楠梓電子股份有限公司: 謹就貴公司股價長期大幅折價於淨值、資本配置政策，以及貴公司作為上市公司之投資人溝通義務，請求與董事會進行溝通。
Metrica Partners Pte. Ltd.
1 Raffles Place
#10-63 One Raffles Place Tower 2
Singapore 048616
2026年6月10日
經電子郵件寄送（investor@wuspc.com）並以掛號郵件寄送
受文者：楠梓電子股份有限公司 董事會 公鑒
（敬請發言人呂淑芬副總經理，暨代理發言人陳其男先生 轉陳）
地址：臺灣高雄市楠梓區開發路37號
主旨：謹就貴公司股價長期大幅折價於淨值、資本配置政策，以及貴公司作為上市公司之投資人溝通義務，請求與董事會進行溝通。 (more…)
Metrica Partners Publishes Open Letter to the Board of WUS Printed Circuit Co., Ltd. (TWSE: 2316) After Company Fails to Respond to Shareholder Engagement
Singapore-based investment firm calls on WUS to address an ~80% discount to net asset value, its capital-allocation policy, and its investor-communication practices ahead of the Company’s 12 June 2026 Annual General Meeting
SINGAPORE — 10 June 2026 — Metrica Partners Pte. Ltd. (“Metrica”), a shareholder of WUS Printed Circuit Co., Ltd. (TWSE: 2316) (“WUS” or the “Company”) holding approximately 1.5% of its issued shares, today published an open letter to the Company’s Board of Directors. Metrica is releasing the letter publicly, on its website at http://metricapartners.com, while simultaneously delivering it to the directors of WUS by email and in hard copy.
Metrica is taking this step only after repeated attempts over several weeks to engage privately through the Company’s published investor-contact window — by both email and telephone — went entirely unanswered. In Metrica’s view, a sustained failure to respond to a substantial shareholder through a listed company’s own investor-relations channel is itself a corporate-governance concern.
An exceptional and unexplained discount to value
At the centre of Metrica’s letter is WUS’s persistent discount to net asset value of approximately 80%. The discount is most clearly illustrated by a single holding: WUS owns, through its offshore subsidiary chain, an economic interest of approximately 11.3% in WUS Printed Circuit (Kunshan) Co., Ltd. (Shenzhen: 002463), a listed company that has historically been the principal source of WUS’s earnings. On the basis of publicly available market data, Metrica notes that the market value of that single stake is worth several multiples of WUS’s entire market capitalisation — implying that the market currently ascribes negative value to everything else WUS owns, including its operating printed-circuit-board business, its cash and securities, and its real estate.
“A well-governed company does not allow its shares to trade at a fraction of the value of a single listed asset on its balance sheet, year after year, without explanation,” said Damian L. Edwards, Chief Investment Officer of Metrica Partners. “We have approached WUS privately, constructively, and repeatedly. The Company’s silence is precisely why we are now writing in the open. Shareholders are entitled to answers, and they are entitled to them before the annual meeting.”
The concerns raised in the letter
In its letter, Metrica asks the Board to address, among other things:
- Capital allocation. WUS has maintained a notably low dividend payout — approximately 11.6% of earnings for the 2024 financial year, and on the order of 15% for 2025 — while declining to return capital through buybacks despite the steep discount to asset value. Metrica asks the Board to set out a clear capital-allocation framework and a concrete plan to address the value gap.
- The Kunshan stake and its proposed H-share listing. Following the September 2025 announcement that the Kunshan company is planning a Hong Kong (H-share) listing, Metrica seeks clarity on how this affects WUS’s look-through value and, critically, whether and how WUS’s minority shareholders — rather than only the controlling shareholders — will share in that value.
- Governance, control and related-party dealings. Metrica asks the Board to demonstrate that the Company is being managed for the benefit of all shareholders, and to account for the controls governing related-party transactions within the WUS group.
- Investor communications. Metrica calls on WUS to materially improve the frequency, responsiveness and accessibility — including in English — of its engagement with shareholders.
Metrica has requested a call with senior management, and ideally an independent director, within ten business days and in any event before the Company’s Annual General Meeting on 12 June 2026.
Reservation of rights
While Metrica’s strong preference is constructive dialogue, the letter notes that minority shareholders of a Taiwanese listed company have a range of avenues available to them, including raising matters at the annual meeting, the protections afforded under the Securities Investors and Futures Traders Protection Act and the Securities and Futures Investors Protection Center, and the rights conferred on qualifying shareholders under the Company Act. Metrica has indicated it is prepared to coordinate with other minority and institutional shareholders as appropriate.
The full text of the open letter is available at http://metricapartners.com.
About Metrica Partners Pte. Ltd. Metrica Partners is a Singapore-based investment firm founded in 2016 focused on investing in Asia-Pacific listed equities.
