| Prime News | | ![]() | ![]() | Chinese Capital Has Flown Into Taiwan via QDII
Taipei, Sept. 3, 2007 (CENS)--Following an approval issued by the Chinese regulator for Chinese people to invest in overseas securities via QDIIs (qualified domestic institutional investors) in July, some Chinese capital has flown into the Taiwanese bourse, in violation of Taiwan's regulation.
The influx of such fund into Taiwan is mostly via investments by the Chinese QDIIs in overseas funds, especially those in Hong Kong, such as investment in Hong Kong's Principal Asia High Dividend Equity Fund by China Construction Bank and investment in Hong Kong's Fund of Fund by the Bank of East Asia. Taiwanese stocks now account for 12.5% and 21% of the two funds' investment portfolios, respectively.
It is estimated that NT$100 million of Chinese capital has entered the Taiwanese market via the indirect manner, in violation of Taiwan's regulation which still forbids investment of Chinese capital in the domestic bourse, either directly or indirectly.
An official of the Securities and Futures Bureau under the Financial Supervisory Commission (FSC), pointed out that overseas funds must present statement confirming absence of Chinese capital before entering the Taiwanese market and the two aforementioned Hong Kong funds contained no Chinese capital upon their entry of the domestic market, adding that the bureau will check whether they actually contain Chinese capital now. He explained that currently overseas funds containing Chinese capital or having Chinese shareholders are not allowed to invest in the Taiwanese bourse.
The Chinese regulator publicized new measure in July allowing QDIIs to invest in six overseas financial products, including banking deposits, bonds, stocks, funds, warrants, and structured notes in countries having signed memorandum of understanding for financial supervision with China. Although the QDIIs, including banks, fund companies, and securities firms, cannot invest in Taiwan directly, due to the absence of the cross-Taiwan Strait MOU, they can do so indirectly by investing in overseas funds.
((PL)) (GE)
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| | ![]() | | | Taiwan Delegation to Back FTAAP Proposal at 2007 APEC Meeting
Taipei, Sept. 3, 2007 (CENS)--The Taiwanese delegation will express strong backing to the pushing of the Free Trade Area of Asia Pacific (FTAAP) proposal during the ongoing APEC (Asia-Pacific Economic Cooperation) 2007 meeting in Sidney, in order to avoid marginalization of the Taiwanese economy in the trend of regional economic integration and liberalization.
The FTAAP idea was listed a long-term goal by the 2006 APEC Economic Leaders' meeting in Hanoi last year, and a report on its feasibility drafted by the APEC Senior Officials Meeting has just come out, urging further study of regional economic integration, multilateral investment agreement, and trade convenience.
Insiders noted, however, that the U.S., a major advocate of FTAAP last year, appears to have become less enthusiastic about the proposal this year, following its signing of bilateral free trade agreements (FTA) with major Asian economies over the past one year, including that with South Korea in April.
Currently, 16 FTA/RTA (regional trade agreement) have been inked in the Asia-Pacific region, with another 15 now in talks, and those involving ASEAN (Association of Southeast Asian Nations) account for over half of the total. Under the strong blockade of China, Taiwan, though, has yet to sign FTA with any APEC member economy.
The Taiwanese delegation, though, will maintain low profile on the issue of climate change for the Economic Leaders' meeting this year, due to its lackluster performance in this aspect. A study of the Academic Sinica, Taiwan's foremost academic institution, shows that over the past 15 years, Taiwan's CO2 emission has doubled, with a growth rate among the highest in the world.
((PL)) (GE)
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| | ![]() | | | Taiwan Cooperative Bank Leads in Small and Medium Biz Loans
Taipei, Sept. 3, 2007 (CENS)--Taiwan Cooperative Bank was the No.1 domestic bank in extending loans to small and medium businesses in the first half of this year, according to statistics compiled by the Cabinet-level Financial Supervisory Commission (FSC).
The FSC's tallies showed Taiwan Cooperative Bank lent NT$315.2 billion (US$9.58 billion at US$1:NT$32.9) to small and medium businesses in the first half of this year, followed by First Bank with NT$313.5 billion (US$9.52 billion) and Hwa Nan Bank with NT$267 billion (US$8.11 billion). The three above-mentioned domestic banks accounted for 30% of the overall loans offered by domestic banks to small and medium businesses in the first half of this year.
