【出版时间及名称】：2010年3月台湾地产行业研究报告
        【作者】：瑞士信贷
        【文件格式】：pdf
        【页数】：41
        【目录或简介】：
Unabated capital influx from overseas accounts; luxury products rock.
Nearly a year after our report, Let’s talk about monetary liquidity, was
published, capital inflows from overseas accounts of wealthy individuals
continue unabated. Our further study indicates that the trend could last
longer than generally expected. Real estate in Taipei City remains one of the
favourite asset destinations for this inbound money. As such, we see luxury
product ASPs moving up much faster than that of the mid- to low-end
segments (estimate high end at 15% versus 5-10% for mid-to-low).
■
Limited new supply in Taipei City; expect higher ASP in 1H10. Media
have been reporting about huge supply increase from new projects in 1Q10.
We, however, believe that the real supply is inflated, as rising asking prices
boost supply value. In terms of unit volumes, we expect only 1,608 units to
come from new projects in Taipei City in 1Q10, 20% lower than the level in
2006-08. We believe that the limited supply is another important factor
driving up ASPs in Taipei.
■
Risk rewarded to buy property names. We raise NAV estimates for the
companies under our coverage by 0-12%. We see value in property names,
as most companies under our coverage are trading at 12-49% discount to
their NAV. This large valuation discount indicates that the uncertainty for
2H10 is already in price and thus the risk to buy property names is already
rewarded. Moreover, the high dividend yield of developers would provide
downside protection, if any. We maintain our OUTPERFORM rating on
Taiwan Fertilizer, Huaku, Chong Hong, Prince and Hung Poo.