EQUITIES
TAIEX flat due to US markets
Shares in Taiwan closed nearly flat yesterday, after moving into consolidation mode, as investor sentiment was dictated by a lackluster performance on Wall Street after a hawkish statement given by US Federal Reserve Chairman Jerome Powell, dealers said. Lingering concerns over Russia’s war with Ukraine also weighed on the main board, with the bellwether electronics sector — led by large-cap semiconductor stocks — taking the brunt of the pressure, they said. The TAIEX closed down 0.65 points at 17,559.71, after moving between 17,468.55 and 17,573.29. Turnover totaled NT$235.455 billion (US$8.25 billion), with foreign institutional investors selling a net NT$354 million of shares on the main board after buying a net NT$196 million on Monday, Taiwan Stock Exchange data showed.
EQUITIES
Foreigners sell NT$39.32bn
Foreign investors last week sold a net NT$39.32 billion of local shares after selling NT$180.98 billion a week earlier, the Taiwan Stock Exchange said in a statement on Monday. As of Friday, foreign investors had sold NT$478.75 billion of local shares from the beginning of the year, it said. Last week, the top three shares foreign investors sold were China Development Financial Holding Corp (中華開發金控), Taiwan Semiconductor Manufacturing Co (台積電) and AU Optronics Corp (友達光電), while the top three shares they bought were China Steel Corp (中鋼), Tatung Co (大同) and Pegatron Corp (和碩), the exchange said. As of Friday, the market cap of shares held by foreign investors was NT$22.52 trillion, or 41.60 percent of total market cap, it said.
ELECTRONICS
Tong Hsing revenue to drop
Tong Hsing Electronic Industries Inc (同欣電), an image sensor packaging services arm of Yageo Corp (國巨), yesterday said revenue this quarter would likely drop by a single-digit percentage from a quarter earlier due to seasonal factors. However, the firm remains positive about its business performance for the whole of this year, expecting revenue to hit another record compared with last year’s NT$13.88 billion, as customer demand remains strong, Tong Hsing president Heinz Ru (呂紹萍) told investors in a teleconference. Complementary metal-oxide semiconductor image sensor packaging services would grow at the fastest rate this year, while ceramic substrate, radio-frequency module and mixed IC module businesses would also see steady growth, he said. The firm’s new production facilities in Taoyuan’s Bade District (八德) are expected to begin installing equipment in August and start volume production in the fourth quarter, chief operating officer Chang Chia-shuai (張嘉帥) said. The firm has budgeted a capital expenditure of NT$1 billion for this year. Net profit rose 90.6 percent year-on-year to NT$2.77 billion last year, the highest in the firm’s history, with earnings per share rising from NT$7.88 to NT$15.49, company data showed.
LOTTERY
Winning invoices unclaimed
Four NT$10 million-winning uniform invoices and nine NT$2 million winners issued in November and December last year remain unclaimed, the Ministry of Finance said yesterday. The winning serial number for the NT$10 million prize is 31150905 and the one for the NT$2 million prize is 28564531, the ministry said. It urged those with winning receipts who have yet to claim their prize to do so by the May 5 deadline. The ministry said the winning numbers for invoices issued in January and last month would be drawn on Friday.
UNPRECEDENTED PACE: Micron Technology has announced plans to expand manufacturing capabilities with the acquisition of a new chip plant in Miaoli Micron Technology Inc unveiled a newly acquired chip plant in Miaoli County yesterday, as the company expands capacity to meet growing demand for advanced DRAM chips, including high-bandwidth memory chips amid the artificial intelligence boom. The plant in Miaoli County’s Tongluo Township (銅鑼), which Micron acquired from Powerchip Semiconductor Manufacturing Corp (力積電) for US$1.8 billion, is expected to make a sizeable capacity contribution to the company from fiscal 2028, the company said in a statement. It would be an extended production site of Micron’s large-scale manufacturing hub in Taichung, the company said. As the global semiconductor industry is racing to reach US$1 trillion
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’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
Memory chip stocks extended their losses yesterday after Alphabet Inc’s Google publicized research that could allow more efficient use of the storage needed for artificial intelligence (AI) development. SK Hynix Inc and Samsung Electronics Co, South Korean leaders in the market, fell more than 6 percent and about 5 percent respectively in Seoul. In the US, Micron Technology Inc, Western Digital Corp and Sandisk Corp slid more than 2 percent in pre-market trading, after they all closed lower on Wednesday. Memory companies have been on a tear in recent months as the rapid development of AI infrastructure triggered a spike in chip
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