Taiwan Stocks: Catcher, Far Eastern New Century, First Financial
Taiwan’s Taiex Index rose 78.22, or 0.9 percent, to 8,702.33 as of 1:30 p.m. in Taipei. It was the highest closing level since June 6, 2008. The gauge advanced for six straight days, the longest streak since December 2009.
Catcher Technology Co. (2474 TT) jumped 6.8 percent to NT$101.50, the highest since May 19, 2008, after November sales soared 16 times to NT$515 million ($17 million) from a year earlier. Goldman Sachs Group Inc. raised the share-price estimate to NT$113 from NT$104, while maintaining a “buy” rating on the company.
Far Eastern New Century Corp. (1402 TT) surged 6.2 percent to NT$49. Deutsche Bank AG raised its share-price estimate to NT$47 from NT$37.60, according to a report by analyst Julian Wang. The textile company was lowered to “hold” from “buy” at Deutsche Bank, which cited the “limited upside potential” for the stock.
First Financial Holding Co. (2892 TT) climbed 5.9 percent to NT$24.35, the highest since Aug. 11, 2008. Goldman Sachs raised its share-price estimate to NT$25 from NT$24. The brokerage maintained a “buy” rating for the company, saying its “strong franchise positions it well to capture the rising small-medium-enterprise loan demand” driven by improving domestic consumption and strong exports.
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