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Acer outperforms TAIEX after turning to profit
Taipei, May 12 (CNA) Shares of Taiwan-based PC brand Acer Inc. soared Friday, outperforming the broader market, after the company climbed from quarterly loss to profit in the first three months of the year, dealers said.
The stock opened flat but buying emerged in the mid-morning session and continued until the end of the session, dealers said.
"Investors simply seized the latest earnings report by Acer as a reason to hunt bargains," Xincheng International Investment Consultant analyst Chang Chih-cheng said. "When the broader market fell into consolidation mode after breaching 10,000 points, investors began seeking out individual stocks like Acer that had positive leads."
Shares of Acer rose 2.40 percent to close at NT$14.95 with 22.72 million shares changing hands on the Taiwan Stock Exchange. The weighted index closed down 0.15 percent at 9,986.82 after ending above the 10,000-point mark the previous day for the first time in 17 years.
On Thursday, Acer posted NT$63 million in first-quarter net profit and an earnings per share of NT$0.02, rising from its NT$1.13 loss per share in the previous quarter.
Its first-quarter operating profit was NT$456 million, up NT$323 million from a quarter earlier, on the back of efforts to adjust its product portfolio and control operating costs, Acer said.
However, a roughly 6 percent appreciation of the Taiwan dollar against the U.S. dollar in the first quarter cost the company about NT$522 million in foreign exchange losses, which put its pre-tax loss at NT$57 million, Acer said.
It said that after a tax refund of NT$1.2 billion, however, its bottom line looked better and it was able to report an after-tax profit.
"As Acer's book value per share has reached about NT$19, the bargain hunting is likely to continue," Chang said, forecasting that the stock would challenge the nearest technical resistance point of NT$16 soon.
Meanwhile, on Friday, shares of the company's major competitor Asustek Computer Inc. closed down 3.75 percent at NT$282.00.
Asustek on Thursday reported NT$495 million in foreign exchange gains in the first quarter, citing effective efforts to hedge risks resulting from a stronger Taiwan dollar.
However, Asustek's first-quarter net profit fell 26 percent sequentially to NT$3.65 billion and dropped 12 percent year-on-year due to a continued slowdown in the global PC market.
Asustek has forecast a slow second quarter and a bounce back in the third.
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