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| Prime News | | ![]() | ![]() | iangsu Province Mandates Installation of Photovoltaic Device for New Buildings
Taipei, Nov. 16, 2007 (CENS)--The Construction Department of China's Jiangsu provincial government announced yesterday (Nov. 15) mandating installation of solar-energy water-heating systems for all under 12-story new housing buildings, effective January 1, next year, greatly whetting interest among Taiwanese photovoltaic makers in the expanding Chinese market.
The requirement is also applicable to all new, renovated, and expanded public buildings, including guesthouses, restaurants, and combo business-residence buildings, and developers of those buildings failing to meet the requirement won't be able to obtain their licenses.
Jiangsu is the first Chinese province enforcing the requirement, a move expected to inspire other provinces to follow suit, especially those boasting plenty of sunshine. The requirement, in fact, has been applied in over 10 Chinese cities, including Yantai, Jinan, Rushan, Zibo, and Jinan in Shandong province, Shenyang in Liaoning province, Qinhuangdao in Hebei province, Shenzhen of Guangdong province, Xining of Qinghai province. Shanghai also plans to push the "a million photovoltaic roof" project.
Over the past several years, the Chinese photovoltaic industry has been expanding at extraordinary clip, with Suntech Power, China's leading solar-cell maker, having emerging as the world's fifth largest solar-cell maker.
The news is a shot in the arm for Taiwanese photovoltaic makers, offsetting the effect of the news the other day concerning possible removal of subsidies for installation of photovoltaic devices by the U.S. government. Many are gearing up to tap the expanding Chinese market.
One immediate beneficiary is PanJit Semiconductor of Taiwan, which now owns 60% stake in Aideh Co., a solar-cell maker in Jiangsu province.
Tsai Chin-yao, president of E-Ton Solar, Taiwan's leading solar-cell maker, urged the
Taiwanese government to augment the domestic market scale via a similar requirement, such as mandated substitution of BIPV (building-integrated photovoltaic) device for glass walls or institution of certain capacity of photovoltaic devices for all new buildings.
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| | ![]() | | | CLA Minister Urges Early Institution of Labor-Insurance Pension Program
Taipei, Nov. 16, 2007 (CENS)--The government should postpone the inauguration of the national pension program, scheduled next October, unless the labor-insurance pension program is instituted beforehand; otherwise the labor-insurance program would go bankrupt due to huge retirement payment claims by senior insured laborers, warned Lu Tien-lin, minister of the cabinet-level Council of Labor Affairs (CLA), yesterday (Nov. 15).
The national pension program provides coverage to local citizens now excluded from existing social insurance programs. As a result, 209,000 senior insured laborers with over 30 insured service years now eligible to collect maximum amount of one-off labor retirement payment from the labor insurance program, set at 45 times their insured monthly pays, would rush to exit the labor insurance program and collect the retirement payment by October next year, so that they can join the national pension program, capable of collecting minimum monthly pension of NT$3,000 following their actual retirement.
Aggregate amount of the retirement payments for those senior insured laborers is estimated at NT$300 billion, which will slash the labor-insurance fund, now standing at NT$450 billion, to only NT$100 billion.
Passage of the labor-insurance pension program before next October, therefore, is critical for keeping those senior insured laborers in the labor insurance program, since additional service years can be translated into higher pensions after their retirement, according to Lu Tien-lin.
Lu Tien-lin reported that the labor insurance program is now suffering an annual shortfall of NT$10 billion, which will expand further along with aging of local labor force. The fund is now relying on investment returns to cover the shortfall.
CLA statistics show that as of September 207, 1.66 million insured laborers had been eligible to collect one-off retirement payments, with their claims totaling NT$1,214.6 billion, including 209,303 with over 30 insured service years, eligible to collect NT$295.1 billion of retirement payment.
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| | ![]() | | | Hon Hai Sees October Sales Shoot Up 43%
Taipei, Nov. 16, 2007 (CENS)--Hon Hai Precision Industry Co. saw monthly non-combined turnover amount to NT$131.1 billion (US$4.05 billion at US$1:NT$32.3) in October, up 43.37% year-on-year and hitting a historic high for four consecutive months.
C.A. Ting, spokesperson of Hon Hai, noted the outstanding sales performance can be attributed to the booming sales season. The company saw substantial growth in shipments of personal computers and consumer electronics in October.
