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MarketScreener Homepage  >  Equities  >  Taiwan Stock Exchange  >  Compal Electronics, Inc.    2324   TW0002324001

COMPAL ELECTRONICS, INC.

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Taiwan exports post surprise growth as trade war pushes production home

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07/08/2019 | 06:08am EDT
A person walks near containers at Keelung port, northern Taiwan

TAIPEI (Reuters) - Taiwan's exports unexpectedly grew for the first time in eight months in June, as strong U.S. demand helped boost expansion amid the prolonged Sino-U.S. trade war.

Taiwan's June exports gained 0.5% from a year earlier, the first growth since October, finance ministry data showed on Monday. The exports hit $28.39 billion, a record for June.

A Reuters poll had forecast a 4% fall. In May, the trade-reliant economy's exports contracted 4.8% from a year earlier.

Finance Ministry official Beatrice Tsai told reporters the better-than-expected June growth was boosted by "returning production" from Taiwan manufacturers who moved parts of their supply chain to the island, as well as an increasing demand for semiconductor products.

"The return to growth of exports was earlier than expected, mainly thanks to manufacturers who have been moving their production back to Taiwan since last year," said Yuanta Securities economist Woods Chen.

"We expect exports to remain on the positive side in the second half, although the growth would be minor," Chen said.

ING said the export growth is positive but "it is too early to celebrate", adding that "we doubt that the moving of factories from Mainland China to Taiwan will change the landscape for trade."

A growing number of Taiwan manufacturers, including computer-maker Compal Electronics, are moving to shift production from China to other factories in the region because of U.S. President Donald Trump's tariffs on Chinese imports.

Taiwan's factories are a key part of the global supply chain for tech giants such as Apple Inc.

In June, Taiwan's exports to the United States rose 18.5% on the year, helped by double-digit yearly growth from telecom and machinery products.

Shipments to China fell 3.8%, while exports to Europe fell 8.6%.

The finance ministry expects exports in July to be in the range between 1% growth and 1% contraction.

KGI Securities economist Carl Liu said the growth in June was boosted by a surge of telecom orders from the United States, but he cautioned that the ongoing trade friction remains the "biggest uncertainty" for Taiwan's exports.

Last month, Taiwan's central bank again cut its 2019 economic growth forecast, citing a slowing global economy and trade war uncertainties.

(Reporting by Yimou Lee, Jeanny Kao and Roger Tung; Editing by Richard Borsuk)

Stocks mentioned in the article
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APPLE INC. 3.32% 452.04 Delayed Quote.53.55%
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COMPAL ELECTRONICS, INC. -0.80% 18.65 End-of-day quote.-1.06%
ING GROEP N.V. 0.59% 7.128 Delayed Quote.-33.70%
SHIFT, INC. -4.83% 10830 End-of-day quote.35.71%
THE GLOBAL LTD. -0.48% 206 End-of-day quote.-56.26%
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Sales 2020 983 B 33 441 M 33 441 M
Net income 2020 7 212 M 245 M 245 M
Net Debt 2020 22 476 M 765 M 765 M
P/E ratio 2020 11,1x
Yield 2020 6,59%
Capitalization 81 260 M 2 764 M 2 765 M
EV / Sales 2020 0,11x
EV / Sales 2021 0,11x
Nbr of Employees 2 370
Free-Float 95,4%
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Mean consensus HOLD
Number of Analysts 12
Average target price 19,29 TWD
Last Close Price 18,65 TWD
Spread / Highest target 18,0%
Spread / Average Target 3,44%
Spread / Lowest Target -14,2%
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NameTitle
Chung-Pin Wong President, CEO & Director
Sheng Hsiung Hsu Chairman
Jui-Tsung Chen Vice Chairman & CSO
Ching Hsiung Lue Chief Finance Officer & Vice President
Sheng-Chieh Hsu Director
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