Thu, Oct 29, 2015 - Page 14 News List

Taiwan Business Quick Take

Staff writer

PROPERTY

TFCC to open books

Taipei Financial Center Corp (TFCC, 台北金融大樓), which operates Taipei 101, yesterday said its board of directors has agreed to Blackstone Group LP’s examining its books ahead of a potential share purchase by the US private equity firm. The decision paves the way for Blackstone to make an offer of up to US$700 million for a 37.17 percent stake currently held by Ting Hsin International Group (頂新國際集團), the conglomerate that was embroiled in tainted food scandals last year. Blackstone has assured the government that it will not use Chinese-backed money to fund what would be its first investment in Taiwan.

ELECTRONICS

LCD TV shipments shrink

Global shipments of LCD TVs this quarter are forecast to reach 62.2 million units, according to the latest report from WitsView, a research division at Taipei-based market information advisory firm TrendForce Corp (集邦科技). The figure translates to quarterly growth of 17.1 percent, but an annual decrease of 7.5 percent. WitsView’s outlook for the LCD TV market this year is on the conservative side, as it has revised its shipments downward from 220 million units to 216 million. This year’s shipments represent a contraction of 0.1 percent from last year, a second annual decline, WitsView said yesterday.

ELECTRONICS

Flexium beats forecasts

Flexible printed circuit board supplier Flexium Interconnect Inc (台郡) yesterday reported third-quarter sales and earnings that beat analysts’ estimates, helped by better-than-expected sales of Apple Inc’s iPhone 6S. Revenue jumped 45 percent from a year earlier to NT$4.57 billion (US$139.8 million) last quarter, the highest third-quarter figure in its history, the company said. Net income also hit a record of NT$899 million, with earnings per share of NT$3.34. The company expects sales and factory utilization rate to continue moving higher this quarter. Flexium’s stock yesterday gained 2.9 percent to close at NT$99.3 in Taipei trading. Its shares have increased 36.11 percent this year, and trade at 10.33 times estimated earnings, according to Taiwan Stock Exchange data.

MACROECONOMY

GDP to shrink: Moody’s

Moody’s Analytics, a division of Moody’s Corp, yesterday projected Taiwan’s GDP would shrink by 0.6 percent year-on-year for the third quarter of this year, driven by falling exports and soft domestic demand. In addition to the slowing growth in China, destruction caused by typhoons was also another key factor behind the GDP weakness last quarter, Moody’s said in a statement. It said it forecast the economy would expand just 2 percent this year from last year, compared with last year’s 3.8 percent growth. The government is due to release third-quarter results and update its full-year GDP numbers tomorrow.

FINANCE

Yuanta bond plan approved

Yuanta Financial Holding Co (元大金控) yesterday said its board has approved a plan to issue up to NT$20 billion in unsecured corporate bonds, with the funds to be used for future mergers and acquisition activities. It did not give details of the bond issuance. Yuanta Financial in August announced a plan to acquire 100 percent of Ta Chong Bank (大眾銀行) for NT$56.55 billion. In the first nine months of the year, the company posted a cumulative net profit of NT$10.42 billion.

This story has been viewed 1680 times.

Comments will be moderated. Keep comments relevant to the article. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned. Final decision will be at the discretion of the Taipei Times.

TOP top