TaiMed inks distribution deal
TaiMed Biologics Inc (中裕新藥) yesterday said that it has expanded a distribution contract for its new HIV/AIDS drug, TMB-355, with a Canadian partner to include Europe as well as North America. TaiMed first signed a contract in March last year to have Canadian company Theratechnologies Inc serve as its exclusive distribution partner in Canada and the US, and the contract was expanded yesterday to cover a number of European markets as well as Israel. Under the revised contract, TaiMed receives royalties of 57 percent on sales of TMB-355 in Europe, up from the 52 percent the two companies agreed in March last year.
Taishin denies mulling bid
Taishin Financial Holding Co (台新金控) yesterday denied a media report that the company is mulling its brokerage unit acquiring Ta Chong Securities Co Ltd (大眾證券) at NT$11 per share in a NT$4.2 billion (US$136 million) cash deal. The acquisition is part of the bank-focused conglomerate’s bid to diversify its earnings drivers, sources close to the matter said in a report published by the Chinese-language Economic Daily News. Should the deal go through, Taishin Securities Co’s (台新證券) ranking among its local peers would rise from No. 32 to No. 24, industry observers said. The acquisition would represent a 11.4 percent premium after Ta Chong Securities shares closed at NT$9.87 on Friday last week. Ta Chong Securities shares yesterday gained 2.84 percent to close at NT$10.15 in Taipei trading.
Largan sales decline 8%
Largan Precision Co (大立光), the nation’s leading smartphone camera lens supplier, posted sales of NT$3.45 billion last month, an 8 percent month-on-month decline, according to a statement posted on the company’s Web site on Sunday. However, the figure was still 70 percent higher than the same period last year, the company said. Last month, 10 megapixel and above lenses accounted for between 70 and 80 percent of the company’s total shipments, 8 megapixel lenses contributed between 10 and 20 percent, while lenses with resolutions of fewer than 5 megapixels contributed 10 percent, according to a shipment breakdown. Total sales for the first two months of the year grew 38 percent from the same period last year to NT$7.22 billion, the company said.
Macronix to cut its capital
Memorychip manufacturer Macronix International Co (旺宏電子) yesterday said its board has approved a proposal to halve its capital in order to improve the company’s financial structure. After the reduction, the company would have 1.81 billion common shares, according to a company filing with the Taiwan Stock Exchange. The share reduction plan is subject to a vote at the firm’s annual shareholders’ meeting on May 26. Macronix still has NT$18.65 billion in accumulated losses, despite two consecutive profitable quarters at the end of last year.
Advantech approves payout
Advantech Co (研華), the world’s largest industrial computer maker, yesterday said its board has approved a NT$6.3 cash dividend. That represents a payout ratio of 70.31 percent compared with its earnings of NT$8.96 per share last year. In total, the company made a net profit of NT$5.69 billion last year. The company yesterday posted revenue of NT$2.96 billion for last month, a 9.38 percent year-on-year increase from NT$2.7 billion.
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
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
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
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