Taiwan Glass (1802) has been showing a really interesting recent trend. Today, it once surged to NT$37.7 intraday, and finally closed at NT$37.1—up 5.25% for the day. Trading volume also exploded to 270,000 shares, making it the No. 1 stock by trading volume on Taiwan’s market. I took a look at the fundamentals: it’s mainly driven by AI servers and 5G spurring PCB upgrades. Their high-end fiberglass cloth orders have remarkable visibility already booked out to 2027—this kind of long-term visibility is really uncommon among electronic component suppliers.

Even more compelling is that the company has finally turned around from losses in the first three quarters. The fiberglass business group contributed about NT$1 billion in profits, and the board also approved investing NT$2.25 billion to build new capacity. Production is expected to ramp up starting in 2026, with the supply of high-end fiberglass cloth projected to increase by 40% to 50%. Market share—currently 20% to 25%—is targeted to rise to 40%, leaving plenty of room for growth. I think Taiwan Glass’s reasonable valuation should reflect this long-term order visibility and the capacity expansion plan. In the short term, capital inflows and year-end accounting market activity could push the stock price up again to retest the previous highs.

That said, it’s still important to note that the flat glass segment remains under pressure from the mainland China real estate sector, so overall operations are a mix of bright spots and dark spots. But looking purely at the fiberglass cloth core “engine,” Taiwan Glass’s medium- to long-term growth foundation is indeed being solidified.