Taiwan Cooperative said that lending to small and medium businesses can help the lenders achieve wider interest spread than that to other clients provided that risks are kept in check. The bank confirmed that lending to small and medium businesses is one of the most lucrative transactions currently.
In terms of loan ratios, First Bank saw its ratio of lending to small and medium businesses to overall lending reach 34.14% in the first half of this year, followed by Taiwan Business Bank with 32.88% and Chang Hwa Bank with 26%.
After posting substantial growth in earnings last year, First Bank posted NT$1.3 (US$0.04) in after-tax earnings per share in the first seven months of this year. The bank attributed the continual growth in earnings to its concentration on lending to small and medium businesses.
Over the past several years, Taiwan Business Bank has seen shrinkage in lending to small and medium businesses until this year because it had to improve operations in the wake of excessive overdue loans. The government-controlled Taiwan Business Bank is shouldered with the obligation to offer loans to small and medium businesses.
A high-ranking official at the FSC's Banking Bureau noted that the banks are certainly not assured of profits in lending to small and medium businesses, with risk control being a critical factor. For instance, Bowa Bank, formerly Pan Asia Bank, was eventually taken over by the FSC due to poor performance caused excessive lending to small and medium businesses, resulting in its accumulating a high loans ratio of 27.16%.
((BS)) (GE)
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| | ![]() | | | Uni-President Edges Out Master Kang as Most Profitable Taiwanese Food Firm in Ch
Taipei, Sept. 3, 2007 (CENS)--Uni-President Enterprises Corp. edged out Master Kang International Holdings Co. as the most profitable Taiwanese food producer in mainland China in terms of pretax earnings in the first half of this year.
Uni-President registered NT$4.984 billion (US$151.03 million at US$1:NT$33) in pretax earnings in the first half of this year, NT$200 million (US$6.06 million) more than Master Kang's NT$4.7 billion (US$142.42 million).
Over the past several years, Uni-President has been focused on business diversification and has achieved considerable success in this respect.
Driven by the mainland consumers' increasing purchasing power, Uni-President and Master Kang are seen as achieving high profitability in the mainland. Master Kang said that all its profits in the first half of this year came from core business.
Uni-President realized NT$4.254 billion (US$128.9 million) in earnings from investments in the mainland in the first half of this year. Including the earnings from core business in Taiwan, the company saw earnings double year-on-year in the first half of this year, becoming the most profitable Taiwanese food firm in the mainland.
Uni-President said its subsidiary in the mainland scored NT$1 billion (US$30.3 million) in earnings in the first half of this year, up 100% year-on-year and beating the 60% growth earlier expected by institutional investors.
Despite its outstanding performance in the mainland, Uni-President saw decline in earnings in Taiwan in the first half of this year. The company said it registered NT$730 million (US$22.12 million) in pretax earnings from core business in Taiwan in the first half of this year, down 11% year-on-year. Overall, the company scored NT$1.8 billion (US$54.54 million) in pretax earnings from core business in both Taiwan and the mainland in the first half of this year.
The company attributed the earning slump in Taiwan to the price hike in raw materials. The company will continue trying to raise its profitability in domestic food market by enhancing brand recognition in the coming years.
((BS)) (G)
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| | ![]() | | | CEO of Norwegian REC to Attend Taiwan's Photovoltaic Symposium
Taipei, Sept. 3, 2007 (CENS)--Erik Thorsen, president and chief executive officer (CEO) of Norwegian polysilicon producer Renewable Energy Corp. (REC), has promised to take part in a photovoltaic symposium to be held in October in Taipei, according to organizer Taiwan External Trade Development Council (TAITRA).
REC is recognized as the world's No.3 supplier of the material for solar cells, trailing only Hemlock Semiconductor Corp. of the United States and Wacker Chemie AG of Germany.
Taiwanese industry watchers pointed out that Thorsen's promise to appear is raising speculations that he might strike deals with Taiwanese solar-cell makers. It is understood that REC has been highly interested in the Taiwan market and early this year sent personnel to evaluate the market here.
In contrast to the tepid interest shown by Hemlock and Wacker in the Taiwan market, Thorsen's show of intention to attend the symposium inspires the Taiwan solar-energy industry. Reports are that leading Taiwanese enterprises such as the Formosa Plastics Group (FPG) and CPC Corp. had approached REC.