Hon Hai registered NT$953.9 billion (US$29.53 billion) in non-combined sales in the first 10 months of this year, representing a year-on-year growth of 39.98%.
Although Hon Hai posted outstanding sales performance in October, its subsidiary—Q-Run Technology Corp. didn't register NT$10 billion (US$309.59 million) in October sales as the institutional investors had earlier anticipated. Q-Run posted NT$8.319 billion (US$257.55 million) in sales in October, up 67.3% annually but down 12.5% from the preceding month. The company scored NT$76.93 billion (US$2.38 billion) in cumulative sales in the first 10 months of this year, up a whopping 116.22% year-on-year.
Thanks to the substantial growth of its five major clients, including Apple Computer Inc., Cisco Technology, Hewlett Packard, Nokia and Acer, Hon Hai is expected to see sales grow 30% annually in the fourth quarter of this year.
Of the Hon Hai Group's major subsidiaries, InnoLux Display Corp., Pan-International Industrial Corp., CyberTAN Technology Inc. and Q-Run Technology Corp. each posted over 30% year-on-year growth in October sales.
Although Pan-International registered an amazing 67% year-on-year growth in October sales, it encountered an annual decline of 6.99% in cumulative sales in first 10 months of this year to reach NT$5.764 billion (US$178.45 million). CyberTAN saw a flat year-on-year growth in cumulative sales in the first 10 months at NT$9.454 billion (US$292.69 million).
Thanks to the price hike in TFT-LCD (thin film transistor-liquid crystal display) panels, InnoLux posted NT$127.291 billion (US$3.94 billion) in cumulative sales in the first 10 months of this year, up a whopping 56.1% year-on-year.
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| | ![]() | | | Central Reinsurance twAA+ Ratings Affirmed on Strong Market Position
Taipei, Nov. 16, 2007 (CENS)--Taiwan Ratings Corp. (TRC) recently affirmed its twAA+ rating for insurer financial strength and counterparty creditworthiness on Central Reinsurance Corp. The outlook is stable.
The ratings continue to reflect Central Reinsurance's strong position in the domestic market, good operating performance, and satisfactory capitalization. Moderating factors include the challenges the insurer faces to expand its local business.
TRC said Central Reinsurance is the sole domestic provider of reinsurance. Central Reinsurance's strong position and good relations with local insurers generate stable, good quality business. The company had a 22% share of the non-life insurance market and a 13% share of the life reinsurance market in terms of premiums ceded by domestic insurers in 2006. Central Reinsurance faces challenges to expand its local reinsurance business because of insurers' strategic shift toward increasing retention and the entry of more foreign-owned insurers into the Taiwan market that leverage group reinsurance capacity. The insurer is likely to generate better growth opportunities from overseas business, which accounted for only 5.6% of its total net premiums in 2006.
The reinsurance company's operating performance is good and stable. Benefiting from prudent underwriting controls, its combined ratio was 92% in the first half of 2007 and ranged between 95% and 97% in 2003-2006.
TRC noted Central Reinsurance's capitalization is satisfactory. The insurer's capital position has strengthened in recent years because of several capital injections. Its ratio of shareholders' funds to net premium income increased to 54.7% at the end of June 2007, from 38.8% at the end of 2003. The company's capitalization is supported by adequate reserves, while prudent retrocession arrangements buffer its exposure to catastrophes.
The stable outlook reflects the expectation that Central Reinsurance will maintain its satisfactory operating performance and capitalization, as well as its prudent business strategy over the medium term. TRC expects Central Reinsurance's operating performance to remain satisfactory due to its prudent approach. Overall underwriting results could, however, become more volatile as Central Reinsurance gradually expands its offshore business, where the insurer's underwriting skills remain limited, with it taking most of the risks. The ratings are unlikely to be raised over the medium term, given the insurer's growth plan and the level of its capitalization relative to its risk profile.
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| | ![]() | | | Chunghwa Telecom to Join HTC Gphone Camp
Taipei, Nov. 16, 2007 (CENS)--Chunghwa Telecom Co., Ltd. Chairman Dan Hechen recently said his company will join HTC Corp.'s Gphone camp and become the first Taiwanese telecom provider to supply the phones running on Google's Android software.
