A British activist hedge fund has become a major shareholder in Taiwanese circuit board maker Nan Ya PCB, betting that AI-linked Taiwanese companies are still cheap — good news for the stock's investors.

• Palliser Capital, founded by a former Elliott executive, lifted its stake past 5%, making it an official large shareholder under Taiwan exchange rules.
• It has already pushed the company to boost shareholder value, including possibly taking it private.
• The company makes advanced boards for data centers, putting it in the Nvidia and AI supply chain.
• No family or government owner controls the company, which makes it easier for an activist to push for change.
• Thin analyst coverage is part of the appeal — the argument is the market simply has not priced the business properly.

Outlook: Palliser is scouting more targets in Taiwan and Japan, and also sees room for consolidation in Taiwan's banks and property sector.