Polysilicon is the essential material for solar-cell manufacturing. With increasing size of the Taiwan solar-cell industry, Taiwanese manufacturers are facing material shortage.
According to the government-backed Industrial Technology Research Institute (ITRI), in 2005 alone Taiwan had 15 solar-energy manufacturers generating revenue totaling NT$7 billion (US$212 million). Last year, eight new entrants came onboard, helping boost the revenue to NT$21.2 billion (US$642 million). So far this year, the Taiwan industry has seen 18 newcomers, who are expected to push revenue to NT$40 billion (US$1.2 billion). Taiwan's solar-energy output capacity will likely approach two gigawatts of solar power next year, suggesting that the Taiwan industry is taking off.
ITRI's market-research fellows pointed out that solar energy has emerged as the hottest of all alternative energies.
TAITRA will hold the forum on Oct. 11-12 for the second year of the event. It will be the first time for Thorsen to attend this year. Other industry gurus invited include Suntech Power Holding Co., Ltd. President Shi Zhengrong (mainland China) and Standord Ovshinsky, a U.S. talent who invented amorphous semiconductor materials for use in solar energy and other segments.
REC and Hemlock are partly held by Japanese polysilicon supplier Sumitomo Chemical Co., Ltd., which has also invested in mainland Chinese silicon-crystal grower Solargiga, a joint venture between Wafer Works Corp. of Taiwan and a mainland Chinese solar-energy manufacturer.
((KL)) (E)
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| | ![]() | | | More Makers Join Polysilicon Manufacturing in Taiwan
Taipei, Sept. 3, 2007 (CENS)--In light of strained supplies of polysilicon for solar cells, a growing number of Taiwanese manufacturers are gearing up to branch into the sector.
Everlight Electronics Co., Ltd. and Lee Chang Yung Chemical Industry Corp. recently drew up a plan to co-inves in polysilicon. The two companies set the venture's capitalization at NT$4 billion (US$121 million at US$1:NT$33), with initial capitalization to be NT$500 million (US$15 million). They projected to put NT$10 billion (US$303 million) into the business in the long run.
The deal, once realized, will make Everlight the first Taiwanese light-emitting diode (LED) maker to enter polysilicon segment. The company's executives pointed out that solar energy and LED are a perfect match. Prior to the polysilicon investment, the LED maker had already invested in solar-cell maker Gintech Energy Corp.
For Lee Chang Yung, the investment allows it to diversify into the solar-energy sector from the petrochemical industry. The company's executives noted that many of their industrial peers at home, like Formosa Plastics Group (FPG) and CPC Corp., also are planning to invest in polysilicon. However, they claimed their company would be the first one to begin volume production.
Although Lee Chang Yung said it and Everlight will in principle set up the polysilicon factory in Taiwan, the company has suggested the government offer preferential access to power and land, as well as taxation.
Mosel-Vitelic Inc., a memory chipmaker, is also said to form a polysilicon joint venture with Solartech Energy Corp. for around NT$10 billion (US$303 million) for a solar-cell business.
Mosel-Vitelic invested in a solar-cell factory last year. The factory's first production line began pilot production in the first quarter this year, with volume production to begin in the fourth quarter. The line is designed to have maximum output capacity of 30 megawatts of cells a year, likely pumping out revenues of NT$100 million (US$3 million) per month for the company. Once at full capacity, the line is projected to generate revenue at double the current pace and see gross profit margin over 20%.
The chipmaker is planning another production line, which is projected to boost the company's output of the cells to 60 megawatts in 2008.
Mosel-Vitelic's executives reported that the company's solar-cell unit has landed enough orders to fill its capacity. However, the company's chairman, M.L. Chen, said his company's solar-cell business has been saddled with serious shortage of polysilicon material and would consider every chance to secure a supply.
The joint venture is reportedly designed to have annual output of 1,000-1,500 metric tons of polysilicon for 100-150 megawatts of cells, larger than the output at Green Energy Technology Inc. of Tatung Co.
Although Mosel-Vitelic's executives have declined to comment on the reports addressing cooperation between their company and Solartech, they admitted that the company is planning to migrate upstream, as well as assessing all possibilities.
