Shares of the following companies had unusual moves in Taiwan trading. Stock symbols are in parentheses and prices are as of 1:30 p.m.
The Taiex Index rose 101.11, or 1.1 percent, to 9,049.25. Chang Ji-sheng, Taiwan’s best-performing equity fund manager, predicts stocks will reverse 2011 losses and post a third year of gains as closer ties with China boost sales for technology companies. The Taiex may rise to 9,500 this year, Chang, who manages the $380 million UPAMC Quality Growth Fund, said in a phone interview from Taipei yesterday.
Compal Electronics Inc. (2324 TT), the world’s second-largest contract maker of notebooks, gained 2.6 percent to NT$31.80, the highest since March 25, after announcing plans to pay a record NT$2.7 per share cash dividend.
Mega Financial Holding Co. (2886 TT) jumped 4.8 percent to NT$25.15. The financial services company was raised to “neutral” from “underperform” at Credit Suisse Group AG, which cited better loan growth and net interest margins for the bank. The brokerage increased its share-price forecast to NT$25 from NT$20.30, analysts led by Chung Hsu wrote in a report.
Taiwan Cement Corp. (1101 TT) climbed 5.6 percent to NT$42.60, the highest since July 7, 2008, after its board of directors approved a cas dividend plan of NT$2 per share on 2010 earnings.
Taiwan Semiconductor Manufacturing Co. (2330 TT) gained 2.8 percent to NT$72.30. The stock rating of the world’s largest custom maker of chips was boosted to “buy” from “neutral” at Goldman Sachs Group Inc., which cited valuations and growth outlook. The brokerage increased its share-price forecast to NT$90 from NT$64, analysts led by Donald Lu wrote in a report.
Young Fast Optoelectronics Co. (3622 TT) lost 5.4 percent to NT$200, the most since March 17. The company’s profit fell to NT$279 million in the first three months of the year from NT$551 million in the same period a year earlier.