Bloomberg News

Taiwan Equity Movers: AU Optronics, HTC Corp., Pal Wonn Taiwan

June 08, 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 fell 1.1 percent to 6,999.65, its first loss in four days. The gauge slid 1.5 percent this week, the biggest drop in three weeks.

AU Optronics Corp. (2409) (2409 TT) retreated 3.9 percent to NT$11.25. Taiwan’s second-largest flat-panel maker said sales last month fell 6.6 percent from a year earlier to NT$30.19 billion, according to a statement filed to the Taiwan Stock Exchange.

Eva Airways Corp. (2618) (2618 TT) rose 1.4 percent to NT$17.65. The island’s second-largest carrier said May sales advanced 0.7 percent from a year earlier to NT$8.6 billion ($286 million), according to a statement filed to the stock exchange.

HTC Corp. (2498) (2498 TT), Asia’s second-biggest smartphone maker, slid 6.9 percent for the second day to NT$352, the lowest close since April 19, 2010. The company was cut to underperform, the equivalent of a sell rating, by Robert Cheng, an analyst at Bank of America Corp.’s Merrill Lynch unit. The company’s HTC One phone model faces “severe” competition in the second half from Apple Inc. and Samsung Electronics Co. products, Cheng wrote in a report.

The stock also slumped yesterday after HTC cut its second- quarter revenue forecast by 13 percent and Apple filed a new action seeking to block HTC’s latest handsets in the U.S.

Pal Wonn Taiwan Co. (2429) (2429 TT) jumped 5.3 percent to NT$5.56, the highest close since Feb. 8. The company reported May sales rose 21 percent from a year earlier to NT$59 million, according to a company statement.

To contact the reporter on this story: Ee Chien Chua in Singapore at echua27@bloomberg.net

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


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