A few days ago, Solartech's director board passed a proposal to open a polysilicon factory in the United States at a cost of NT$10 billion. The company's executives disclosed that their company would team up with a domestic listed firm. The company has declined to identify the partner, but some insiders believe that Mosel-Vitelic is the most qualified choice.
Solartech's executives said that the company already has a polysilicon-technology team and will sign the venture contract by the end of this quarter. They said the joint venture would enter into volume production in the near future and begin showing results in two years.
Prior to Solartech, Motech Industries Inc. opened a polysilicon factory in the United States through an affiliate.
((KL)) (E)
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| | ![]() | | | Ford Lio Ho Shows First Locally Made Diesel Passenger Car
Taipei, Sept. 3, 2007 (CENS)--Ford Lio Ho Motor Co., the local subsidiary of Ford Motor of the United States, recently claimed that it would keep adopting diesel-engine cars for production in Taiwan so as to lead the segment on the island.
Jeffery Nemeth, Ford Lio Ho president, made the statement at a recent press conference to demonstrate his company's first locally produced diesel-engine passenger car, the Focus TDCi, which is also the first local-produced diesel car in Taiwan in 10 years.
Nemeth believes that sales of diesel-engine cars would account for about 30% to 40% of Ford Lio Ho's total revenues.
The president pointed out that the increasingly tight oil supply has been driving major automakers to focus on diesel, hybrid-power, hydrogen-fuel, fuel-cell vehicles, in which diesel-engines bear the strongest cost advantage in terms of outlay for fuel and upkeep.
According to Nemeth, most local automakers rely on technical expertise supplied by Japanese partners, who possess relatively less diesel-engine technology than American and European counterparts. Ford Lio Ho, he added, has the strongest niche in diesel-engine products among local automakers thanks to the technical support from Ford Europe.
Test results of the locally-produced Focus TDCi, released by Ford Lio Ho, showed that the sedan can travel 29.01 kilometers on one liter of diesel, as well as burn B5 bio-diesel.
The Ford Focus TCDi has a 2,000cc turbo diesel engine and comes in two versions, four-door sedan (priced at NT$699,000, or US$21,182 at US$1: NT$33) and five-door hatchback (NT$789,000, or US$23,909). Ford Lio Ho aims to sell 200 units per month and is scheduled to introduce the automatic version in mid-2008.
Nemeth claimed that his company has decided to launch the locally-made, remodeled diesel-engine Mondeo next year too.
((QL)) (A)
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| | ![]() | | | Epistar to Raise Funds for Blue LED Capacity Expansion
Taipei, Sept. 3, 2007 (CENS)--LED dice manufacturer Epistar Corp. is scheduled to carry out capital increment by issuing 60 million new shares at NT$120 (US$3.64 at US$1: NT$33) each, and additional NT$2 billion (US$60.6 million) in convertible bonds.
If everything goes smoothly, Epistar is expected to raise NT$9.2 billion (US$278.79 million) for expanding its capacity of blue-light LEDs.
Epistar plans to upgrade its blue-light LED production capacity by at least 25% to 30%, or 200 million to 300 million LEDs per month, so as to meet the foreseeable strong demand in 2008. After the scheduled capacity expansion, the company estimated, Epistar is expected to become one of the top-three blue-light LED dice manufacturers in the world.
Epistar vice president Chang Shih-hsien pointed out that demand for blue-light LEDs from only new customers in 2008 would grow by at least 30%, already far outstripping Epistar's existing capacity, excluding demands from old customers.
Epistar would try as hard as possible to complete the capital expansion in the second half and does not exclude the possibility to procure old plants for installing new metal organic chemical vapor deposition (MOCVD) production equipment so as to accelerate the mass production to meet next year's demand peak.
Currently, the world's top-five LED makers include Nichia, Toyota Gosei, Osram, Cree, Lumileds (but who does not produce blue LEDs). Epistar's monthly capacity of blue LEDs is 800 million to 900 million.
After Epistar's blue-LED capacity expansion, industry sources said, the Taiwan company is expected to replace Cree as one of the top-three blue-LED producers.
The sources added that blue LEDs are winning increasing popularity in street lamp (powerchip) and backlight (Venus) application markets.
