Investment summary 3
Optimism prevails, despite MOU timeline 3
Two-way benefits 3
Fundamentals and NPLs stabilising 4
Valuation and risks 5
Cross-Strait financial
deregulation 7
Where are we now? 7
Investment themes 8
China investing in Taiwan 9
Taiwan investing in China 10
Company profiles 13
Chinatrust (2891.TW) 14
Fubon (2881.TW) 17
Cathay FHC (2882.TW) 20
Mega (2886.TW) 23
First FHC (2892.TW) 26
Yuanta (2885.TW) 29
SinoPac (2890.TW) 32
Shin Kong (2888.TW) 35
Appendix 38
Disclosure appendix 40
Disclaimer 43