11 亿美元，用于处于 AI 需求拐点的 PCB 增长。这纯粹以现金计算，就已超过你当前的税前市值。此外还有 33 亿美元的资产 + 市场可能会因为愿意减持受限资产而重新评估你的公司。没人要求你减持所有资产，但净资产价值（NAV）的脱节简直是疯狂。WUS TW 管理层真的应该重新考虑。
英文原文
I agree with Palliser Capital here. As a shareholder, it’s just so stupid how WUS (2316 TW) MC can be ~$1B MC. While they own a 11.26% stake of WUS Kunshan, a $39.3B (¥282B CNY) company… Which is worth $4.42B pre-tax. Just sell 1/4th or something? And you get an extra ~$1.1B for PCB growth at the inflection point with AI demand. Which is more than your current MC pre-tax, purely in cash. And there’s still $3.3B in assets + markets might revalue your company because of willingness to trim locked up assets. Nobody is asking you to trim everything, but the NAV disconnect is insanity. WUS TW management should really reconsider.
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分析光收发器PCB供应链瓶颈受益公司，认为激光器瓶颈更具吸引力
所以如果你们关心EML/CW激光器之外的第二个光收发器(optical transceiver)瓶颈： - $SANM（美国） - $TTMI（美国） - WUS Printed Circuit（证交所代码:2316） - Unimicron（证交所代码:3037） - Zhen Ding Tech（证交所代码:4958） - Gold Circuit Electronics（证交所代码:2368） 这些公司是光收发器PCB瓶颈的赢家。 还有一些下游玩家如FIC Global也受益，不过他们更多是做组装而非晶圆厂。 其他公司如Unimicron规模太大，还有ABF基板等其他业务板块，可能感受不到太大差异。 美国公司的机会主要来自供应链回流美国，虽然中国和台湾玩家是主要受益者。 $AVGO的表述： “台湾和中国的PCB供应商都面临产能限制，导致了延迟，”Ramachandran说，但没有点名具体供应商。 我目前没有任何这些股票的多头仓位。 我可能是错的，但我认为激光器瓶颈（$LITE、$SIVE、$MTSI、$COHR、Sumitomo）在光学供应链中对结构性重新定价更有吸引力。
英文原文
So if you care about the second optical transicever bottleneck outside of EML/CW Lasers: - $SANM (US) - $TTMI (US) - WUS Printed Circuit (TPE: 2316) - Unimicron (TPE: 3037) - Zhen Ding Tech (TPE: 4958) - Gold Circuit Electronics (TPE: 2368) Were winners for the optical transceiver PCB bottleneck. There's some downstream players like FIC Global that benefits, not so much as a Fab but assembly. Others like Unimicron are likely too large with other segments like ABF substrates to feel much of a difference. US plays are more-so from reshoring to US supply chains, even though Chinese and Taiwanese players were main beneficaries. $AVGO quote: "Both Taiwanese and Chinese PCB suppliers are facing capacity limits, contributing to the delays, Ramachandran said, without naming the suppliers." I have no open long positions in any of these right now. I could be wrong, but I felt laser chokepoints ( $LITE, $SIVE, $MTSI, $COHR, Sumitomo) in optical supply chains to be much more compelling for structural re-rating.