Hon Hai Precision Industry Co (鴻海精密), the world’s largest contract electronics maker, topped the list of companies on the Taiwan Stock Exchange with the largest amount of cash or cash equivalent assets, according to Taipei-based credit information agency China Credit Information Service Ltd (CCIS, 中華徵信所).
As of the end of June, Hon Hai, which posted NT$56.07 billion (US$1.69 billion) in net profit in the first half of this year — up 41.14 percent from a year earlier — had NT$614.52 billion in cash and cash equivalent, the CCIS said, citing statistics.
Taiwan Semiconductor Manufacturing Co (台積電), the world’s largest contract chip maker, came in second with NT$528.90 billion in cash and cash equivalent as of the end of June, followed by Cathay Financial Holding Co (國泰金控) with NT$372.12 billion, notebook computer ODM service provider Quanta Computer Inc (廣達) with NT$196.06 billion and integrated circuit designer MediaTek Inc (聯發科) with NT$195.82 billion, the data showed.
Fubon Financial Holding Co (富邦金控) was sixth on the list with NT$158.71 billion in cash and cash equivalent ahead of Mega Financial Holding Co (兆豐金控) with NT$132.30 billion, contract notebook computer maker Pegatron Corp (和碩) with NT$112.80 billion, flat panel firm AU Optronics Corp (友達光電) with NT$89.75 billion and CTBC Financial Holding Co (中信金控) with NT$81.48 billion, the data showed.
The CCIS said that the top 20 firms on the list each owned more than NT$50 billion in cash and cash equivalent.
Among the listed companies on the main board, eight owned more than NT$100 billion in cash and cash equivalent, 21 owned more than NT$50 billion, and 83 held more than NT$10 billion each.
The credit information firm said that the listed companies on the main board combined held almost NT$6 trillion in cash and cash equivalent, indicating that many companies lacked channels to spend their piling funds through investments.
The CCIS urged the government to solve the problem by leading these firms to invest.
Last month, the central bank cut its key interest rates by 0.125 percentage points in the latest quarterly policymaking meeting to boost the economy after freezing rates in the past 16 quarters.
Analysts said that the rate cut has raised the liquidity level in the market even higher, adding that the government should push for public works projects or industrial development plans to prompt the cash rich companies to spend in order to boost domestic economic growth.
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