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July 28, 2017

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Deutsche Securities smiles on future of Taiwan stocks

Deutsche Securities yesterday expressed optimism for Taiwan stocks, which it said will benefit from various positive developments in the information technology and traditional sectors.

The institutional investor made the remarks on the eve of the rollout of various highly-anticipated technology products including the iPad mini and the Windows 8 operating system. Investors will be closely watching whether these products will revitalize tech stocks.

Among Taiwan's foreign investors, Deutsche Securities has taken a positive view on Taiwan stocks, believing that an inflow of capital resulting from the third round quantitative easing measures launched by the U.S. will provide support for the market, which may also benefit from various government incentives.

The firm was optimistic about the traditional and financial sectors, the latter of which may gain from a recently signed agreement enabling cross-strait currency clearance. Once the system is in place, local banks can offer financial products denominated in the renminbi, the Chinese currency.

Deutsche said shares affected by domestic demand and those issued by construction companies may benefit from a rise in home purchases, with many seeking to protect the value of their assets in the midst of inflation.

As for tech shares, foreign investors including Deutsche and J.P. Morgan are upbeat about their performances in the fourth quarter, despite the fact tech shares have led declines in recent trading. The focus of the market now is on whether the tech sector will be given a boost by the iPad mini, which reportedly will launch next week, Deutsche said.

"We'll watch whether the new device will create excitement in the market, like previous Apple products did," Deutsche said, adding that the new tablet will intensify competition in the market, which is inundated by devices from Samsung, Amazon, Google and Surface.

Foreign investors favor members of the Apple supply chain, including Hon Hai and Foxconn Technology, which it said will benefit from strong iPhone 5 and iPad mini demand. Deutsche said these strong sales are expected to last into the first quarter of next year.

Taiwan stocks closed yesterday in observance of the Double Tenth Day, or the National Day of Taiwan. On Tuesday, the weighted index TAIEX fell 23.88 points, or 0.31 percent, to 7,592.01.

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