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MarketScreener Homepage  >  Equities  >  TAIWAN STOCK EXCHANGE  >  Taiwan Cement Corp    1101   TW0001101004

TAIWAN CEMENT CORP

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Taiwan Cement : Central Bank calls for minimum wage increase

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07/16/2019 | 08:32am EST

Taiwan Central Bank Governor Yang Chin-long has called for a reasonable increase to the national minimum wage, invoking resistance from business leaders.

Governor Yang maintains that a reasonable increase would incentivize workers and create a positive business cycle, with workers' salaries flowing back into the economy and spurring growth. The Labor Ministry's Minimum Wage Review Committee, which is responsible for adjusting the minimum wage, is set to convene on August 14.

The governor's proposal was met with opposition from Taiwan Cement Corporation Chairman Nelson Chang. Chang said the minimum wage should grow in tandem with production and that people's wages are unquestionably linked to how much they can produce.

Taiwan, along with various other developed countries, has been facing low wage growth over the last few years. The Central Bank has stressed that stagnant wages lead to a widening of the wealth gap and inhibits consumer spending, negatively impacting sustainable economic growth.

Major economies such as the U.S., South Korea, Japan, and Germany have been promoting minimum wage increases of late, using tax breaks and subsidies to incentivize businesses to play their part. Taiwan, however, faces some unique challenges.

Since 2000, Taiwanese companies have invested more in research and development than regional competitors Japan and South Korea. This, combined with prominent industries reliance on subcontracting and the constant need to update and replace equipment, mean that a greater share of profits is funneled back into the means of production instead of employee bank accounts.

Taiwan's current sluggish GDP growth might be a reason for Governor Yang's proposal, as he hopes increased spending will boost the economy. Minister of Labor Hsu Ming-chun has echoed the governor's call, publicly pledging her support for a minimum wage hike.

Taiwan's current minimum salary is set at NT$23,100 (US$744) a month, or NT$150 (US$4.83) per hour. The minimum monthly salary was increased by 5 percent and the hourly wage by 7.14 percent at last year's Minimum Wage Review Committee meeting.

© Pakistan Press International, source Asianet-Pakistan

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Financials (TWD)
Sales 2019 122 B
EBIT 2019 29 454 M
Net income 2019 23 619 M
Debt 2019 42 399 M
Yield 2019 7,04%
P/E ratio 2019 10,1x
P/E ratio 2020 10,7x
EV / Sales2019 2,35x
EV / Sales2020 2,27x
Capitalization 245 B
Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 10
Average target price 48,70  TWD
Last Close Price 44,95  TWD
Spread / Highest target 22,4%
Spread / Average Target 8,34%
Spread / Lowest Target 0,11%
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Chung Pei Li General Manager & Director
An Ping Chang Chairman
Chun Yan Yue Director
Nan Chou Lin Director
Po Yuan Wang Director
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