The shares of Laster Tech Corp Ltd (麗清科技), which produces LED automotive lighting components, yesterday rose 70.3 percent on their first day of trading on the Taiwan Stock Exchange.
The shares closed at NT$51.1, while the benchmark TAIEX fell 0.94 percent to 9,239.32 points.
The company raised NT$273.1 million (US$8.5 million) in capital by issuing 8.1 million common shares, company data showed.
The company said it is upbeat about the sales outlook for next year, as it sees further business opportunities in the automotive LED lighting sector.
“We expect Laster to grab a 30 percent share of the global automotive LED lighting market in 10 years,” company chairwoman and president Liu Mei-hsiu (劉美秀) said, without disclosing the firm’s current market share.
LED headlights, which are manufactured using high-precision methods, are expected to be the company’s sales catalyst, she said.
LED headlights are expected to make up 27 percent of the global headlight market in 2020, compared with last year’s 9 percent, according to Laster data.
The booming China auto market is also seen as a catalyst for revenue growth, Liu said, adding that the reduction in China’s sales tax for small-engine cars would further boost car sales there next year.
Laster said it would develop new products in the automotive lighting sector to satisfy customers’ demand for energy-efficient auto components, including LED fog lights and LED daytime running lights.
Daytime running lights turn on automatically when a vehicle’s engine is started, improving the driver’s visibility.
Laster posted consolidated sales of NT$382.5 million for last month, up 40.4 percent from a year earlier, according to a filing with the Taiwan Stock Exchange.
From January to last month, accumulated revenue rose 26.11 percent to NT$3.1 billion on a yearly basis, with the company attributing the increase to the launch of new products this year and increased LED lighting penetration in China.
Laster is one of the auto parts suppliers in China’s car supply chain, distributing most of its products to tier-one and tier-two automakers in the nation.
One of the company’s major customers is Great Wall Motor Co (長城汽車), the largest sport utility vehicle brand in China.
Laster, which is based in New Taipei City, mainly manufactures products at its plants in China’s Shanghai and Dongguan, company data showed.
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