Shares of E-ton Solar Tech Co (益通光能) rocketed by 299.54 percent on its first day on the over-the-counter GRETAI Securities Market yesterday, making the solar-cell maker the highest-priced stock on the local bourse.
With a floor price of NT$218 (US$6.7), E-ton opened strong at NT$850 and then fluctuated between NT$840 and NT$880 during the session, before closing at NT$871.
The company has replaced bigger rival Motech Industries Inc (
E-ton's performance, however, did not reach the much-hyped NT$1,000 level as many analysts had expected.
Analysts said that E-ton shares were under profit-taking pressure from investors who purchased the shares in the initial public offering (IPO), as well as a weak benchmark TAIEX, which declined by 0.53 percent.
Even so, investors and market watchers are mostly positive on E-ton due to the company's healthy fundamentals supported by the strong market.
E-ton held an IPO last Monday and offered 265,000 shares to the public at NT$218 per share through a lot-drawing system. Some of the lot-drawing winners were able to cash in their shares for an immediate return of more than NT$650,000 yesterday.
The company last year saw pre-tax income jump by 287 percent to NT$280 million, or NT$12.73 per share. It hopes to double its earnings per share to NT$27 this year.
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TARIFF SURGE: The strong performance could be attributed to the growing artificial intelligence device market and mass orders ahead of potential US tariffs, analysts said The combined revenue of companies listed on the Taiwan Stock Exchange and the Taipei Exchange for the whole of last year totaled NT$44.66 trillion (US$1.35 trillion), up 12.8 percent year-on-year and hit a record high, data compiled by investment consulting firm CMoney showed on Saturday. The result came after listed firms reported a 23.92 percent annual increase in combined revenue for last month at NT$4.1 trillion, the second-highest for the month of December on record, and posted a 15.63 percent rise in combined revenue for the December quarter at NT$12.25 billion, the highest quarterly figure ever, the data showed. Analysts attributed the
Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) quarterly sales topped estimates, reinforcing investor hopes that the torrid pace of artificial intelligence (AI) hardware spending would extend into this year. The go-to chipmaker for Nvidia Corp and Apple Inc reported a 39 percent rise in December-quarter revenue to NT$868.5 billion (US$26.35 billion), based on calculations from monthly disclosures. That compared with an average estimate of NT$854.7 billion. The strong showing from Taiwan’s largest company bolsters expectations that big tech companies from Alphabet Inc to Microsoft Corp would continue to build and upgrade datacenters at a rapid clip to propel AI development. Growth accelerated for
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