Bloomberg News

Taiwan Stocks: Chimei Innolux, Motech Industries, Yulon Nissan

March 29, 2012

Shares of the following companies had unusual moves in Taiwan trading. Stock symbols are in parentheses and prices are as of the close in Taipei.

The benchmark Taiex Index retreated 2.1 percent to 7,872.66. The gauge has risen 11 percent this year, poised for the best three-month performance since the quarter ended September 2010.

Chimei Innolux Corp. (3481) (3481 TT) dropped 4.8 percent to NT$13.85. Hon Hai Precision Industry Co.’s investment in Sharp Co. is “negative” for Chimei as it signals Hon Hai’s support for the flat-panel maker will be extensively diluted, analysts led by Robert Cheng at Bank of America Merrill Lynch wrote in a note. Hon Hai has a stake in Chimei.

Motech Industries Inc. (6244) (6244 TT) lost 5 percent to NT$51.20, the lowest close since Dec. 21, and Sino-American Silicon Products Inc. (5483) (5483 TT) slumped 6.9 percent to NT$53 after trade journal PHOTON International said waning political support in established markets hurt photovoltaic panel prices.

Taiwan Fertilizer Co. (1722) (1722 TT) retreated 2.6 percent to NT$76.50, the lowest close since Feb. 7. The company was cut to neutral at Fubon Securities Co.

Yulon Nissan Motor Co. (2227) (2227 TT) declined 3 percent to NT$212.50, the lowest close since Feb. 24. The venture between Nissan Motor Co. and Yulon Motor Co. was cut to neutral from add, the equivalent of buy, at Fubon Securities.

To contact the reporter on this story: Weiyi Lim in Singapore at wlim26@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net


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