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May 28, 2017

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Largan June sales hit record high on smartphone camera lenses: analysts

TAIPEI--Largan Precision Co. said Saturday that its consolidated sales for June hit a record high, which market analysts attributed solid demand for the company's high-end smartphone camera lenses.

In June, Largan, one of the "Apple concept stocks" on the local market, posted NT$3.41 billion (US$114 million) in consolidated sales, up 1 percent from a month earlier and 73 percent from a year earlier.

In the first six months of this year, Largan's consolidated sales rose 53 percent from a year earlier to NT$16.83 billion.

In the second quarter, Largan registered NT$10.02 billion in consolidated sales, up 46.06 percent quarter-on-quarter. The second quarter sales were an all-time quarterly high for the company.

Nomura Securities said that due to solid demand for Largan's high-end devices, the manufacturer could report a gross margin of 58.5 percent in the second quarter, higher than 55.6 percent recorded in the first quarter.

Nomura's forecast on Largan's gross margin beat the forecasts made by other foreign brokerages ranging between 55 percent and 58 percent.

Foreign institutional investors largely hold an optimistic view about Largan's earnings prospects for the second half of this year as Apple is expected to unveil the next-generation iPhone in September.

Nomura has issued a target price of NT$2,788 on Largan shares, while Goldman Sachs and BNP Paribas have put target prices on the stock of NT$2,660 and NT$2,800, respectively.

On Friday, shares of Largan fell 1.04 percent to close at NT$2,370.00 on the Taiwan Stock Exchange as investors locked in the gains they had built in recent sessions.

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