Taiwan storybook 5
Twin Engines for Growth 8
Positive on Taiwan 8
What does this mean? 12
Changes to our stock picks 12
Earnings 14
Valuations 17
Valuation 18
Funds flow 19
Foreign institutional (FINI) 19
Local institutional investors 19
Funds flow 20
Taiwan datapack 21
MSCI Taiwan price level 22
MSCI Taiwan price-to-book multiples 24
MSCI Taiwan dividend yields 26
PB vs ROE 28
Disclosure appendix 36
Disclaimer 39
Contents