• APWC is like a **Corning for electrical and telecom cables.** (Corning is known for manufacturing essential, specialized materials like optical fiber and Gorilla Glass for displays; APWC manufactures essential, specialized cables for power and telecommunications infrastructure.)
• APWC is like **3M focused solely on manufacturing heavy-duty electrical and telecom cables.** (3M is a diverse industrial conglomerate known for a wide range of essential components and materials; APWC specializes in manufacturing critical industrial cables.)
• APWC is like **the Kinder Morgan for electrical and data cables.** (Kinder Morgan operates vast pipeline networks for oil and gas, crucial energy infrastructure; APWC manufactures the physical cables that act as the 'pipelines' for electricity and data, forming critical communication and power infrastructure.)

• Power Cables: Cables designed for the transmission and distribution of electricity across various voltage levels.
• Telecommunication Cables: Cables used for transmitting data and voice signals, including both copper and fiber optic solutions.
• Enamelled Wires: Wires coated with an insulating enamel layer, primarily used in windings for motors, transformers, and other electrical equipment.
• Bare Copper Wires: Uninsulated copper conductors used in various electrical applications.

Asia Pacific Wire & Cable (APWC) primarily sells its products to other companies, operating on a Business-to-Business (B2B) model. Its core business involves manufacturing and distributing copper and aluminum wire and cable products.

Based on the company's public filings, including its Annual Report on Form 10-K, APWC does not disclose the names of specific major customers. This is typical for companies with a diversified customer base where no single customer accounts for a significant enough portion of their revenue (typically 10% or more) that would require individual disclosure under U.S. Securities and Exchange Commission (SEC) regulations. For instance, APWC's 2023 10-K states that sales to their five largest customers collectively represented approximately 15.6% of their net revenue, indicating a broad customer base without overwhelming reliance on any one entity.

Therefore, while specific company names cannot be provided, APWC's products are sold to a wide range of companies across various industries in the Asia Pacific region. These major customer categories include:

• Construction Companies and Infrastructure Developers: These customers utilize APWC's wires and cables for new building projects, renovations, and large-scale infrastructure developments such as commercial and residential buildings, transportation networks, and industrial facilities.
• Utility Companies and Power Distributors: For power transmission and distribution networks, including power grids, substations, and local electricity supply infrastructure. This category includes state-owned or private utility providers responsible for power delivery.
• Telecommunications Service Providers and Network Builders: Companies involved in establishing and maintaining communication networks use APWC's cables for data and voice transmission infrastructure, including internet, telephone, and mobile network cabling.
• Original Equipment Manufacturers (OEMs): Businesses that incorporate wire and cable components into their own finished products, such as manufacturers of appliances, machinery, industrial equipment, and potentially automotive components.

• Chang Hwa Copper Industry Co., Ltd. (Symbol: 1603.TW)
• China Copper (Hong Kong) Co., Limited

Chun-Tang Yuan, Chief Executive Officer & Director

Chun-Tang Yuan has been the Chief Executive Officer of Asia Pacific Wire & Cable Corporation Limited (APWC) since 2005 and a member of its Board of Directors since 2004. He also served as the Chairman of APWC from 2005 to 2009. Mr. Yuan has been the Chairman of Pacific Electric Wire & Cable Co., Ltd. (PEWC), APWC's majority shareholder, since 2004. His other leadership roles include serving as Chairman of Tai Ho Investment Co. Ltd. and the Taiwan Electric Wire & Cable Industries Association since 2004. He has also been a Director of Pacific Construction Corp. Ltd since 2002. Previously, Mr. Yuan held the position of Chairman at Yang Yi Investment Co., Ltd. and Yu Chi Investment Co. Ltd., and was a Director of Charoong Thai Wire & Cable Public Co. Ltd. from 2004 to 2022. His experience further extends to serving as an Independent Director at HannStar Board Corp. since 2020 and Global Brands Manufacture Ltd., and as a Director at Sigma Cable Co. Pte Ltd. since 2005, Dragon Conqueror Ltd., Developer Global Ltd., and Full Global International Limited.

