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    2317   TW0002317005

HON HAI PRECISION INDUSTRY CO., LTD.

(2317)
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End-of-day quote Taiwan Stock Exchange  -  2022-12-01
105.50 TWD   +2.43%
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Wisconsin county's credit rating cut over Foxconn financial aid

11/29/2017 | 07:01pm EST
FILE PHOTO - The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company's headquarters in New Taipei City, Taiwan

(Reuters) - A decision by Wisconsin's Racine County to give financial assistance to Taiwan-based Foxconn to build a massive liquid-crystal display plant has led to a credit rating downgrade for the county.

Moody's Investor Service on Wednesday dropped the rating one notch to Aa2 from Aa1, citing anticipated growth in the county's debt burden after it authorized up to $764 million in financial incentives to support the $10 billion plant.

In September, Wisconsin Governor Scott Walker signed into law legislation for a $3 billion incentive package for Foxconn.

The 20 million-square-foot LCD plant would initially employ 3,000 people, but Walker and Foxconn said the company could ultimately employ 13,000 at the site.

Officials in the Racine County executive's office did not immediately respond to requests for comment.

The rating action came as Racine County expects to sell $79.2 million of taxable bond anticipation notes to finance land purchases for the project.

Mount Pleasant, the site of the plant, also plans to sell up to $113 million of bonds for Foxconn, in a move that will increase the county's overlapping debt burden, Moody's said.

"Based on current borrowing plans, we expect the county's direct and overlapping debt burdens will remain in line with the current rating. Additional borrowing would present more significant credit challenges," the credit rating agency said in a report.

Foxconn, an electronics manufacturer formally known as Hon Hai Precision Industry Co Ltd (>> Hon Hai Precision Industry Co., Ltd.), is a major supplier to Apple Inc (>> Apple) for its iPhones.

(Reporting by Karen Pierog in Chicago; Editing by Matthew Lewis)

Stocks treated in this article : Apple, Hon Hai Precision Industry Co., Ltd.

ę Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. -0.34% 147.81 Delayed Quote.-16.48%
HON HAI PRECISION INDUSTRY CO., LTD. 2.43% 105.5 End-of-day quote.1.44%
MSCI TAIWAN (STRD) -0.39% 541.755 Real-time Quote.-28.13%
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Financials
Sales 2022 6 559 B 214 B 214 B
Net income 2022 143 B 4 656 M 4 656 M
Net cash 2022 273 B 8 909 M 8 909 M
P/E ratio 2022 10,3x
Yield 2022 4,97%
Capitalization 1 462 B 47 770 M 47 770 M
EV / Sales 2022 0,18x
EV / Sales 2023 0,17x
Nbr of Employees 826 608
Free-Float 87,4%
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Mean consensus BUY
Number of Analysts 16
Last Close Price 105,50 TWD
Average target price 132,38 TWD
Spread / Average Target 25,5%
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Managers and Directors
Yang-wei Liu Chairman & Chief Executive Officer
Te Tsai Huang Head-Finance & Deputy Spokesman
Tsing Yuan Hwang Independent Director
Kuo Cheng Wang Independent Director
Kuo Chuan Kung Independent Director