2010年3月台湾石化行业研究报告

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【出版时间及名称】：2010年3月台湾石化行业研究报告
        【作者】：德意志银行
        【文件格式】：pdf
        【页数】：30
        【目录或简介】：

Table of Contents
Decent fundamentals ........................................................................ 3
Decent spreads supported by plenty of maintenance in 1H10 .................................................3
Further fundamentals: FCFC > FPC = NPC > FPCC..................................................................5
Favourable financial/valuation......................................................... 7
Cash yield: FCFC > FPC > FPCC > NPC ...................................................................................7
Valuation: FCFC also stands out; FPCC is still considered Sell .................................................7
Top pick now FCFC............................................................................ 9
We upgrade FCFC from Hold to Buy ........................................................................................9
We raise our earnings forecasts for Formosa companies.........................................................9
Management change emerges as a risk to consider ..............................................................10
Revenue exposure and sum-of-the-parts valuations ...............................................................11
Risks.................................................................................................. 17
Macro risks to our forecasts and ratings.................................................................................17
Industry/management risks to our forecasts and ratings........................................................17
Equity market risks to our ratings............................................................................................17
Investment thesis (1301.TW) .......................................................... 19
Outlook ..................................................................................................................................19
Valuation ................................................................................................................................19
Risks ......................................................................................................................................19
Investment thesis (1303.TW) .......................................................... 21
Outlook ..................................................................................................................................21
Valuation ................................................................................................................................21
Risks ......................................................................................................................................21
Investment thesis (1326.TW) .......................................................... 23
Outlook ..................................................................................................................................23
Valuation ................................................................................................................................23
Risks ......................................................................................................................................23
Investment thesis (6505.TW) .......................................................... 25
Outlook ..................................................................................................................................25
Valuation ................................................................................................................................25
Risks ......................................................................................................................................25

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关键词：行业研究报告 研究报告 石化行业 行业研究 Fundamentals 研究报告 台湾 行业 石化