FDC revenue rises 9.26%
Hotel and restaurant operator FDC International Hotels Corp (雲品國際) recorded NT$91.27 million (US$2.88 million) in revenue for last month, an increase of 9.26 percent from the same period last year, the company said in a statement. The operator of five-star hotel Fleur de Chine (日月潭雲品酒店) near Sun Moon Lake and buffet restaurant Giardino in New Taipei City’s Sinjhuang District (新莊) accumulated revenue of NT$859.62 million in the first eight months of this year, up by 9.39 percent from the same period last year, the statement said. The hospitality provider last month won regulatory approval for primary listing on the Taiwan Stock Exchange (TWSE).
ADATA books gain from sale
Memory module supplier ADATA Technology Co (威剛科技) yesterday said it would book a profit of NT$4.22 million by selling 8.23 million shares of local DRAM chipmaker Nanya Technology Corp (南亞科技). ADATA said it sold the shares at between NT$36.5 and NT$39.3 each, with proceeds totaling NT$310.29 million. After the transaction, the company retained a 0.22 percent stake in Nanya, according to a filing with the TWSE yesterday.
Iron Force sees revenue rise
Automotive parts maker Iron Force Industrial Co Ltd (劍麟) reported revenue of NT$404 million for last month, up by 4.25 percent from the same period last year. In the first eight months of this year, aggregate sales soared 16.4 percent annually to NT$3 billion, as automakers began installing safety systems in new vehicles. The company is cautiously optimistic about the sales outlook for the third quarter thanks to anticipated robust demand for car safety parts, Iron Force said in a statement.
TLC599 trials to be assessed
Taiwan Liposome Co Ltd (台灣微脂體) yesterday announced that it has applied with the Food and Drug Administration to begin assessing the results of first and second-phase clinical trials of its new arthritis drug, TLC599. The company said that it completed the studies in June, and that it hopes to publish the outcomes in the near future. TLC599 encapsulates a corticosteroid in a lipid-based drug delivery system for the treatment of inflammation caused by arthritis. The delivery system is designed to provide immediate pain relief, as well as sustained release, for treatment periods of up to 12 weeks per injection.
Largan shares extend losses
Shares of Largan Precision Co (大立光) yesterday morning extended losses from Saturday, after an Asian brokerage lowered its target price on the stock and urged investors to cut their holdings in the smartphone camera lens supplier, dealers said. The brokerage issued an “underperform” rating on Largan shares and cut its target price on the stock to NT$2,600, the lowest among foreign brokerages that track the firm. The target price indicated that the stock still has room to trend down by more than 20 percent. The brokerage said that a recent strong showing by Largan shares resulted from an upbeat mood about the adoption of dual camera lenses by international smartphone brands, adding that such positive leads had been factored into the stock’s price. “After the launch of Apple Inc’s iPhone 7 and iPhone 7 Plus, concerns over sales of the latest models have affected Taiwan’s Apple concept stocks, including Largan,” MasterLink Securities Corp (元富證券) analyst Tom Tang (湯忠謙) said.
POOR INTERNAL CONTROLS: Insurance Bureau Director-General Shih Chiung-hwa said the company is expected to get back on track while its chairman is suspended The Financial Supervisory Commission (FSC) yesterday fined Shin Kong Life Insurance Co (新光人壽) NT$27.6 million (US$939,415) for a reckless investment that endangered its solvency, and suspended its chairman Eugene Wu (吳東進) for poor supervision. The penalty is the second-highest in a single case after Nan Shan Life Insurance Co (南山人壽) was fined NT$30 million in September last year and its chairman Du Ying-tzyong (杜英宗) suspended for two years, the commission said. In three rounds of special and regular examinations conducted since last year, the commission found that Shin Kong Life had given too much power to an asset and liability management committee
HEAVY INVESTMENT: Moody’s affirmed the firm’s ‘Aa3’ rating with a ‘stable’ outlook due to its leading position in the industry and ability to match customer requirements Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) revenue this year is expected to increase about 21 percent to NT$1.29 trillion (US$44.01 billion) from NT$1.07 trillion last year, driven by strong demand for advanced 5-nanometer and 7-nanometer chips mainly used in smartphones and high-performance computing devices, a Moody’s Investors Service report on Wednesday said. TSMC’s rate of revenue growth next year is to increase to 7.5 percent, the ratings agency said. The company, which supplies 5-nanometer chips for Apple Inc’s new iPad series, has introduced the advanced chips ahead of its competitors and gained a significant share of the market for the foundry industry’s
Sony Corp has cut its estimated Play Station 5 (PS5) production for this fiscal year by 4 million units, down to about 11 million, following production issues with its custom-designed system-on-chip (SOC) for the new console, people familiar with the matter said. The Tokyo-based electronics giant in July boosted orders with suppliers in anticipation of heightened demand for gaming in the holiday season and beyond, as people spend more time at home due to the COVID-19 pandemic. However, the company has come up against manufacturing issues, such as production yields as low as 50 percent for its SOC, which have cut into
O2O BICYCLE SHOW: The Taiwan Bicycle Show next year is to be online to offline, with forums, audio-visual conferences and livestreaming of the offline events Local bicycle makers expect demand to continue outpacing supply due to orders triggered by the COVID-19 pandemic, with some companies seeing orders back up through next year. “Next year is all full in terms of orders. Our lead time on components is one year,” Giant Manufacturing Co Ltd (巨大機械) chairwoman Bonnie Tu (杜綉珍) told a news conference in Taipei organized by the Taiwan External Trade Development Council (TAITRA) to announce next year’s Taipei Cycle Show. The pandemic has reduced bicycle supplies and increased demand around the world, Robert Wu (吳盈進), chairman of KMC (Kuei Meng) International Inc (桂盟國際), one of the world’s