The stock price of casing maker Catcher Technology Co (可成科技) tumbled 5.76 percent yesterday amid speculation that it did not receive certification as a parts supplier for Apple Inc’s latest product.
The stock fell to NT$262, its lowest level since May 15, after the Chinese-language Economic Daily News reported that Catcher’s metal casings for Apple’s new iPhone with a 4.7-inch display might be delayed due to a product flaw.
The report said Catcher’s metal casings were found unfit for the “iPhone 6.”
Apple has therefore shifted its orders to US electronics manufacturer Jabil Circuit Inc and Hon Hai Group (鴻海集團), the world’s largest contract electronics maker and assembler of iPhones and iPads, to avoid shipment delays, the report said.
Catcher chief financial officer James Wu (巫俊毅) said in a filing to the Taiwan Stock Exchange yesterday that “the development of the company’s new smart device product is still on schedule.”
He said the company is sticking to its growth targets, denying reports that it would not be able to meet its forecast growth for this quarter because of shipment delays.
Catcher had earlier forecast that revenue would grow 15 percent sequentially this quarter to NT$11.97 billion, from NT$10.41 billion last quarter.
Catcher joined Apple’s supply chain last year, producing metal casings for the US company’s iPhone 5s products, which were originally manufactured by Hon Hai subsidiary Foxconn Technology Co (鴻準).
Catcher also makes metal casings for Apple’s MacBook Air notebooks and iPad Mini tablets.
The US firm is Catcher’s largest client, accounting for more than 40 percent of its revenue.
In order to complete new orders from Apple, Catcher earlier last month announced plans to increase its capital expenditure to a record-high of NT$10.3 billion this year, from NT$9.62 billion last year, saying the company needed more computer numerical control (CNC) machines for production.
Other than Apple, Catcher supplies casings to handset brands such as Nokia Oyj, Sony Corp and HTC Corp (宏達電), and PC vendors Hewlett-Packard Co and Dell Inc.
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