Ben Lee, Chief Financial Officer

Ben Lee was appointed Chief Financial Officer of Asia Pacific Wire & Cable Corporation Limited, effective May 12, 2025. Prior to joining APWC, he served as CFO at O'Neil Global Advisors. Mr. Lee also held VP Finance roles at Yum! Brands in Shanghai and Canadian Solar, Inc. in Ontario, Canada. He holds a Bachelor of Arts in Economics and a Diploma in Accounting Program from The University of British Columbia, and is a Certified Public Accountant and Chartered Global Management Accountant.

Cody Wu, Chief Operating Officer

Cody Wu serves as the Chief Operating Officer of Asia Pacific Wire & Cable Corporation Limited.

Daphne Hsu, Financial Controller

Daphne Hsu is the Financial Controller of Asia Pacific Wire & Cable Corporation Limited.

The key risks to Asia Pacific Wire & Cable (APWC) are primarily related to its ownership structure, the inherent challenges within its operating industry, and its financial efficiency with ongoing strategic initiatives.

1. Dominant Control by a Single Shareholder and Low Stock Liquidity: A significant risk for APWC stems from its ownership structure, where its controlling shareholder, Pacific Electric Wire & Cable Co., Ltd. (PEWC), a Taiwanese company, beneficially owns over 80.9% of the common shares. This leaves a small public float of approximately 19.1% available for trading on NASDAQ. This concentrated ownership means that the company's stock price is highly sensitive to even small trading volumes, and the strategic direction is primarily driven by the majority owner's long-term strategy rather than day-to-day market fluctuations from the public float.
2. Exposure to Broader Electrical Industry Challenges and Market Volatility: APWC operates within the electrical sector, an industry facing significant headwinds. These include geopolitical disruptions, supply chain bottlenecks, and interest rate volatility. Furthermore, the industry is grappling with rising labor costs due to chronic shortages of skilled electricians and material inflation, which can strain profitability. The company's operating profit has also been affected by a decline in higher-margin government projects and the fluctuation of copper prices.
3. Subpar Return on Capital Employed (ROCE) and Execution Risks of Strategic Initiatives: Despite robust cash flow metrics, APWC's Return on Capital Employed (ROCE) remains below industry averages. The company is undertaking a strategic investment to shift its focus from lower-margin commodity cables to higher-margin specialty products, such as those for the EV and drone industries. This transition, particularly its investment in North American paperboard production, carries inherent execution risks that could impact future profitability and capital efficiency.

Asia Pacific Wire & Cable (APWC) is primarily involved in the manufacturing and distribution of telecommunications cables (copper and fiber optic), power cables, enameled wire, and electronic wire products. The company also offers project engineering services for the supply, delivery, and installation of power cables. APWC operates primarily in the Asia Pacific region, specifically in countries such as Thailand, China, Singapore, and Australia.

The addressable markets for APWC's main products and services in the Asia Pacific region are substantial:

• Overall Asia Pacific Wire and Cable Market:
  • The Asia Pacific wires and cables market generated approximately USD 79,560.3 million in revenue in 2023 and is projected to reach US$ 108,349.1 million by 2030, growing at a compound annual growth rate (CAGR) of 4.5% from 2024 to 2030.
  • Another estimate values the Asia Pacific wires and cables market at approximately USD 157.20 billion in 2024, with a projection to reach around USD 228.26 billion by 2034, exhibiting a CAGR of 3.80% between 2025 and 2034.
  • In 2022, the Asia-Pacific and Japan wire and cable market was valued at USD 88.26 billion and is expected to grow to USD 199.71 billion by 2032, at a CAGR of 8.03%.
  • The Asia-Pacific region held over 49.1% of the global wire and cable market share in 2022.
• Asia Pacific Power Cable Market:
  • The Asia Pacific power and control cables market was valued at USD 63.3 billion in 2024 and is projected to grow at a CAGR of 7.2% from 2025 to 2034.
  • Another report indicates the Asia Pacific power and control cable market size was evaluated at USD 116.37 billion in 2024 and is predicted to reach approximately USD 231.70 billion by 2034, with a CAGR of 7.13% from 2025 to 2034.
  • The global power cables market size reached USD 186.5 billion in 2024, with Asia Pacific holding over 43.8% of this market.
  • The Asia Pacific Power and Control Cable Market was valued at US$ 50,903.14 million in 2022 and is expected to reach US$ 99,175.60 million by 2030, growing at a CAGR of 8.7%.
  • The Asia Pacific submarine power cable market is expected to witness a CAGR of 12.0% during the forecast period (2023-2030). In 2021, the market's volume surged to 788.0 million feet.
• Asia Pacific Telecommunications Cable Market:
  • The Asia-Pacific telecom and data cable market was valued at USD 9.84 billion in 2023 and is expected to reach USD 20.05 billion by 2032, at a CAGR of 8.23%.
  • The Asia Pacific Telecom Cable Market held a valuation of USD 37.64 billion in 2022, accounting for approximately 51.06% of the global market.
  • Asia-Pacific held 47.43% of the telecom cable market share in 2024 and is projected to expand at a 7.89% CAGR through 2030.
  • The Asia Pacific Submarine Cable System Market was valued at USD 6.90 billion in 2024 and is projected to reach USD 13.55 billion by 2032, with a CAGR of 8.9% from 2025 to 2032.
• Enameled Wire and Electronic Wire Products:
  • While APWC manufactures and distributes enameled wire and electronic wire products, specific addressable market sizes solely for these product categories within the Asia Pacific region were not separately identified in the provided information. These products are generally included within the broader "wires and cables" market.