HTC is a member of Google Android camp and develops handsets running on the free software. HTC Chief Executive Officer (CEO) Peter Chou said his company was still developing the handset and in talks with telecom carriers over cooperation deals.
HTC is expected to introduce the world's first Android phones in the second half next year. For a long time, the company has offered tailor-made phones embedded with Microsoft's Windows software to Chunghwa. In spite of the new market, Chou stressed his company's commitment to Windows will not change.
Hechen pointed out that his company will work with HTC on the new phone from the outset. He said his company has never directly been involved in any mobile-phone development projects. In the past, his company simply added customized service to the phones after receiving the product from contract suppliers.
This year alone, Chunghwa has budgeted NT$1-2 billion (US$30-60 million at US$1:NT$33) for 2.4 million new phones, of which high-end types will represent 10%. Next year, the company will spend as much on new phones. In addition to HTC, the carrier will also buy phones from Nokia, Samsung, Asustek Computer and Huawei Technologies Co.
Chunghwa and HTC recently co-introduced the iPhone-like Touch Dual, the latest version of HTC's Touch phone. The Touch-family phones are also equipped with touch screen as Apple's iPhone.
Hechen said his company had sold around 100,000 phones tailor-made by HTC since June last year. He expected to sell as many Touch Dual phones soon. So far, the two companies have co-launched four phone models, including CHT9000, CHT9100, CHT9110 and Touch.
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| | ![]() | | | Asustek's Eee PC Hits Top of Amazon.com Christmas Gift Charts
Taipei, Nov. 16, 2007 (CENS)--Asustek Computer's Eee PC has recently trumped Apple's MacBook as the best seller on Amazon.com's Christmas gift charts, according to the world's biggest on-line bookstore.
Eee notebook is charming for its low price, at US$399, shining look and easy operation. Over 10,000 Eees have been sold in the United States although it hit the U.S. market only two weeks ago. A California senior high school has even ordered around 1,300 units of the computer to replace text books by letting students connect themselves to school servers to select course materials and examination questions with the computers.
CNET.com, another leading on-line shop, recently released its survey that shows Eee PC even beat Wii and iPhone to become the best seller on its electronics shopping charts.
The thriving sales of the computer in the U.S. market is beyond expectation as retailers are fearing that the mortgage crunch will hamstring U.S. procurement sentiment in the Christmas shopping season.
Usually, sales recorded in the Christmas shopping season has been used as a benchmark for measuring global market of electronics products in a year since the shopping season usually accounts for a quarter to one third of global sales of electronics products in a year.
Last year, iPod was rated as the top selling product by major U.S. retailers during Christmas shopping season and its sales topped 16 million units in the fourth quarter alone.
Asustek's marketing executives have projected to ship 3.8 million Eee PCs throughout next year. They said although the output is strained by excessive demand, the company now still can ship 3-5,000 systems.
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| | ![]() | | | FJDC Inaugurates New Plant to Produce Mercedes-Benz Vans
Taipei, Oct. 16, 2007 (CENS)--The Fujian Daimler Automotive Co., Ltd. (FJDC), a joint venture between Daimler Group of Germany, Fujian Motor Industrial Group (FJMG) of mainland China, and Taiwan's China Motor Corp. (CMC), recently inaugurated its plant in Fuzhou, Fujian Province of China.
According to CMC, FJDC is scheduled to launch its first locally made Mercedes-Benz van in China in 2009, and aims to become a leader in China's high-end recreational/commercial van market.
Kenneth Yen, chairman and president of CMC, was on-hand at the inauguration ceremony and claimed that FJDC aims to become a market leader in China's high-end van market and would actively develop the Asia-Pacific market in the future so as to achieve better economy of economy.
Industry sources said that FJDC's application took about five years and won Chinese central government's permission early this year.
The FJDC project plans to pour a total of 206 million euro and the firm is registered with a capitalization of 160 million euro, in which a Hong Kong-based joint venture between Daimler Group and CMC owns a 50% stake while FJMG the remainder.
A senior executive of CMC pointed out that FJDC is positioned as Mercedes-Benz's light van production and sales base in the Asia-Pacific region, while the project reflects Daimler Group's confidence in CMC's strong manufacturing capability.
