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4-Traders Homepage  >  Equities  >  TAIWAN STOCK EXCHANGE  >  Foxconn Technology Co Ltd    2354   TW0002354008

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Foxconn Technology : Wisconsin Board Approves Foxconn Contract

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11/09/2017 | 01:04am CET
By Shayndi Raice 

Wisconsin's efforts to bring a Foxconn Technology Group plant to the state surmounted a crucial hurdle Wednesday, overcoming recent concerns the deal may be in trouble.

The board of the Wisconsin Economic Development Corporation approved a contract that would provide a $3 billion incentive package to the Taiwanese firm if it invests $10 billion to create a 20-million square foot campus in Racine County that could ultimately employ up to 13,000 workers.

Wisconsin Republican Gov. Scott Walker has argued that the deal would transform the state's economy and is worth the hefty tax breaks. But some of his Democratic opponents in the state legislature have questioned if the price tag is too high. An independent state fiscal analysis found that taxpayers wouldn't recoup their investment until the 2042-43 fiscal year.

The deal looked like it might be in trouble just a few weeks ago, when a vote by the economic development corporation to approve the project was delayed because of what Democratic state Sen. Tim Carpenter, a board member and opponent of the deal, described the issue as a "nuclear bomb" in the contract.

The plant, which will build liquid-crystal display technology, or LCD screens, was announced with much fanfare by President Donald Trump in a White House ceremony in July as part of the president's efforts to grow manufacturing jobs in America. In September, Gov. Walker signed legislation that approved the large tax-incentive package for Foxconn, formally known as Hon Hai Precision Industry Co.

The governor is expected to sign the contract with Foxconn Chairman Terry Gou on Friday in Wisconsin.

Write to Shayndi Raice at [email protected]

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Financials ( TWD)
Sales 2017 138 B
EBIT 2017 11 486 M
Net income 2017 10 352 M
Finance 2017 41 792 M
Yield 2017 3,69%
P/E ratio 2017 11,62
P/E ratio 2018 10,18
EV / Sales 2017 0,61x
EV / Sales 2018 0,48x
Capitalization 125 B
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 11
Average target price 91,3  TWD
Spread / Average Target 3,1%
EPS Revisions
Managers
NameTitle
Hsueh Kun Li Director
Francisco S. Uranga Chief Business Operations Officer-Latin America
Cheng Kuang Liu Manager-Investment Management & Spokesman
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