Manz Shares Surge as Tablet Demand Fuels Orders: Frankfurt Mover
Manz AG, a German supplier of equipment to the solar and flat-panel industries, rose the most in more than four months after announcing new orders valued at 56 million euros ($76 million) at its display unit.
The shares jumped as much as 12 percent to 23.28 euros, the steepest intraday advance since Oct. 1. The stock traded up 9 percent as of 9:57 a.m. in Frankfurt as volume was almost double the three-month daily average.
Manz, based in the southern town of Reutlingen, said the orders by “established Asian suppliers to the electronics industry” will boost revenue and earnings in the first half of 2013. It commented in a statement today. The company, which has production and research sites in Taiwan and China, is gaining tailwind from consumer demand for Apple Inc. products, said Ingo Queiser, a Frankfurt-based analyst with Natureo Finance.
“Manz benefits a lot from the boom in tablets and touchscreens as it makes the production equipment for those devices,” said Queiser, who recommends buying the stock. Of seven analysts who rate the shares, four recommend buying Manz, while two have sell recommendations and one advises holding the stock, according to data compiled by Bloomberg.
Manz has slumped about 86 percent over the last five years compared with a 14 percent gain excluding dividends or coupons in the CDAX Performance Index, which tracks all companies listed on the Frankfurt stock exchange, data compiled by Bloomberg show.
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