In the first phase, FJDC plans to set up an annual capacity of 40,000 units, and the volume will be elevated to 60,000 units in the second phase. The venture's first products include the Mercedes-Benz Viano, Vito, and Sprinter multi-functional vans, without excluding the possibility of introducing more models for local production in the future.
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| | ![]() | | | AUO's Q3 Operating Income Tops Global Counterparts
Taipei, Nov. 16, 2007 (CENS)--AU Optronics Corp., the largest thin film transistor-liquid crystal display (TFT-LCD) panel manufacturer in Taiwan, reported operating income of NT$25.8 billion (US$781.8 million at US$1: NT$33) in the third quarter, outdoing global counterparts such as major rivals Samsung and LG.Philips LCD Co., Ltd. (LPL) of South Korea.
AUO's profit and operating margins in the third quarter were 23% and 18.7%, respectively.
During the period, AUO registered record quarterly highs, including net earnings of NT$22.57 billion (US$683.94 million) and earnings per share (EPS) of NT$2.89 (US$0.09). The company's panel inventory decreased by 4% and net debt ratio went down to under 60% in the third quarter.
In conjunction with a foreseeable favorable business climate, AUO's capital spending in 2008 is expected to reach about NT$90 billion (US$2.73 billion), closely following LPL's planned NT$106.5 billion (US$3.23 billion).
H.B. Chen, AUO's vice chairman, pointed out that his company is accelerating to evaluate the feasibility of next-generation investment projects as AUO has recognized the potential demand for 50-inch and -larger LCD TV from the market, though the decisions on the generation and substrate size are still being considered. Chen added that he hopes the final decision could be made as soon as the end of the year.
In addition to AUO's planned major capital spending in 2008, local panel supplier Innolux Display Corp. plans to invest about NT$15 billion (US$454.55 million) next year, while other second-class local counterparts have not reported major investment projects.
AUO said that its capital-spending project has been delayed a little this year and the amount would be around NT$70 billion (US$2.12 billion).
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| | ![]() | | | Citibank Leads in Revolving Credit in Taiwan's Credit Card Market in September
Taipei, Nov. 16, 2007 (CENS)--Influenced by the aftermath of twin-card debt storm, Taiwan's domestic banks seemed to have yet rebounded. However, foreign banks have been showing better performance in the card market this year.
As of the end of September of the year, the U.S.-based Citibank outstripped Chinatrust Commercial Bank to lead Taiwan's card issuers with outstanding revolving credit of NT$43.8 billion (US$1.33 billion), presenting an annual rise of 10% although slightly dropping by NT$1.7 billion (US$51.52 million) from a month earlier. The bank took a market share of 14.8% in the sector.
In the same period, Chinaturst came in second place with outstanding revolving credit of NT$33.4 billion (US$1.012 billion) and ABN AMRO Bank, a Dutch bank, the third place with NT$23.7 billion (US$718.18 million) while Cathay United Bank closed followed with NT$22.2 billion (US$672.73 million).
As of September Taiwan witnessed outstanding revolving credit total NT$295 billion (US$8.94 billion) in the credit card market, a sharp fall of about 20% from the corresponding figure of last year. Most domestic card issuers experienced a downward trend while foreign counterparts showed the opposite.
A senior executive at a foreign bank indicated that the revenues of credit card business come mainly from the service charges and the interests accrued from revolving credit, particularly the latter. So, card issuers on the island do not have to stop using credit cards as they can pay bills on-time. He believed that there is always a need for credit lines that keep the card issuers in business.
((JL)) (GE) | |
| | ![]() | | | Cathay Taiwan's Most Profitable FHC in First 10 Months
Taipei, Nov. 16, 2007 (CENS)--Cathay Financial Holding Co. was Taiwan's most profitable financial holding company (FHC) in the first 10 months of this year with earnings per share (EPS) of NT$3.96 (US$0.12 at US$1 = NT$33), followed by Fubon Financial Holding Co. with EPS of NT$2.11 (US$0.064).
In October alone, Cathay scored after-tax profits of NT$3.477 billion (US$105.36 million), which expanded to NT$36.456 billion (US$1.104 billion) in the first 10 months, twice the corresponding figure of last year. The company attributed the good performance to its two strong subsidiaries—Cathay United Bank and Cathay Life Insurance Co.
