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Taiwan stocks up as Hon Hai's shares surge on strong Q4 profits
April 5, 2017 / 2:13 AM / 8 months ago

Taiwan stocks up as Hon Hai's shares surge on strong Q4 profits

    TAIPEI, April 5 (Reuters) - Taiwan stocks rose on Wednesday
lifted by the 8 percent surge in shares of Hon Hai Precision
         , the world's largest contract electronics maker and a
key Apple Inc          supplier.
    As of 0150 GMT, the main TAIEX index         rose 1.1
percent, to 9,915.13 points, after closing down 0.4 percent on
Friday. Taiwan's financial markets where shut Monday and Tuesday
for public holidays. 
    The electronics subindex         rose 1.6 percent, while the
financials subindex         gained 0.2 percent. 
    Shares in Hon Hai, which goes by the trade name of Foxconn,
were up 8 percent, after posting a surprising 30 percent rise in
net profit for the fourth quarter of last year, defying
expectations for a decline.                         
    Hon Hai's strong profit gain came mainly due to solid
bookings for the bigger-sized iPhone 7 Plus models, analysts
said.
    The next iPhone iteration, iPhone 8, due for launch later
this year, will benefit Hon Hai this year, Yuanta Investment
Consulting said. It set Hon Hai's share 12-month target price at
T$108, implying a more than 10 percent upside compared to around
T$97 now.
    The Taiwan dollar          softened T$0.045 to T$30.381 per
U.S. dollar.  

 (Reporting by J.R. Wu; Editing by Randy Fabi)
  

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