Taiwan Brokers « 金融 « 研究報告 « Downloads
| Attribute | Value |
|---|---|
| Version | Feb 22-2010-J.P. Morgan |
| Date posted | February 25, 2010 |
| Downloaded | 40 times |
| Categories | 金融, 研究報告 |
| Tags | , |
Description
We expect a sequential improvement in March: Due to the Chinese
New Year holiday, the number of trading days in February was only
13, and though TAIEX could close at a higher level at the end of the
month, we expect brokers to report weak results in February. Thus,
due to more trading days (23 days in March), we expect a sequential
improvement in March. As experienced in the past, market turnover
contracts before CNY and picks up post holidays. As a cyclical
industry, weak results in January and February could offer a good
entry point to buy brokerage stocks. For full-year 2010, we expect
stronger market turnover (daily turnover at NT$176B vs. NT$141B
last year) and growth in margin lending (50% growth Y/Y).