The Cathay United Bank raked in profits of NT$791 million (US$23.97 million) in October and NT$7.874 billion (US$238.61 million) in the first 10 months with EPS of NT$1.61 (US$0.049), while Cathay Life gained profits of NT$2.964 billion (US$89.82 million) in October and NT$28.118 billion (US$852.06 million) in the first 10 months with EPS of NT$5.55 (US$0.17).
Thanks to the sizable profits earned from its investments in the capital market, Fubon saw its profits hit a new high of NT$6.14 billion (US$186.06 million) in the third quarter and in October alone the company scored profits of NT$1.43 billion (US$43.33 million), which grew to NT$16.3 billion (US$493.94 million) in the first 10 months.
Apart from Cathay and Fubon, First Financial Holding Co. and Hua Nan Financial Holding Co. both experienced a sharp growth of 30%-40% in profits in the first 10 months. Other FHCs that went from red to black in revenues in the same period included Chinatrust Financial Holding Co., Yuanta Financial Holding Co., Taishin Financial Holding Co., and Jih Sun Financial Holding Co. However, Shin Kong Financial Holding Co., China Development Financial Holding Co., Waterland Financial Holding Co., and Mega Financial Holding Co. all witnessed a decline in profits.
This year First Financial has reorganized its structure and laid more emphasis on corporate financing and wealth management and the efforts seemed to have paid off. In the first 10 months of the year, the company reaped after-tax profits of NT$11.1 billion (US$336.36 million), with EPS of NT$1.89 (US$0.057), both higher than last year's full-year profits of NT$10.661 billion (US$323.06 million) and EPS of NT$1.79 (US$0.054).
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| | ![]() | | | BenQ Aims for 50% Growth in Sales of LCD TVs in 2008
Taipei, Nov. 16, 2007 (CENS)--BenQ Corporation, a Taiwan-based maker of electronics products, aims to generate a 50% growth in sales of its liquid crystal display (LCD) TVs or NT$3 billion for 2008 in the Taiwanese market, according to Hank Horng, BenQ's general sales manager in Taiwan.
BenQ projected its sale revenue in Taiwan to reach about NT$5 billion this year, including NT$2 billion coming from its mainstream product line LCD TV, and will try to challenge NT$7 billion for next year, up 35% from this year.
BenQ has joined forces with Tsann Kuen 3C, a distribution chain of electronic products in Taiwan, to promote its LCD TVs, including 32-inch models, which are priced at less than NT$20,000 per unit to tap the market for middle-end models.
Horng said that despite a price rise causing shortages of display panels, BenQ still has maintained its shipment of large-sized LCD TVs at a level of nearly 90,000 units this year, sharply growing by 260% from last year, and has scored triple the turnover of that posted last year.
At the moment, BenQ is the leading LCD TV brand with its highest sales of 37- and 42-inch and high-definition models in Taiwan. Furthermore, launching 26- and 32-inch models enabled the brand to build comprehensive product lines, according to Horng.
Top five brands of LCD TVs in Taiwan include Sony, Panasonic, Chi Mei, Tatung and BenQ, with BenQ having focused on promoting 37-inch and above models but will move to promote 32-inch and below models.
Coincidentally, Chunghwa Telecom Co., in response to popularity of digital TVs, has recently contacted some LCD TV brands, including BenQ, Chi Mei, Sony and Toshiba, to discuss feasibility of a joint-promotion of LCD TVs with its MOD (Multimedia On Demand) services. This is expected to further boost sales of LCD TVs in Taiwan.
Meanwhile, BenQ posted sales of 6-7,000 units of its E81 series 3-generation phones every month this year, and is very likely to attain a sales goal of 270,000 units for the full year. However, Horng said that the brand will downward revise its sales goal to 200,000 units for next year, and will turn to carve out the niche market for devices based on NFC (near field communication) technology and MIDs (mobile internet device).
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| | ![]() | | | Motech Lands Big Order From U.S.'s SolarPower
Taipei, Nov. 16, 2007 (CENS)--Motech Industries Inc., a leading supplier of solar cells in Taiwan, has landed a big order for 11MW solar cells valued at NT$1.1 billion from U.S.'s SolarPower, smoothly infusing momentum into its business operations for next year, according to company sources.