Media and Investor Contact Shaun Tan, Metrica Partners Pte. Ltd., shaun.tan@metricapartners.com, +65 6908 2905, http://metricapartners.com
Disclaimer This press release is provided for informational purposes only and reflects the opinions of Metrica Partners Pte. Ltd. based on publicly available information believed to be reliable as of the date hereof. It does not constitute investment, legal, accounting or tax advice, nor an offer or solicitation to buy or sell any security. Metrica and its affiliates hold a position in the shares of WUS Printed Circuit Co., Ltd. and may buy or sell securities of the Company at any time without further notice. Statements regarding asset values and discounts are estimates based on public data and prevailing market prices, which fluctuate. Metrica undertakes no obligation to update this release.
WUS Printed Circuit: Demand for engagement on persistent NAV discount, capital allocation, and the Company’s investor-communication obligations
Metrica Partners Pte. Ltd.
1 Raffles Place
#10-63 One Raffles Place Tower 2
Singapore 048616
10 June 2026
BY EMAIL (investor@wuspc.com) AND REGISTERED POST
The Board of Directors c/o Ms. Mandy Lu, Spokesperson (and Mr. Chinan Chen, Acting Spokesperson), WUS Printed Circuit Co., Ltd., No. 37 Kai Fa Road, Nanzih District, Kaohsiung, Taiwan, R.O.C.
Re: Demand for engagement on persistent NAV discount, capital allocation, and the Company’s investor-communication obligations
Dear Members of the Board, (more…)
The new gold standard
Several positive developments in the corporate reform space occurred in January:
- Hanwha Corp., the apex of the Hanwha conglomerate, became the second major listed holding company in Korea to outline plans for reducing its share price discount to NAV, which currently stands at 63% on the company’s numbers.
In this respect it is following the lead of SK Square, which is the current “gold standard” among holding companies from a corporate governance perspective.
Hanwha’s approach is different to SK’s. While SK aims to reduce its discount via management incentives, Hanwha Corp. will focus on reducing the number of listed subsidiaries. According to Hanwha’s analysis, holdcos with fewer parts trade at smaller NAV discounts. Hanwha’s announcement is significant because it is now harder for other holding companies to explain why they’re not doing something similar.
To that end, Metrica last week initiated engagement campaigns against two new targets, valued at 0.22x and 0.25x NAV by the market. - On 22nd January, President Lee reiterated his support for the ”Stock Price Suppression Prevention Act” and instructed his chief policy officer to work on immediate implementation. We first wrote about this bill in May 2025. It seeks to prevent majority owners reducing inheritance taxes by driving down share prices ahead of succession events. The bill would treat listed companies the same as unlisted companies, setting a valuation floor of 0.8x NAV.
Naturally, this bill will encounter opposition from the conglomerates, but President Lee already has a track record of pushing through reform-oriented legislation, so we are optimistic about the prospects for this bill, which will have a meaningful impact on the valuations of affected names. - Also on the 22nd, President Lee highlighted the issue of duplicate listings. This refers to chaebols creating multiple layers of subsidiaries to solidify control while depressing share prices to save on inheritance tax.
Duplicate listings are bad for minority investors and most stock exchanges globally are against them. They are however prevalent in Korea (18% of the market) for historical reasons. Japan used to be in a similar position but now only has 4% thanks to Tokyo Stock Exchange initiatives.
We wrote about this issue in April 2025, when the Korea Exchange blocked SK Innovation’s spin-out of its subsidiary SK Enmove. Now the president himself is calling out conglomerates such as LS and LG for spinning off subsidiaries against the interests of minority shareholders.
LS has been shamed into withdrawing its plans, and it seems that spin-off IPOs by other conglomerates are also on ice. The next catalyst for this trade will be when the KRX releases newguidelines in Q1, with a corresponding Capital Markets Act revision to come. Metrica expects this to generate further trading opportunities in this space.
Sources:
Will Dual Listings, the ‘KOSPI 5000 Obstacle,’ Disappear?, The Asia Business Daily, 26 Jan 2026
History does repeat
In 2024, excitement over the Value-up programme gave way to pessimism as President Yoon’s unpopularity meant nothing got done. Many of the listed stocks which should have benefited from Value-up – namely, those where corporate governance or capital allocation concerns were depressing the share price – rallied sharply but then fell back later in the year, in many cases to below preannouncement levels.
When President Lee replaced President Yoon, “KOSPI 5000” took over as the banner for a new collection of reform measures. And similar to 2024, the initial announcement drove a huge rally in the affected names, but by the end of the year, the market’s attention had drifted elsewhere and many of the same names had fallen sharply back.
Current levels only make sense if Korea reforms are getting derailed a second time, and so far, the evidence doesn’t point that way. The main difference with 2024 is that President Lee has a strong mandate to get things done, and he has so far shown an admirable focus on following through with his campaign promises. Two revisions of the Commercial Act have been passed, and a third is on the way. Corporates have responded by increasing share buybacks and cancellations while publishing plans to improve shareholder value creation. Investors have correspondingly reacted by using the reforms as a platform to mount campaigns targeting poor governance and inefficient capital allocation. Given the political willpower plus strong buy-in by multiple capital market participants, the reform momentum looks set to continue for the foreseeable future.