((QL)) (E)
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| | ![]() | | | Taiwan's Foreign-currency Deposits Plummet by NT$74 B. in July
Taipei, Sept. 3, 2007 (CENS)--Taiwan's outstanding foreign-currency deposits stood at NT$1.9551 trillion (US$59.25 billion at US$1 = NT$33) at the end of July, for the largest monthly fall of NT$74 billion (US$2.24 billion), according to the statistics compiled by the central bank here.
Insiders indicated that the fall was the first time ever recorded in the past year, indicating that forex investment by individuals and private sector on the island have started to cool off due to the impact from the U.S. sub-prime loan storm.
The central bank's statistics showed that the outstanding foreign-currency deposits have been growing rapidly since September of 2006 and such deposits broke NT$2 trillion (US$60.6 billion) for the first time at the end of May of this year. However, the figure in July sharply fell by NT$74 billion (US$2.24 billion) to NT$1.9551 trillion (US$59.25 billion).
Shih Yen, director general at the central bank's Economic Research Department, attributed the drop in foreign-currency deposits to the bullish stock market that recently absorbed considerable capital flowing out of the banking system. Besides, the prospective appreciation of local currency encouraged investors to sell their foreign currencies for local one.
Late in June this year the central bank announced sharply raising the reserve ratio of foreign-currency deposits in banks to 5% from 0.125% and some leading domestic banks have since reduced their interest rates for foreign-currency deposits as a result. Meanwhile, the banks here started to see declining deposits of foreign currencies, even including the popular Japanese yen, Australian dollar, and New Zealand dollar.
Insiders believed that foreign-currency deposits might keep shrinking in the following months since investors have learned how to better leverage their capital to avoid possible risks.
((JL)) (GE)
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| | ![]() | | | Taiwan's Economic Indicator Remains Green in July, Composite Index Jumps to 29
Taipei, Sept. 3, 2007 (CENS)--Thanks to the bullish stock market, expanding industrial production and robust foreign trade, Taiwan's economic monitoring indicator in July flashed the second consecutive "green" light with the composite index shooting up by four points to 29 points, according to the Cabinet-level Council for Economic Planning and Development (CEPD).
CEPD started in July to adopt a new index to monitor Taiwan's economic climate, revising some components for both leading and coincident indices. During the month the leading index edged up by 0.3% from a month earlier to 146.6; and coincident index increased by 1% to 150. The leading index is used to forecast the economic outlook for the next three months and the coincident index to assess the economic climate in a given month. The rise in the two indices showed evidence of recovering economic vitality on the island.
Among the seven components making up the composite index of leading indicator, four that made positive impact were export orders, stock prices, average monthly overtime hours in industry & services, and building permits. Three that made negative impact were money supply M1B, producer's inventory and semiconductor manufacturing industry's book-to-bill ratio.
As for the seven indicators making up the composite index, six showed positive impact, including industrial production, machinery and electrical equipment imports, electric power consumption, customs-cleared exports, manufacturing sales, and non-agricultural employment; while the sole negative contributor was the sales index of wholesale, retail, and food services.
In the same month the total composite scores shot up to 29 points, the highest in 11 months. Besides, the annualized six-month rate of change kept expanding to 5.2% for the ninth consecutive monthly rise, indicative of a continual economic expansion. Market observers attributed the upward economic trend in July mainly to the stock price index, which posted a whopping growth of 43.9%. Besides, indices of industrial production, customs-cleared exports, and manufacturing sales also helped push up the trend, which witnessed growth of 12.8%, 8.8%, and 7.1%, respectively.
A survey done in July by CEPD indicated that of the polled manufacturers 11% expected the economy to improve over the next three months, down from the revised 18% a month earlier; 13% held a negative view, down from the revised 15%; and 76% foresaw the economic performance to remain unchanged, up from the revised 67%.
((JL)) (GE)
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| | ![]() | | | TECO Leads Taiwan Sector With EPS of NT$0.81 in 1st Half
Taipei, Sept. 3, 2007 (CENS)--TECO Electric & Machinery Co. Ltd., one of top five suppliers of household electronics in Taiwan, reported net earnings of NT$0.81 per share for the first half of this year, leading the sector, according to company sources.
Coincidentally, Sanyo Electric Co., Ltd. posted corresponding figure of NT$0.7 per share, falling to the second place among top five suppliers in the sector; Kolin Inc. NT$0.48, up sharply by 70%; however, Sampo Corp., suffered a loss of NT$0.43 per share.
