Taiwan substrate maker Nan Ya PCB is recovering after a sharp two-day drop, and analysts say the Broadcom scare was overdone — a mild positive for holders.

• Nan Ya PCB fell 12% in two days after Broadcom's CEO said the company is adding substrate capacity at a Singapore plant.
• US brokers say Broadcom is just locking in supply of high-end chip substrates, not making them in-house, so Nan Ya PCB and Unimicron keep their spots.
• The shares steadied and edged up on light volume, after local funds sold for five straight days and pushed the stock below its quarterly average.
• Cheaper BT substrate prices may stop rising as raw material supply loosens from 2027, but the bullish case rests on tight supply of the pricier ABF type.

Outlook: Buy ratings on Nan Ya PCB and Unimicron stay in place as long as ABF substrate supply stays tight.