STOCK MARKET
TAIEX takes a tumble
The market plunged more than 100 points to close below 10,900 points yesterday in the wake of an overnight decline on Wall Street, amid renewed concern over the eurozone caused by a political standoff in Italy. The market was also under pressure over fears of a looming trade war between the US and China. The TAIEX closed down 142.95 points, or 1.30 percent, at 10,821.17, with turnover of NT$160.73 billion (US$5.35 billion). According to the Taiwan Stock Exchange, foreign institutional investors sold a net NT$15.29 billion worth of shares on the main board.
MANUFACTURING
Walsin forecast improves
Capital Investment Management Corp (群益投顧) yesterday revised upward its earnings forecast for Walsin Technology Corp (華新科技) to NT$30.05 from NT$26.37 per share this year, after the nation’s second-largest passive component supplier posted better-than-expected financial results for last month. Due to price hikes, Walsin reported earnings of NT$2.15 per share, up 551.25 percent year-on-year, while sales grew 87.44 percent to NT$3.13 billion. Walsin shares yesterday closed 1.64 percent higher at NT$372.5.
E-COMMERCE
PChomestore to go private
The Taipei Exchange yesterday said PChomestore Inc (商店街) would stop trading its shares on the over-the-counter board on June 22, after the company’s board decided earlier this month to take the e-commerce operator private. PChomestore, a subsidiary of PChome Online Inc (網路家庭), announced a NT$363 million privatization plan in a bid to pursue greater returns on investment. PChome and its partners plan to buy back PChomestore shares on the open market at NT$44 per share from June 22 to Aug. 10. PChomestore shares yesterday closed 0.12 percent higher at NT$43.05.
FOOD PROCESSING
Namchow ahead of schedule
Namchow Holding Co (南僑投資控股) is expected to see its total annual revenue reach NT$20 billion next year, one year ahead of schedule, chairman Alfred Chen (陳飛龍) told shareholders yesterday, adding that he is optimistic about the group’s business performance this year. The group plans to submit an application to the Chinese securities regulator next month or in July to launch an initial public offering on the Shanghai Stock Exchange, Chen said.
FINANCIAL SERVICES
CCIA spends on start-ups
China Development Financial Holding Corp (中華開發金控) yesterday said its CDIB Capital Innovation Accelerator (CCIA, 開發創新加速器), which facilitates the development of emerging companies in Taiwan, has invested in six start-ups since becoming operational a year ago. The start-ups include artificial intelligence, Internet of Things, mobile Internet and next-generation e-commerce businesses, CDIB Capital International Corp (中華開發資本) president Ho Chun-huei (何俊輝) said.
PUBLIC RELATIONS
Hoffman opens in Taipei
The Hoffman Agency, a global public relations firm, yesterday announced the establishment of its Taipei office this month, making it the firm’s eighth office in Asia. Headquartered in San Jose, California, the firm said in a news release that it would focus on helping Taiwanese tech companies and start-ups enter international markets.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) secured a record 70.2 percent share of the global foundry business in the second quarter, up from 67.6 percent the previous quarter, and continued widening its lead over second-placed Samsung Electronics Co, TrendForce Corp (集邦科技) said on Monday. TSMC posted US$30.24 billion in sales in the April-to-June period, up 18.5 percent from the previous quarter, driven by major smartphone customers entering their ramp-up cycle and robust demand for artificial intelligence chips, laptops and PCs, which boosted wafer shipments and average selling prices, TrendForce said in a report. Samsung’s sales also grew in the second quarter, up
LIMITED IMPACT: Investor confidence was likely sustained by its relatively small exposure to the Chinese market, as only less advanced chips are made in Nanjing Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) saw its stock price close steady yesterday in a sign that the loss of the validated end user (VEU) status for its Nanjing, China, fab should have a mild impact on the world’s biggest contract chipmaker financially and technologically. Media reports about the waiver loss sent TSMC down 1.29 percent during the early trading session yesterday, but the stock soon regained strength and ended at NT$1,160, unchanged from Tuesday. Investors’ confidence in TSMC was likely built on its relatively small exposure to the Chinese market, as Chinese customers contributed about 9 percent to TSMC’s revenue last
Taiwan and Japan will kick off a series of cross border listings of exchange-traded funds (ETFs) this month, a milestone for the internationalization of the local ETF market, the Taiwan Stock Exchange (TWSE) said Wednesday. In a statement, the TWSE said the cross border ETF listings between Taiwan and Japan are expected to boost the local capital market’s visibility internationally and serve as a key for Taiwan becoming an asset management hub in the region. An ETF, a pooled investment security that is traded like an individual stock, can be tracked from the price of a single stock to a large and
Despite global geopolitical uncertainties and macroeconomic volatility, DBS Bank Taiwan (星展台灣) yesterday reported that its first-half revenue rose 10 percent year-on-year to a record NT$16.5 billion (US$537.8 million), while net profit surged 65 percent to an unprecedented NT$4.4 billion. The nation’s largest foreign bank made the announcement on the second anniversary of its integration with Citibank Taiwan Ltd’s (花旗台灣) consumer banking business. “Taiwan is a key market for DBS. Over the years, we have consistently demonstrated our commitment to deepening our presence in Taiwan, not only via continued investment to support franchise growth, but also through a series of bolt-on acquisitions,” DBS
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