Taiwan Stocks: Compal Electronics, Chimei Innolux, HTC, Wistron
Stocks of the following companies had unusual moves in Taiwan trading. Stock symbols are in parentheses and prices are as of the 1:30 p.m. close.
The Taiex Index fell 75.08, or 0.9 percent, to 8,567.82 and dropped 2.5 percent this week.
Laptop movers: Wistron Corp. (3231) (3231 TT) lost 6.8 percent to NT$48, the most since May 12, 2009. Compal Electronics Inc. (2324) (2324 TT) dropped 5 percent to NT$32.50, the lowest since August 2009. Quanta Computer Inc. (2382) (2382 TT) retreated 4 percent to NT$54.70. The companies fell on speculation laptop shipments may fall more than expected.
“There are simply no signs of consumer notebook computers picking up,” said Kirk Yang, an analyst at Barclays Capital in a note today. The brokerage cut its first-quarter shipment forecast to a 14 percent decline from the previous three months, from a previous estimate of a 10 percent drop. Yang said he remains “negative” on Taiwan laptop makers. Mike Liang, a spokesman for Wistron, Quanta’s Chief Financial Officer Elton Yang and Compal Chief Financial Officer Gary Lu didn’t answer calls to their mobile phones.
Chimei Innolux Corp. (3481) (3481 TT) dropped 1.1 percent to NT$31.85, the lowest since Feb. 25. Taiwan’s largest maker of flat panels posted a fourth-quarter net loss of NT$24.1 billion ($817 million), more than triple the NT$7.3 billion average of 14 estimates compiled by Bloomberg. Year-earlier data wasn’t available because the company was formed less than a year ago. The company was lowered to “neutral” from “overweight” at JPMorgan Chase & Co. by J.J. Park. The 12-month share-price estimate is NT$32.
Delta Electronics Inc. (2308) (2308 TT) lost 2.4 percent to NT$123.5, the lowest since Feb. 25. The company’s share-price estimate was cut to NT$115 from NT$140 at Credit Suisse Group AG, which maintained the company’s “neutral” rating.
HTC Corp. (2498) (2498 TT), the Taiwanese maker of handsets using Google Inc.’s Android and Microsoft Corp.’s Windows operating systems, slumped 5.5 percent to NT$1,035, the most since Oct. 18. The stock surged 25 percent this year through March 9, when it closed at a record high. The Taiex index dropped 2.5 percent in the same period. The stock was “overbought,” said Jeff Pu, an analyst at Fubon Securities Co. HTC Chief Financial Officer Winston Yung wasn’t immediately available for comment at his office.
Phison Electronics Corp. (8299) (8299 TT) dropped 5.6 percent to NT$168.50, the biggest decline since Aug. 31, as NAND flash chip prices are “weak,” said Ryan Chen, an analyst at SinoPac Securities Corp. Yu Zhi-Chyang, spokesman for the company, didn’t answer calls to his office.
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