Taiwan Business Quick Take – Taipei Times

INVESTMENT

Plunge in sales of foreign stocks

Foreign investors net sold NT$22.98 billion (US$776.04 million) in local stocks last week, after selling NT$107.81 billion net a week earlier, the Taiwan Stock Exchange said in a statement yesterday . As of Friday, foreign investors had sold NT$913.014 billion worth of local stocks year-to-date, the bourse said. The three best-selling stocks by foreign investors were United Microelectronics Corp (聯電), China Steel Corp (中鋼) and Yang Ming Marine Transport Corp (陽明海運), while the top three-selling stocks by foreign investors were Innolux Corp (群創光電), Mega Financial Holding Co (兆豐金控) and First Financial Holding Co (第一金控), it said. As of Friday, the market capitalization of shares held by foreign investors was NT$19.08 trillion, or 40.12 percent of the total market capitalization, it said.

RESTAURANTS

Thai chain upbeat

TTFB Co Ltd (瓦城泰統集團) yesterday gave an upbeat outlook for the second half of this year as the number of local COVID-19 infections declines, expectations of domestic demand recovery rise and the food and beverage industry in its high season arrives. The company aims to improve its food delivery platform, integrate online and offline services and leverage its strength in sourcing to maximize profits and generate better returns for shareholders, Thailand’s largest operator said a full-service restaurant chain in a statement. TTFB shareholders yesterday approved the company’s plan to pay a dividend of NT$7.15 per share, a payout ratio of 101 percent based on earnings per share of NT$7.04 last year. The company posted record earnings per share of NT$15.95 in 2020. At the end of last month, the company operated 135 stores in Taiwan and four in China, it said.

ECONOMY

Tech demand drives sales

Sales in the wholesale sector rose 7.9 percent year-on-year last month to NT$1.08 trillion, a record high for May, the Commerce Ministry said on Thursday. This comes as growing demand for new technology applications and rising commodity prices boosted wholesale sales of machinery equipment by 12.3 percent and building materials by 3.9 percent last month, while sales of pharmaceuticals and cosmetics rose 50 percent rose as hospitals and pharmacies increased stock levels, the ministry said in a statement. In the first five months, total wholesale sales rose 9.8 percent to NT$5.31 trillion, the highest on record for the five-month period, ministry data showed.

INSURANCE

Companies fined for violations

The Financial Supervision Commission on Thursday fined Taishin International Bank (台新銀行) NT$3 million and NT$1.2 million on the Taiwan Branch of Cardif Assurance Vie (法國巴黎人壽) for violating the Insurance Law (保險法) by not correctly informing their customers when purchasing unit-linked insurance policies. The commission said Taishn Bank agents encouraged three seniors to cancel their old insurance policies and use the surrender value to buy new unit-linked insurance products offered by Cardif Assurance. However, the bank improperly pushed transactions by encouraging customers to terminate contracts early and failed to assess whether the new products matched customers’ risk tolerance, while the life insurer failed to assess customers’ sources of funding for the new products have it said.

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