德意志银行：台湾石化行业研究报告2009年10月

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Table of Contents
Executive summary ........................................................................... 4
Outlook ....................................................................................................................................4
Valuation ..................................................................................................................................5
Risks ........................................................................................................................................5
Structural change at cyclical bottom............................................... 6
Structure change for Taiwan – matters at the cyclical bottom..................................................6
Chemicals: bottomed out, especially for specialty....................................................................9
Refinery: capacity addition outpaces demand growth into 2010 ............................................20
Buy Nan Ya Plastics (1303.TW) and Formosa Plastics (1301.TW)...........................................22
Target prices based on SoTP ..................................................................................................23
Additional valuation benchmarks ............................................................................................28
Global/regional peer valuation comparison .............................................................................30
Appendix A....................................................................................... 32
Formosa Plastics.............................................................................. 36
Nan Ya Plastics ................................................................................ 56
Formosa Chems & Fibre.................................................................. 72
Formosa Petrochemical .................................................................. 86

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关键词：行业研究报告 德意志银行 研究报告 石化行业 行业研究 研究报告 台湾 行业 德意志银行 石化

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