Shares in Acerpure Inc (宏碁智新), a smart home appliance subsidiary of PC brand Acer Inc (宏碁), rose sharply by more than 40 percent yesterday, the first day of its listing on the Taipei Exchange’s over-the-counter (OTC) market.
Shares in Acerpure, which provides household appliances such as air-conditioners, air purifiers, air circulator fans and vacuum cleaners, jumped 43.55 percent from its issuance price of NT$31 to close at NT$43.55 on the OTC market, where the index closed up 3 percent at 383.50.
The gains reflected optimism toward the fast-growing smart home appliance market, not only in Taiwan, but also in other regions Acerpure has kept a close eye on, dealers said.
Photo courtesy of Acerpure Inc via CNA
Acerpure’s sales rose 18 percent year-on-year to about NT$900 million (US$28.54 million) last year, while its earnings per share stood at NT$2.72, up from NT$1.01 a year earlier.
In the first two months of this year, Acerpure generated NT$168 million in sales, up 30.04 percent from a year earlier.
While Taiwan accounted for 44.08 percent of its total revenue last year, India made up 35.01 percent of the sales, making Acerpure the second-largest home appliance brand in India.
In addition, the Philippines accounted for 7.7 percent of Acerpure’s total sales last year, and Thailand 3.74 percent.
Acerpure in a statement said its global expansion plans have targeted the populous Southeast Asian markets and India, noting that it has already secured certification from the Bureau of Indian Standards.
The company plans to work with physical logistics and online vendors to expand in the Indonesian air-conditioner market, as well as to Thailand and the Philippines, it added.
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