Shares of Taiwan-based smartphone camera lens supplier Largan Precision Co (大立光), a supplier to Apple Inc, edged slightly lower yesterday, despite posting better-than-expected sales for last month a day earlier, dealers said.
The stock rallied early in the session after Largan said its revenue would continue to grow this month, but because of its high valuation after surging 27 percent since the beginning of last month, profit taking took over later in the session, they said.
Largan shares fell 0.17 percent to close at NT$2,890 off an early high of NT$2,945, with 750,000 shares changing hands on the Taiwan Stock Exchange. The exchange’s weighted index rose 0.06 percent to 8,597.11.
The stock steamed ahead soon after the market opened, buoyed by its sales report for last month, dealers said.
In a statement released on Sunday, Largan reported consolidated sales of NT$3.36 billion (US$103.7 million) for last month, up 8 percent from a month earlier and the third consecutive month-on-month increase.
Last month’s figure also beat an earlier estimate made by the company, which said revenue last month would be little changed from April.
Largan said in the statement that it expects sales to continue to grow this month, leading investors to suggest that Apple has begun to place orders for production of the next generation of iPhones expected to be unveiled in September.
Some foreign brokerages believe the worst is over for Largan now that Apple has completed inventory adjustments caused by weaker-than-expected iPhone sales, reflected in Largan’s three consecutive months of sales growth.
Two upbeat foreign brokerages have issued a target price of NT$3,200 on Largan shares.
“The stock suffered some profit taking today, as investors locked in gains posted in recent sessions,” Mega International Investment Services Corp analyst Alex Huang said.
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