NRF Asia: First 5-Month Revenue Surpasses 2023 Full-Year Total as Investment Portfolio Enters Harvest Phase

Chih-Yuan Yu, General Manager of NRF Asia, stated that the company's cumulative revenue for the first five months of the year reached approximately NT$149 million, a year-on-year increase of over 286%, surpassing the full-year revenue of 2023. This growth is attributed to the investment portfolio progressively entering its harvest phase. The company is currently focusing on four key investment areas: AI supply chain, robotics, semiconductors, and defense.

NRF Asia held a corporate briefing today. Yu explained that the revenue for the first five months has exceeded the full-year 2023 figure, primarily due to the maturation of its investment portfolio and a rebound in capital markets, which has boosted the valuation of its equity holdings and strengthened profitability. With investments now entering the harvest phase, the company remains optimistic about its full-year outlook.

Yu emphasized that NRF Asia is strategically investing in four major sectors—AI supply chain, robotics, semiconductors, and defense—aligning with key industry trends. The company also invests in high-dividend-yield stocks to ensure stable returns.

According to NRF Asia’s disclosed shareholding details as of the end of May, Starlux Airlines accounts for approximately 18% of its portfolio, Crownbest-KY about 16%, and Chang Guang Precision Machinery around 9%, making them the top holdings. Crownbest-KY benefited from increased demand during the FIFA World Cup, reporting first-quarter earnings per share of NT$2.59, a 26% year-on-year increase. Starlux Airlines saw a 27.77% year-on-year growth in cumulative revenue for the first five months, indicating positive momentum.

In robotics, Agility Robotics, the world’s first commercialized robotics manufacturer, is a key holding for NRF Asia. Combined investments from NRF Asia and related funds within the NRF Group amount to approximately USD 10 million. Agility Robotics has completed full-scale testing with major clients, with results meeting expectations. It has also initiated a proof-of-concept project with Toyota for logistics automation at a Canadian factory.

NRF Asia highlighted Linker Vision (Xin Yun Lin Ke) as Taiwan’s first large-scale AI visual model technology company and a prominent 'backdrop stock' featured during NVIDIA CEO Jensen Huang’s keynote speech. NRF Asia led the funding round for Linker Vision, which also includes investment from NVIDIA, marking it as a flagship AI investment case.

In semiconductors, NRF Asia and its affiliated funds collectively hold over 1,000 shares in Da Yi Cheng Technology, a key power engineering supplier to TSMC. The average cost per share is below NT$200, with plans for the company to list on the Emerging Stock Market (TPEx) this year. Da Yi Cheng specializes in secondary power distribution and MEP (mechanical, electrical, and plumbing) turnkey engineering for semiconductor fabs, with operational sites in Tainan, Taichung, Japan, and the United States, supporting a global footprint.