Sat, Sep 22, 2018 - Page 11 News List

Taiwan Buisness Quick Take

Staff writer

DATA STORAGE

CMC sees shares rise

Shares of CMC Magnetics Corp (中環), which makes recordable CDs, yesterday rose 9.97 percent after it announced a share buyback scheme late on Thursday. CMC is to repurchase shares on the open market from yesterday to Nov. 19 at about NT$5 to NT$10 per share, the company said. CMC said it is to buy back 50 million shares, or as much as 2.74 percent of the total, during the period. Shares of CMC yesterday closed at NT$6.84 in Taipei trading. They have risen 60.94 percent this year, Taiwan Stock Exchange data showed. CMC reported sales of NT$5.698 billion (US$185.5 million) for the first eight months of the year, down 3.84 percent year-on-year.

STOCK MARKETS

FPC surpasses Hon Hai

Formosa Petrochemical Corp (FPC, 台塑石化), the nation’s only publicly traded oil refiner, has replaced contract electronics maker Hon Hai Precision Industry Co (鴻海精密) to become the second-largest stock on the local market in terms of market value. The company, one of the four major units of Formosa Plastics Group (台塑集團), which is the nation’s largest industrial conglomerate, yesterday saw its shares rise 5.76 percent to close at NT$147, which gave it a market value of NT$1.4 trillion. Shares of Hon Hai closed at NT$75.8, with a market value of NT$1.31 trillion.

CHIPMAKERS

FocalTech files complaint

FocalTech Systems Co (敦泰電子), a supplier of touchpanel controllers, on Thursday said Novatek Microelectronics Corp (聯詠科技) has infringed on another patent held by FocalTech and the company has requested the Intellectual Property Court in Taipei to grant a preliminary injunction to stop Novatek from manufacturing and selling chips using its technology. The patent is about making a new single chip that integrates display drivers and touch controllers, FocalTech said in a statement. The company said it plans to seek compensation of more than NT$794.36 million, which it announced on Tuesday is what it faces from loss of business.

STEELMAKERS

bHsin Kuang expects growth

Hsin Kuang Steel Co (新光鋼鐵) expects to post higher earnings growth this year as global steel demand remains relatively stable, Hsin Kuang chairman Su Ming-te (粟明德) told an investors’ conference on Thursday. The company would also work to diversify its business to include the production of offshore wind power equipment, Su said. The company reported earnings per share of NT$3.01 in the first half of the year, up from NT$1.71 in the same period last year. Hsin Kuang is investing in steel-bracket welding, which is applied in offshore wind turbine foundations. The company also holds an 11 percent stake in Century Iron & Steel Industrial Co (世紀鋼構), which has received steel orders for use in domestic offshore wind farm development.

AUTO PARTS

Hota shares rise 2.2%

Hota Industrial Manufacturing Co (和大工業), which makes gears and shafts for automobiles, motorcycles and agricultural tractors, yesterday saw its shares rise 2.2 percent on speculation that it is likely to enter the supply chain of Toyota Motor Co’s electric-gasoline hybrid cars next year. Rising orders and growing demand for electric cars have benefited Hota, which reported record sales of NT$4.86 billion in the first eight months of the year, up 8.54 percent from the same period last year.

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