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Largan shares hit record NT$2,310 during day trading

TAIPEI--Shares of Largan Precision Co. (大立光), a smartphone camera lens supplier of Apple Inc., set a record for local electronics stocks yesterday as they closed up at NT$2,255 (US$75.21) after hitting a record high of NT$2,310 earlier in the day.

The impressive showing boosted the company's market value to above the NT$300 billion mark.

After reporting a record high in consolidated sales in April and May and ahead of the expected launch of Apple's iPhone 6 soon, shares of Largan have been setting records throughout the month. Shares of the company opened at NT$2,205 Monday before jumping briefly to a record high of NT$2,310.

The company reported that its consolidated sales in the first quarter reached NT$6.56 billion, while its after-tax net profits were NT$3 billion. These plus record-high sales in April and May could ensure growth in consolidated sales throughout the second quarter, analysts said.

Shares were also boosted in anticipation of the Environmental Protection Administration's assessment of a development project in the Taichung City Precision Machinery Park, set for Wednesday, they said.

If the development project is approved, Largan's plan to invest NT$10.2 billion in a plant next to the Taichung park — a plan approved by the Ministry of Economic Affairs in December 2012 — could be realized in the second half of this year.

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