Thu, May 18, 2017 - Page 11 News List

Taiwan Business Quick Take

Staff writer, with CNA

STOCKS

TAIEX dips on electronics

Shares yesterday edged lower as major large-cap electronics stocks lost ground, but the weighted index remained above the 10,000-point mark at the close for the third consecutive session, dealers said. The TAIEX closed down 17.82 points, or 0.18 percent, at 10,013.67 points after moving between 9,967.97 and 10,029.62 on turnover of NT$82.766 billion (US$2.75 billion). The market opened down 11.87 points and slid steadily until hitting the day’s low shortly before noon. However, after the index fell below 10,000 points buying interest emerged, especially in the non-high-tech sector, vaulting the index back up by the end of the session, dealers said. Yuanta Securities Investment Consulting Co analyst Shawn Hsueh (薛舜日) said foreign institutional investors have been the main drivers of the market’s recent gains, moving funds in to take advantage of local companies’ high dividend yields and the relative stability of the New Taiwan dollar against foreign currencies.

INVESTMENT

Retirement goals slipping

Most Taiwanese have fallen short of meeting planned retirement goals, HSBC Bank (Taiwan) Ltd (匯豐台灣商銀) said yesterday, citing a survey it conducted. Although prospective retirees have set goals to create retirement funding streams through diversified investments, most are overly reliant on cash savings, employer pension schemes and the social safety net provided by the government, while neglecting investments in stocks, bonds and foreign currencies, the survey showed. HSBC said that 27 percent of millennials have not begun preparing for retirement, compared with 19 percent of Generation Xers and 13 percent of baby boomers.

FOOD

Wei Chuan posts Q1 profit

Food maker Wei Chuan Foods Corp (味全食品) posted net profit of NT$46.72 million for last quarter, or earnings per share of NT$0.09, ending 10 consecutive quarters of net losses. From January through March, sales grew 2.2 percent annually to NT$3.6 billion, which the company attributed to improving customer demand. However, the company still reported an operating loss of NT$126 million, improving from NT$533 million in the red in the same period last year. Wei Chuan, a major subsidiary of Ting Hsin International Group (頂新集團), has been the subject of a widespread boycott of its products in Taiwan, after its parent company was implicated in 2014 in a food safety scandal involving the sale of tainted cooking oil through its subsidiaries. Since then, the company has continued to invest in improving its food safety standards, despite biased opinions from Taiwan’s netizens, it said.

MATERIALS

Shin Foong stock to debut

Shin Foong Specialty and Applied Materials Co Ltd (申豐), which mainly manufactures synthetic latex, said it plans to debut on the Taiwan Stock Exchange next month. The company, a reinvestment unit of papermaking conglomerate YFY Inc (永豐餘控股), is the nation’s largest manufacturer of styrene butadiene rubber for papermaking and has paid-in capital of NT$943 million. From January through last month, Shin Foong posted cumulative revenue of NT$1.06 billion, a 5.14 percent increase from the same period last year, on the back of increasing global demand for latex gloves.

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