Taiwanese Stocks: Hon Hai Precision, Shin Kong Financial, TPK
Taiwan’s Taiex Index rose 38.24, or 0.5 percent, to 8,624.01 at the 1:30 p.m. Taipei trading close, the fifth day of gains and the highest since June 6, 2008. The benchmark gained 3.8 percent this week, the biggest advance since the week to June 10.
Hon Hai Precision Industry Co. (2317 TT) gained 3.2 percent to NT$112.50, the most since Oct. 25. The world’s largest contract manufacturer of electronics plans to boost its investments in China by more than $330 million, it said in exchange filings yesterday. Hon Hai will invest in Zhengzhou, Chengdu, Hangzhou and Huaian to expand capacity for making mobile phones, tablet computers, connectors and high-end routers, the Taipei-based company said in separate filings.
Inotera Memories Inc. (3474 TT), Nanya Technology Corp.’s venture with Micron Technology Inc., jumped 6.7 percent to NT$14.40, the most since Sept. 3, after Micron introduced a new flash memory device that extend the life of NAND chips. Nanya (2408 TT), which uses a production process developed by Micron, increased 4.3 percent to NT$16.85.
MediaTek Inc. (2454 TT) soared 7 percent to NT$422.50, the most since May 4, 2009, after market speculation its November and December sales would improve from October, according to a sales note from Macquarie Group Ltd. Chief Financial Officer Yu Ming-to didn’t pick up calls to his office.
Shin Kong Financial Holding Co. (2888 TT) dropped 2.1 percent to NT$11.75, the most since Nov. 12. Shin Kong-HNA Life Insurance yesterday won approval from the China Insurance Regulatory Commission for a branch in Hainan, southern China, parent Shin Kong Financial Holding Co. said in a statement to the exchange. Shin Kong-HNA Life is a joint venture between Shin Kong Life Insurance Co. and China’s HNA Group, according to the statement.
Simplo Technology Co. (6121 TT), the largest maker of battery packs for laptops, surged 7 percent to a record NT$214 on speculation it received Sony Corp. orders, according to Calvin Lu, an analyst at Mega Securities Co. Ting Huei-min, chief financial officer, didn’t answer calls to her office.
TPK Holding Co. (3673 TT), a touch screen company, climbed 6.1 percent to NT$733. Credit Suisse Group AG raised the company’s share-price estimate to NT$816 from NT$623, while maintaining its rating at “outperform.”
To contact the reporter on this story: Weiyi Lim in Taipei at Wlim26@bloomberg.net
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