Tatung Co., which will report its sales performance soon, is expected to score solid earnings with its reinvested companies, including Green Energy Technology Inc. and Chunghwa Picture Tubes Ltd., turning profitable.
TECO scored net profits of NT$1.534 billion, or NT$0.81 per share, for the first half of this year, up 43% from a year earlier and equaling that posted for entire last year.
Worth mentioning is that TECO's outstanding profit result is attributable to Sophia Chiu, TECO's first female president in nearly 50 years, who has set up efficient management and operations to drive up corporate profits quarter by quarter. Also, the company has consistently streamlined its organization for better profits, successfully tapping more revenues from its core operations—heavy-duty electronics and motors.
Meanwhile, Sanyo scored sales revenue of NT$4.083 billion for the first half of the year, equaling that posted a year earlier, with net earnings of NT$213 million, or NT$0.7 per share, declining by 19% from a year earlier.
Sanyo said that it has changed promotion strategy for its air conditioners in the first half of the year for the first time, and this, somehow, has affected its profits. However, the company's profit performance will improve in the second half as it has been promoting other product lines.
With strong sales of its liquid crystal display (LCD) TVs and other household electronics, such as air conditioners and others franchised by Japan's Mitsubishi, Kolin generated sales of NT$9.373 billion for the first half of the year, up 36.4% from a year earlier, and net profits of NT$393 million, or NT$0.48 per share, sharply surging 74.68% from last year.
However, Sampo posted combined revenue of NT$8.85 billion for the first half of the year, suffering pretax losses of NT$359 million, or NT$0.43 per share, due mainly to losses of NT$276 million in sales incurred by its affiliate Sampo Technology Inc., NT$60 million in its financial assets, and NT$120 in bad debts by White-Westinghouse. In fact, the company posted profits of NT$57.4 million in sales by its core operations, with a gross profit of 17.94%, higher than 15.89% posted a year earlier.
((SC)) (E)
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| | ![]() | | | Global Sales of Outsourced LCD TVs to Reach US$25.2 B. in 2011
Taipei, Sept. 3, 2007 (CENS)--With an annual compound growth rate of 23.2% in global production of liquid crystal display (LCD) TVs, global sales of outsourced LCD TVs are expected to grow to US$25.2 billion with volume at 61.8 million units by 2011 from US$8.9 billion and 12 million units in 2006, according to statistics compiled by iSuppli.
Global shipment of LCD TVs amounted to about 45 million units in 2006, with 12 million units outsourced. iSuppli noted that with stable growth in annual production, shipment of outsourced LCD TVs will surge to 61.8 million in 2011.
In fact, quite a few leading international LCD TV brands still prefer to produce in house, making outsourced models account for less than 30% of the world's total shipment in 2006. However, the figure is estimated to edge up to nearly 40% in 2011, boosting sales of such models to US$25.2 billion by then from US$8.9 billion in 2006.
Outsourced LCD TVs are mainly ordered on an original design manufacturing (ODM) basis at the moment, with only a minor proportion, 6.8% in 2006, on an electronics manufacturing service (EMS) basis.
But, makers in the sector have been actively improving their EMS capability by consistently integrating supply chains in the line, reinforcing R&D, and deploying operations worldwide to vie for more orders.
At present, world's EMS makers, such as Canada's Celestica Inc., India's Elcoteq SE, Singapore's Flextronics International Ltd., Taiwan's Hong Hai Group and U.S.'s Jabli Circuit, have shown high interest in making LCD TVs, and are expected to post triple-digit growths in their shipment in the future.
However, in an analysis by iSuppli, suppliers of LCD TVs are struggling due to the low gross profit margins. This may cause the latecomers entering EMS segment to lower their gross profit margins on outsourced LCD TVs to scramble for orders.
Also notable is that prices of display panels, which account for 60-70% of production costs on LCD TVs, are so unstable that gross profits may be easily upset, especially when LCD TV makers fail to effectively control inventories of display panels.
Furthermore, it has been a daunting task for makers to join supply chains of world's leading LCD TV brands, such as SHARP, Sony and Samsung, who have integrated their production lines, including supply of display panels and final assembly of the products.
Thus, iSuppli suggested that EMS makers should join forces with ODM counterparts because the latter will still be competitive in both design and manufacture of LCD TVs in next few years.
((SC)) (E)
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