Shares of Taiwan-based smartphone camera lens supplier Largan Precision Co (大立光), a supplier to Apple Inc, edged slightly lower yesterday, despite posting better-than-expected sales for last month a day earlier, dealers said.
The stock rallied early in the session after Largan said its revenue would continue to grow this month, but because of its high valuation after surging 27 percent since the beginning of last month, profit taking took over later in the session, they said.
Largan shares fell 0.17 percent to close at NT$2,890 off an early high of NT$2,945, with 750,000 shares changing hands on the Taiwan Stock Exchange. The exchange’s weighted index rose 0.06 percent to 8,597.11.
The stock steamed ahead soon after the market opened, buoyed by its sales report for last month, dealers said.
In a statement released on Sunday, Largan reported consolidated sales of NT$3.36 billion (US$103.7 million) for last month, up 8 percent from a month earlier and the third consecutive month-on-month increase.
Last month’s figure also beat an earlier estimate made by the company, which said revenue last month would be little changed from April.
Largan said in the statement that it expects sales to continue to grow this month, leading investors to suggest that Apple has begun to place orders for production of the next generation of iPhones expected to be unveiled in September.
Some foreign brokerages believe the worst is over for Largan now that Apple has completed inventory adjustments caused by weaker-than-expected iPhone sales, reflected in Largan’s three consecutive months of sales growth.
Two upbeat foreign brokerages have issued a target price of NT$3,200 on Largan shares.
“The stock suffered some profit taking today, as investors locked in gains posted in recent sessions,” Mega International Investment Services Corp analyst Alex Huang said.
The Eurovision Song Contest has seen a surge in punter interest at the bookmakers, becoming a major betting event, experts said ahead of last night’s giant glamfest in Basel. “Eurovision has quietly become one of the biggest betting events of the year,” said Tomi Huttunen, senior manager of the Online Computer Finland (OCS) betting and casino platform. Betting sites have long been used to gauge which way voters might be leaning ahead of the world’s biggest televised live music event. However, bookmakers highlight a huge increase in engagement in recent years — and this year in particular. “We’ve already passed 2023’s total activity and
Nvidia Corp CEO Jensen Huang (黃仁勳) today announced that his company has selected "Beitou Shilin" in Taipei for its new Taiwan office, called Nvidia Constellation, putting an end to months of speculation. Industry sources have said that the tech giant has been eyeing the Beitou Shilin Science Park as the site of its new overseas headquarters, and speculated that the new headquarters would be built on two plots of land designated as "T17" and "T18," which span 3.89 hectares in the park. "I think it's time for us to reveal one of the largest products we've ever built," Huang said near the
China yesterday announced anti-dumping duties as high as 74.9 percent on imports of polyoxymethylene (POM) copolymers, a type of engineering plastic, from Taiwan, the US, the EU and Japan. The Chinese Ministry of Commerce’s findings conclude a probe launched in May last year, shortly after the US sharply increased tariffs on Chinese electric vehicles, computer chips and other imports. POM copolymers can partially replace metals such as copper and zinc, and have various applications, including in auto parts, electronics and medical equipment, the Chinese ministry has said. In January, it said initial investigations had determined that dumping was taking place, and implemented preliminary
Intel Corp yesterday reinforced its determination to strengthen its partnerships with Taiwan’s ecosystem partners including original-electronic-manufacturing (OEM) companies such as Hon Hai Precision Industry Co (鴻海精密) and chipmaker United Microelectronics Corp (UMC, 聯電). “Tonight marks a new beginning. We renew our new partnership with Taiwan ecosystem,” Intel new chief executive officer Tan Lip-bu (陳立武) said at a dinner with representatives from the company’s local partners, celebrating the 40th anniversary of the US chip giant’s presence in Taiwan. Tan took the reins at Intel six weeks ago aiming to reform the chipmaker and revive its past glory. This is the first time Tan
RSS