【出版时间及名称】：2009年12月两岸经济合作专题研究报告
        【作者】：凯基证券
        【文件格式】：pdf
        【页数】：43
        【目录或简介】：
Beneficiaries of ECFA by sector
􀂄 ECFA to counter effect of ASEAN groupings
Proactive economic integration in East Asia could hurt Taiwan’s international trade.
According to the latest estimates of Chung-Hua Institution for Economic Research (CIER),
Taiwan’s textiles, petrochemicals and auto parts sectors will suffer most as a result of the
formation of ASEAN Plus One and ASEAN Plus Three.
􀂄 Petrochemicals, financial, auto & machinery sectors to reap ‘early harvest’
The Economic Cooperation and Framework Agreement (ECFA) will accelerate cross-strait
trade liberalization. For Taiwan, the petrochemicals, financial, auto and machinery sectors
are likely to be so-called ‘early harvest’ categories. Though the steel sector may be excluded
from the early harvest list, a free trade agreement between Taiwan and China is likely to
come on the heels of the ECFA signing.
􀂄 ECFA will help early harvest sectors penetrate the China market
In the petrochemicals sector, Formosa Chemicals & Fiber Corp. (1326.TW, NT$69.0, OP) will
be the primary beneficiary. Among financial shares, we like Cathay FHC (2882.TW, NT$58.0,
OP) and Yuanta FHC (2885.TW, NT$21.5, OP) for their solid presence in China. For
auto-related shares, we like Ta Yih (1521.TW, NT$46.4, OP), which will be a direct
beneficiary of higher import quotas in China. We also like China Steel (2002.TW, NT$31.45,
OP), which currently derives only 7.0% of sales from China exports. China Steel’s penetration
of China will increase substantially post-ECFA.