Although the U.S. Congress will perhaps stop subsidizing the use of solar-energy products all around the country, Taiwan's leading suppliers of the products are still eagerly exploring the U.S. market, with Motech and Sino-American Silicon Production Inc. already tapping their existing advantages to scramble for orders.
Motech announced recently that it already signed a supply contract with SolarPower for 11MW 6-inch solar cells, which will account for 5% of Motech's total expected capacity of 280MW for 2008. Based on a solar cell price of NT$100 million per megawatt, it means Motech may be able to realize an income of NT$1.1 billion for next year.
With GE as a client in the U.S., the world's largest supplier of power generation, Motech has gradually pushed up a proportion of its sales from the market to about 13% as of the third quarter of this year from 8% at the end of last year.
To explore business opportunities related to power generation worldwide, Motech, differing from counterparts in the sector in strategies by focusing on household and business demands, said that it will seek long-term cooperation with its new client SolarPower.
On another front, Sino-American, a large-sized upstream supplier engaged in crystal growing in the sector, has reportedly sent its general manager and senior managers to the U.S. to prospect for new clients and orders. However, the company has declined to confirm the news.
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| | ![]() | | | Uni-President Aims at Top Spot Among Asian Food Producers
The Uni-President Enterprise Corp., Taiwan's food and beverage giant, celebrated its 40th birthday in late October and hopes to become Asia's largest manufacturer of foodstuffs within 10 more years, according to Lo Chih-hsien, the company's president.
While Uni-President is aggressively expanding its operations around the world, Lo comments, Japanese food suppliers (currently tops in Asia in terms of revenue, thanks to strong domestic demand) are less active overseas.
In the next decade, Lo reports, Uni-President will focus its operating strategy on brand management and will further strengthen its marketing channels, R&D efforts, mergers with other companies, and strategic alliances.
Uni-President currently sells products under seven brands with annual sales of more than NT$1.1 billion (US$33.33 million) each and more than 40 with revenues of around NT$100 million (US$3.03 million). The firm also acts as sales agent for big foreign food brands.
Starting out as a small feed manufacturer with revenues of about NT$30 million (US$750,000 at NT$40:US$1) per year, the company has developed into a large conglomerate whose annual sales are expected to top NT$250 billion (US$7.58 billion at NT$33:US$1) in 2007. The figure is expected to blast through the NT$300 billion (US$9.09 billion) mark next year.
Over the past four decades Uni-President has not only grown larger in scale, but has also expanded its scope of business to include not only manufacturing but also trading, marketing, finance, and investment. Today it is Taiwan's largest operator of convenience and cosmetic chain stores, and it also runs shopping malls, securities firms, and bills finance companies. It is the sole agent in Taiwan for such brands as Takkyubin, a Japanese express delivery firm, and Starbucks, the American coffee-shop chain.
The Chinese Locomotive
Much of Uni-President's investment in Southeast Asia and China is done through its financial holding company in the Cayman Islands. Its China operation is growing with special rapidity and is expected to contribute 20% of all revenues from the sale of food in Asia this year. After-tax profit from the China business shot up by 140% to NT$4.976 billion (US$150.79 million) in the first half of this year, Lin reports, and translated into NT$1.4 in after-tax earnings per share (EPS), the highest of its kind in 10 years for the firm.
Lin believes that rapid economic growth in Asia will help boost Uni-President's business in the area; and that China, with its huge domestic consumer market, will be the locomotive pulling the regional food industry. Uni-President, of course, intends to keep expanding there. It has already won the exclusive right to supply instant noodles for the upcoming Beijing Olympics.
The company earned a profit of US$9.83 million on its investments in Vietnam in the first nine months of this year, about three times the figure for the same period of 2006. From all of Southeast Asia, the company hopes to earn profits of NT$8-8.5 billion (US$242.42-257.58 million) for the year as a whole.
Uni-President recently announced that it would take over the Tait Marketing & Distribution Co. by boosting its holding of that company's shares from the current 19.5% 59.5%. Tait is a historic British trading firm involved in the trading and marketing of foodstuffs, daily consumer products, beverages, and alcoholic beverages. Its takeover should reinforce Uni-President's marketing channels both in Taiwan and overseas. (JL, November 2007) | |
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