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Discounted exposure to copper clad laminates

2026-05-12 · 08:23 UTC ·Collyer Bridge ·2 min read

Brief

Discounted exposure to copper clad laminates (CCL) is presented as a value-investor play by Collyer Bridge in a May 12, 2026 Substack preview: the author argues investors can gain CCL exposure cheaply by owning a holding company that majority-owns a CCL producer while the holdco’s four other divisions account for nearly the entire market capitalization, effectively leaving the CCL business under‑valued. The memo cites acute CCL tightness and AI-driven demand as catalysts, pointing to a May 3, 2026 tweet from @jukan05 reporting a Seoul PCB maker placed advance orders worth 10 billion won with Taiwanese producers EMC and TUC (order volumes described as >5x typical), and frames the thesis as scuttlebutt-driven value research — full details and on‑the‑ground checks are behind the post’s paywall.

Why it matters

Collyer Bridge (May 12, 2026) highlights a value idea: buy a holding company that majority-owns a copper clad laminate (CCL) producer to get cheap CCL exposure because the holdco’s four other divisions reportedly account for almost the entire market cap.

Key details

  • The post cites supply tightness as rationale: a May 3, 2026 tweet from @jukan05 reports a Seoul PCB manufacturer placed advance orders worth 10 billion won with two Taiwanese CCL producers, EMC and TUC, with the order volume described as more than five times normal levels (tweet had ~106K views).
  • The write-up is a preview/paywalled Substack post — the author solicits paid subscriptions for the full analysis, scuttlebutt and on-the-ground research behind the idea.
Cleaned source text

A value play from a regular contributor.

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Discounted exposure to copper clad laminates

A value play from a regular contributor

Collyer Bridge

May 12| | | ∙| | Preview

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We have a number of readers who identify as value investors. In the midst of this AI melt-up, they have been trying to find some value plays.

We feature one such idea contributed via email today.

This is said to be one of the cheapest ways to have copper clad laminate (CCL) exposure. You can own the majority of a CCL company through a holdco, with the holdco’s four other divisions covering almost the entire market cap of the holdco.

The tightness of the CCL market, and its attractiveness to investors seeking AI exposure, is evident from this story translated in Jukan’s tweet:

Jukan

@jukan05

"Even China Has No Volumes"... CCL Shortage Reaches Crisis Level A PCB manufacturer in the Seoul metropolitan area recently placed advance orders worth 10 billion won with two Taiwanese CCL (copper clad laminate) producers, EMC and TUC. The volume is more than five times the

10:44 PM · May 3, 2026 · 106K Views16 Replies · 73 Reposts · 402 Likes

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