Investors Press WUS Printed Circuit to Unlock Hidden Value

London-based Palliser Capital, which holds a 4.3% stake, argues that WUS is the most undervalued player in the artificial intelligence printed circuit board sector. The company’s shares currently trade at a discount exceeding 70% of their net asset value—the widest margin in five years. Palliser suggests management should consider taking the firm private or offloading its 11.3% stake in WUS Printed Circuit (Kunshan), a holding company that supplies Nvidia and is poised to benefit from the rising demand for complex inference server racks.

This push for reform follows an open letter from Singapore’s Metrica Partners, which owns about 1.5% of the company. Chief Investment Officer Damian L. Edwards criticized the board for allowing shares to trade at a fraction of the value of its underlying assets without justification. While WUS has successfully pivoted from basic motherboards toward high-end AI data center technology, the market has yet to reflect this shift in the company’s 31.34 billion New Taiwan dollar valuation. Shares rose 10% on Monday to 171.50 New Taiwan dollars following the activist pressure, though the company has not yet issued a formal response to the demands.