TAIEX rises again
The TAIEX rose to its highest level in more than two years, as Nomura Holdings Inc became the latest brokerage to recommend the nation’s equities.
Catcher Technology Corp (可成) jumped 6.8 percent after sales soared last month. First Financial Holding Co (第一金控) climbed 5.9 percent after Goldman Sachs Group Inc raised its share-price estimate. Finance and insurance companies accounted for 25 percent of the TAIEX’s advance yesterday.
The TAIEX gained 78.22, or 0.9 percent, to 8,702.23 at the 1:30pm Taipei trading close, its highest level since June 6, 2008.
Turnover was NT$140.95 billion (US$4.66 billion).
Nomura raised its rating for Taiwan stocks to “bullish” from “bearish,” saying the index may offer “significant potential upside.” The brokerage joined Morgan Stanley and Goldman Sachs in recommending Taiwanese shares next year.
Largan sales still growing
Largan Precision Co. Ltd (大立光), the world’s largest cellphone camera lens maker, said yesterday its sales last month hit a record high for the sixth consecutive month on an increase in shipments.
Last month, Largan posted NT$1.29 billion in sales, up 2 percent from October and up 37 percent from a year earlier.
In the 11 months to last month, Largan said, it recorded NT$11.03 billion in sales, up 52 percent year-on-year.
“Demand for consumer electronic products, in particular smartphones, remained strong,” Taiwan International Securities (金鼎證券) analyst Michael Chiang said.
BenQ receives loan
BenQ Materials Corp (明基材料) has received an NT$3 billion five-year loan from 14 lenders, including Bank of Taiwan (台灣銀行), First Commercial Bank (第一商業銀行) and E. Sun Commercial Bank (玉山銀行), the firm said in a statement to the stock exchange. The funds will be used to boost working capital and improve financial structure, the compact disc maker said.
CPC shuts Taoyuan unit
State-owned oil company CPC Corp, Taiwan (台灣中油), said it shut the No. 1 crude distillation unit at its Taoyuan refinery on Nov. 26 for maintenance.
The stoppage will last about 45 days, vice president Paul Chen (陳綠蔚) said in a telephone interview yesterday. The company had earlier halted its No. 11 crude distillation unit at the Talin refinery on Nov. 20 for about the same length of time, he said. Each of the units can process 100,000 barrels of oil a day.
CPC’s three refineries have a combined capacity of 720,000 barrels a day. Crude distillation units separate the fuel into oil products and form the main part of a refinery.
China Airlines to fly to Auckland
China Airlines (中華航空) said yesterday that it will become Taiwan’s only carrier serving New Zealand next year when it launches flights to Auckland on Jan. 1. Rival EVA Airways (長榮航空) canceled its service two years ago.
China Airlines currently operates three flights a week between Taipei and Brisbane, Australia, and the airline will add New Zealand to its list of destinations by extending the route to Auckland.
China extends yuan trial
China said yesterday it has increased the number of firms allowed to use the yuan to settle international transactions to 67,359 from 365, in the latest step towards making the unit a global currency.
The expanded list of companies in 16 regions participating in the country’s yuan cross-border settlement trial is aimed at “making trade and investment more convenient,” the People’s Bank of China said on its Web site.
Gogoro Inc (睿能創意) yesterday launched its first electric bicycle, the Gogoro Eeyo 1, in Taiwan, after unveiling the bike in New York in late May and in France on Tuesday. The company said it would also introduce the series in other European countries such as Germany and the Netherlands. The “Eeyo project” is the fourth of Gogoro’s eight projects that concentrate on smart transportation, which includes Gogoro’s electric scooter, battery swap system and electric scooter sharing service, company founder and chief executive officer Horace Luke (陸學森) told a media briefing in Taipei. “There are various types of city commuters. We will not
EXPERIMENTAL DRUG: While news about a COVID-19 vaccine is more eye-catching, developing a treatment would be more viable, the Senhwa boss said Senhwa Biosciences Inc (生華科) aims to raise NT$1.5 billion (US$50.57 million) by issuing 15 million new common shares in the third quarter of this year to fund the research of new drugs, including the experimental drug Silmitasertib for the treatment of COVID-19, the company said on Monday. That would be the firm’s largest fundraising effort after it raised more than NT$1.4 billion from an initial public offering on the Taipei Exchange (TPEX) in April 2017, chief financial officer Sarah Chang (張小萍) told the Taipei Times by telephone. The price of the new shares would depend on the firm’s average share price
NOT A PANACEA: Offering 5G services would not solve the problem of declining telecom incomes, chairman Sheih Chi-mau said, expecting a flat 5G telecom revenue Chunghwa Telecom Co (中華電信) yesterday became the nation’s first telecom to debut its 5G services, offering tiered tariffs that include a threshold of NT$599 and flat rates, as it aims to switch half of its subscribers to the 5G network within three years. Subscribers would have unlimited data transmission for monthly fees starting at NT$1,399 — the same flat rate as when the company launched its 4G service in 2014 — and they can subscribe to the highest-rate plan for NT$2,699 per month for faster data transmission speeds and larger bandwidth, the company said. Data transmission speeds would be within the range
STAYING AHEAD: TSMC expects its sales this year to grow 14 to 19 percent and could spend up to US$3.52 billion on research and development, leaving its rivals far behind Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) reported that the US last year approved 99 percent of its patent applications, which placed the tech giant among the top patent holders in the US. In its Corporate Social Responsibility Report, TSMC said it last year secured about 3,600 patents worldwide, including more than 2,300 in the US. As of the end of last year, TSMC owned more than 39,000 patents, the report said. The company last year filed almost 6,500 patent applications worldwide and ranked among the top 10 patent applicants in the US. In Taiwan, it was the largest patent applicant for the fourth