industry downturn 結果共8筆

Taiwan stock market opens lower following U.S. decline, but semiconductor stocks remain strong. TSMC and domestic semiconductor ETFs outperform despite broader market downturn.

EVA Air, a Taiwanese airline, has announced a record six-month year-end bonus, the highest since its establishment. The bonus will also be distributed to its subsidiaries, including airport services, sky kitchens, and aviation technologies. In addition, EVA Air plans to adjust salaries for employees in 2024, with ground and cabin crew members seeing an average adjustment of NT$5,000 and pilots receiving adjustments ranging from NT$11,000 to NT$20,000 based on their position. However, this announcement comes amidst potential strike action by EVA Air pilots, leading to concerns that the wage increase announcements are an attempt to pacify them. The Taoyuan Flight Attendants’ Union has emphasized the importance of fair distribution of year-end bonuses and salary increases regardless of the proposed pilot action. Rival airlines Starlux and China Airlines have also announced their year-end bonuses, with Starlux providing a one-month bonus and an approved salary increase of NT$2,000, and China Airlines reportedly planning to distribute a three-month bonus (although the union is demanding five months’ worth). In the marine transportation industry, YangMing Marine Transport Corporation has scaled down its year-end bonus from 13 months last year to two months this year due to a downturn in the shipping industry. The shipping corporations’ lower year-end bonuses are attributed to the ＂revenge-travel boom＂ post-pandemic. Other industries with high year-end bonuses include finance, semiconductor, and construction, with 1.83, 1.38, and 1.23 months respectively.

TSMC chairman Mark Liu’s upcoming retirement in 2024 has led investment experts to suggest that the semiconductor giant should slow down the progress of its new manufacturing facility in the United States. Industry analyst Jonah Cheng believes that TSMC’s policy direction will remain unchanged under the leadership of chief executive C.C. Wei, who is expected to succeed Liu as chairman. Cheng also proposes maintaining a dual leadership structure to cultivate successors from various backgrounds. Speculation suggests that Liu’s retirement may be linked to potential investment challenges in the company’s U.S. expansion. In response to these challenges, Cheng recommends a deceleration in the construction of TSMC’s second U.S. plant. He also highlights the need to assess the current downturn in the car market and economic outlook before proceeding with the German plant focused on automotive applications. Cheng suggests that the Japanese facility could be an optimal choice due to labor and power shortages in Taiwan, as well as cultural similarities and strong government support from Japan. TSMC’s primary obstacle, according to Cheng, is maintaining its leadership position in the semiconductor industry, especially after surpassing Intel. Additionally, the cyclical nature of the industry and the potential opportunities presented by the rise of artificial intelligence (AI) applications pose further challenges for the company.

Taiwan’s average regular earnings for employed workers increased by 2.49% from January to October, reaching NT$45,441. However, this growth is the lowest in the past three years, with total earnings, including bonuses and other irregular income, only up by 1.53%. The average monthly real wage slightly increased by 0.06% to NT$41,370, while the average total real wage decreased by 0.87% to NT$53,960, the first decline in seven years. This decline is attributed to a decrease in year-end bonuses following a cooling economy and a decrease in exports. Despite an overall increase in employment of 10,000 workers compared to last year, the manufacturing industry saw a significant drop of 27,000 employees due to economic adjustments. In October, the average regular wage was NT$45,564, up 0.13% from the previous month and 2.31% year-on-year. Part-time workers’ average hourly regular earnings increased marginally to NT$200, reflecting a 1.01% year-on-year gain. While industries such as arts, entertainment, and leisure services, as well as real estate, experienced wage increases, sectors like computer, electronic, and optical product manufacturing saw significant decreases in total wages by 18.54%. The employment numbers in manufacturing have been impacted by export decline, with an increase of 10,000 employed workers from January to October. The industrial sector saw a decrease of 0.63%, while the service sector grew by 0.67%. Accommodation and food services experienced a growth of 13,000 jobs, arts, entertainment, and leisure services saw an upsurge of 7,000, but manufacturing was hit with a reduction of 27,000 employees.

In November 2023, Taiwan’s job market saw significant growth with 1.04 million opportunities, led by the hospitality and ICT sectors. The hospitality industry notably increased salaries by 58%, reflecting broader workforce trends and the need for flexible work environments amid economic challenges.

Nien Hsing Textile Co., Ltd. announces the closure of its denim mill in Houlong Township, Miaoli County, due to significant operational losses. The Taiwan-based global jeans manufacturer faces challenges including fluctuating cotton prices and a tough consumer market.

Global shipping leader Maersk’s decision to cut its workforce by 10,000 has caused a downturn in shipping stocks on November 6th. Within the first ten minutes of trading, Evergreen Marine (2603) dropped 4% to NT$107.5, while Yang Ming Marine Transport (2609) and Wan Hai Lines (2615) also experienced turbulence with declines of over 2%. Following Maersk’s announcement, the company’s stock price fell more than 18%. The shipping industry is currently facing numerous challenges, including sluggish cargo demand, falling freight rates, rising energy costs, inflation, and geopolitical tensions. Maersk CEO Vincent Clerc described these challenges as the ＂new normal.＂ Insiders have noted that the shipping market is not as robust as it has been in recent years, leading to uncertainty and a ＂supply-demand imbalance＂ in the coming year.

The global semiconductor revenue is projected to drop by approximately 12% in 2023 but is expected to rebound by more than 11% next year, reaching a total revenue of US＄550 billion, according to International Business Strategies (IBS). Major semiconductor companies, including Intel Corp, TSMC, and Samsung Electronics, have indicated that the industry downturn has passed. Although Samsung Electronics’ profit for Q3 fell 38%, inventory is returning to normal levels, and oversupply is easing due to production cutbacks. Samsung’s deputy head of the Memory Division suggests that the recovery trend could continue into next year. Despite challenges such as inflation, the war in Ukraine, and clashes between Israel and Hamas, the semiconductor market recovery reflects the resilience of the global economy.