Goldman Sachs expects Nan Ya's profitability to recover in the near term after several quarters of low performance, citing pricing increases and the company's higher exposure to the spot price market. The new price target is based on an unchanged blended price-to-book methodology, but reflects a more optimistic outlook on ABF substrate pricing and earnings contribution from high-end AI switching integrated circuits. Goldman Sachs has increased its blended price-to-book ratio to 3.5x from the previous 1.7x, now assuming 50% earnings contribution from high-growth sectors valued at 5x price-to-book and 50% from general business at 2x price-to-book. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.