Summary of Conference Call Notes on Taiwan PCB & Laminates Industry Industry Overview - The conference call focused on the **Taiwan PCB & Laminates** industry, specifically the **ABF/BT/CCL sector** and the implications of **Nittobo's results** on the market dynamics [1][2]. Key Points and Arguments 1. **Nittobo's Financial Results**: - Nittobo reported its results on February 5, 2026, which were analyzed for insights into the ABF/BT substrate market [1]. - The lack of details regarding the **T glass price hike** from April was noted as disappointing, but the potential for **additional T glass capacity expansion** and further price hikes is seen as favorable for ABF/BT substrate manufacturers [1][2]. 2. **Market Dynamics**: - The anticipated price hikes in T glass are expected to benefit substrate makers in the long term, although these changes may not materialize until **2027** [2]. - Limited color options for the near-term T glass price hike could dampen sentiment in the substrate sector, as high expectations are already priced in [2]. 3. **Impact on New T Glass Vendors**: - New T glass vendors may face challenges as their business growth could be limited due to existing customer preferences for Nittobo's solutions [1]. 4. **PCB CCL Market**: - Discussions regarding **NE/NER price hikes** indicate strong demand from the **AI PCB** sector, which is favorable for overall PCB CCL companies [1]. - However, potential capacity constraints on NER could negatively impact CCL players that heavily rely on Nittobo's solutions [1]. Additional Important Insights - The overall read-across from Nittobo's results for substrate names is considered **neutral**, while the read-across for PCB CCL is viewed as **positive** due to the discussions on price hikes [2]. - The ongoing **glass shortage** remains a critical issue affecting the industry, influencing both pricing and availability of materials [1]. This summary encapsulates the essential insights from the conference call regarding the Taiwan PCB & Laminates industry, highlighting the implications of Nittobo's results and the current market dynamics.