A Taiwanese maker of compact discs and portable hard drives has captured the attention of investors on plans to expand into data storage for cloud computing.
Ritek Corporation has surged 204 per cent since announcing on May 7 an agreement to manufacture discs that can hold as much as 300 gigabytes of data for Panasonic. That’s the best performance among the almost 900 members of Taiwan’s benchmark Taiex.
"The deal is an indication Taiwanese are getting more of the optical disc market, where demand could be boosted by the need to store data," said Richard Lin, a vice president at Taipei-based Reliance Securities Investment Consultant.
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"Investors are hopeful Ritek can turn around in 2019 or 2020 after years of losses, though that’s uncertain right now."
Mass production of the discs will start in July, according to Ritek’s statement, and the two companies plan to develop versions that can hold 1 terabyte in the future.
After the stock surged to a more-than decade high, the rally is looking overheated. The company’s relative-strength index has risen to 89, the most among Taiex members.
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UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
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Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
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Born: October 20, 1989, Sharjah
Education: Bachelor of Science and Football, Liverpool John Moores University
2010: Accrington Stanley FC, internship
2010-2012: Crystal Palace, performance analyst with U-18 academy
2012-2015: Barnet FC, first-team performance analyst/head of recruitment
2015-2017: Nottingham Forest, head of recruitment
2018-present: Crystal Palace, player recruitment manager
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Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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