EQUITIES
TAIEX climbs above 17,400
The TAIEX yesterday moved higher to close above 17,400, as interest was ignited by the all-time highs posted by the major indices in the US at the end of last week, dealers said. Select large-cap tech stocks, especially in the semiconductor industry, attracted buying in the wake of the gains posted by their counterparts in the US, they said. Rotational buying pushed up old economy industries, such as shipping and petrochemical stocks, giving another boost to the broader market, they added. The TAIEX climbed 118.40 points, or 0.68 percent, to close at 17,415.30, the day’s high. Turnover totaled NT$373.647 billion (US$13.41 billion), with foreign institutional investors buying a net NT$6.75 billion of shares on the main board, Taiwan Stock Exchange data showed.
EQUITIES
Foreigners invest NT$22bn
Foreign investors last week bought a net NT$21.68 billion of local shares after selling a net NT$4.98 billion the previous week, the Taiwan Stock Exchange said in a statement yesterday. As of Friday, foreign investors had sold an accumulated NT$540.94 billion of local shares since the beginning of this year, the exchange said. Last week, the top three shares bought by foreign investors were Innolux Corp (群創), China Airlines Ltd (中華航空) and EVA Airways Corp (長榮航空), while the top three sold were Evergreen Marine Corp (長榮海運), China Development Financial Holding Co (中華開發金控) and Shin Kong Financial Holding Co (新光金控), the exchange said. As of Friday last week, the market capitalization of shares held by foreign investors was NT$23.23 trillion, or 43.75 percent of total market capitalization, it said.
AUTOMAKERS
Pan German profit edges up
Pan German Universal Motors Ltd (汎德永業汽車), which distributes BMW, Porsche and Mini vehicles in Taiwan, yesterday reported that operating profit last quarter increased 3.24 percent from a year earlier, while net profit rose 4.34 percent, thanks to improving profit margins. The company posted operating profit of NT$362.91 million and net profit of NT$287.65 million, while earnings per share reached NT$3.56, Pan German said in a statement. In the first three quarters of the year, the company’s earnings per share were NT$11.22, the highest for the period in four years, it said. While chip shortages have affected automakers around the world, Pan German said that it is cautiously optimisic about this quarter, after revenue in the first 10 months of the year grew 11.76 percent year-on-year to NT$35.43 billion.
ENTERTAINMENT
HIM net profit hits NT$66m
Record label HIM International Music Inc (華研音樂) yesterday reported net profit of NT$66.22 million in the three months to September, up 46.21 percent from a year earlier, while earnings per share were NT$1.25. Revenue expanded 34.71 percent to NT$182 million in the quarter. While the COVID-19 pandemic affected the firm’s concert sales, increases in licensing revenue helped boost revenue in the first three quarters 30.33 percent to NT$603 million, while net profit rose 31.74 percent to NT$251 million. Earnings per share were NT$4.75 in the nine-month period, it said. As the COVID-19 situation has eased over the past few months, the firm is planning to hold concerts by the end of the year, which is expected to further accelerate revenue growth this year, HIM said in a statement.
The domestic unit of the Chinese-owned, Dutch-headquartered chipmaker Nexperia BV will soon be able to produce semiconductors locally within China, according to two company sources. Nexperia is at the center of a global tug-of-war over critical semiconductor technology, with a Dutch court in February ordering a probe into alleged mismanagement at the company. The geopolitical tussle has disrupted supply chains, with some carmakers reportedly forced to cut production due to chip shortages. Local production would allow Nexperia’s domestic arm, Nexperia Semiconductors (China) Ltd (安世半導體中國), to bypass restrictions in place since October on the supply of silicon wafers — etched with tiny components to
Singapore-based ride-hailing and delivery giant Grab Holdings Ltd has applied for regulatory approval to acquire the Taiwan operations of Germany-based Delivery Hero SE's Foodpanda in a deal valued at about US$600 million. Grab submitted the filing to the Fair Trade Commission on Friday last week, with the transaction subject to regulatory review and approval, the company said in a statement yesterday. Its independent governance structure would help foster a healthy and competitive market in Taiwan if the deal is approved, Grab said. Grab, which is listed on the NASDAQ, said in the filing that US-based Uber Technologies Inc holds about 13 percent of
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday received government approval to deploy its advanced 3-nanometer (3nm) process at its second fab currently under construction in Japan, the Ministry of Economic Affairs said in a news release. The ministry green-lit the plan for the facility in Kumamoto, which is scheduled to start installing equipment and come online in 2028 with a monthly production capacity of 15,000 12-inch wafers, the ministry said. The Department of Investment Review in June 2024 authorized a US$5.26 billion investment for the facility, slated to manufacture 6- to 12nm chips, significantly less advanced than 3nm process. At a meeting with
Taiwan’s food delivery market could undergo a major shift if Singapore-based Grab Holdings Ltd completes its planned acquisition of Delivery Hero SE’s Foodpanda business in Taiwan, industry experts said. Grab on Monday last week announced it would acquire Foodpanda’s Taiwan operations for US$600 million. The deal is expected to be finalized in the second half of this year, with Grab aiming to complete user migration to its platform by the first half of next year. A duopoly between Uber Eats and Foodpanda dominates Taiwan’s delivery market, a structure that has remained intact since the Fair Trade Commission (FTC) blocked Uber Technologies Inc’s
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