【出版时间及名称】：2009年12月台湾水泥行业研究报告
        【作者】：德意志银行
        【文件格式】：PDF
        【页数】：61
        【目录或简介】：
Table of Contents
Cement operation in Taiwan -difficult to boost.............................. 3
Stagnant Taiwan domestic market............................................................................................3
Exports to hurt overall margins .................................................................................................5
Selectively bullish on cement operations in China ........................ 7
Deutsche Bank is bullish on the cement sector in China ..........................................................7
TCC International Holding (1136 HK) – aggressive expansion and favorable geographical
exposure ..................................................................................................................................8
Impact of a potential deal between TCC Int’l and Prosperity Int’l ...........................................10
Disadvantageous geo exposure of Asia Cement China (743 HK)............................................11
No earnings growth in 2010 ........................................................... 14
Investment income to fall in 2010E.........................................................................................14
NAV gaps against the market; initiate with Holds ...................................................................16
We prefer TCC over ACC if the potential deal goes through ..................................................20
A major risk: coal price.................................................................... 22
Coal price to be the single biggest factor swinging profitability .............................................22
Taiwan Cement................................................................................ 23
Asia Cement..................................................................................... 42