Here are 3-5 expected drivers of future revenue growth for Asia Pacific Wire & Cable (APWC) over the next 2-3 years:

1. Growth in Public Sector and Infrastructure Projects: APWC anticipates continued revenue growth from public sector projects and broader infrastructure development across its operational regions. In the second quarter of 2025, revenue in the "Rest of World" segment experienced significant sequential growth, primarily due to the completion of public sector projects, with demand for new projects remaining high in the first half of the year. The Thailand segment also saw enhanced profitability in the public utility sector in 2024, contributing to its revenue increase.
2. Product Innovation and Strategic Shift to Higher-Margin Specialty Products: The company is focused on developing and introducing innovative wire and cable products to meet evolving industry needs. Specifically, APWC is investing in research and development to advance its product lines, including flat wire and rectangular enamel wires, for the electric vehicle (EV) industry. Additionally, a strategic initiative is underway to pivot from lower-margin commodity cables to higher-margin specialty products, which could potentially include a significant investment in North American paperboard production.
3. Expansion into Energy Storage Systems (ESS) and Smart Energy Management: APWC's 2025 Investor Presentation highlights energy storage systems as a significant area for future revenue generation. These systems are positioned to create multiple revenue streams by supporting renewables, providing uninterrupted power supply for data centers, and offering ancillary services to stabilize power grids. The company believes the monetization potential of ESS assets is "enormous" when integrated with smart energy management systems and energy trading platforms.
4. Leveraging Geographical Footprint and Favorable Tariff Rates: Despite global trade uncertainties and competitive pressures, APWC has successfully utilized its established geographical presence and advantageous tariff rates to maintain and foster revenue growth. The company's strong performance in key regions like Thailand, which saw increased order volumes and positive foreign exchange impacts, underscores the effectiveness of its regional market strategies.

Share Issuance

• Asia Pacific Wire & Cable Corporation Limited announced a proposed rights offering in 2025, aiming to raise approximately $34.2 million in gross proceeds from shareholders.
• The subscription price for this offering is $1.66 per common share.
• The net proceeds from the rights offering are primarily earmarked for investment in new production facilities, intended to leverage opportunities arising from global supply chain realignments.

Inbound Investments

• Pacific Electric Wire & Cable Co., Ltd. (PEWC), the controlling shareholder of APWC, has expressed its intent to participate in the 2025 rights offering with a cash investment of at least approximately $27.7 million.

Capital Expenditures

• The net proceeds of approximately $34.2 million from the proposed 2025 rights offering are primarily designated for funding new production facilities.
• These new production facilities are intended to capitalize on the ongoing global supply chain re-alignment.
• In 2024, the company's North Asia segment experienced decreased operating profit margins due to increased research and development costs. These costs were associated with advancing product lines in flat wire and rectangular enamel wires for the electric vehicle (EV) industry, indicating investment in product development.