Investment Summary 3
So what’s pushing prices up? 3
Selecting the winners 4
And our picks? 4
Industry Update 7
Low interest and mortgage rates 7
Money repatriation fuels property market 12
A flood of mainland capital? 13
Chong Hong Construction (5534.TW) 17
High Margins From Cheap Land Holdings 19
Quants View – Attractive 21
Financial Statements 22
Far Eastern Textile (1402.TW) 25
On Your Marks, Get Set, Go! 27
Quant View – Glamour 29
Financial Statements 30
Huaku Development (2548.TW) 33
Flexible Strategies 35
Quants View – Attractive 37
Financial Statements 38
Hung Poo Real Estate Development (2536.TW) 41
A Focus on High-End Residentials 43
Quants View – Attractive 45
Financial Statements 46
Taiwan Fertilizer (1722.TW) 49
The Benchmark 51
Quants View – Glamour 54
Financial Statements 55
Appendix A-1 59
Analyst Certification 59