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WE KNOW ASIA

YUANTA SECURITIES HEADING TO ASIAN CUP

Team members :

Motivation
While attending the recruitment orientation held by Yuanta Securities in the career
fair, the speaker mentioned that Yuanta are now aggressively heading forward to the Asian
market, with its intention to be the largest regional brokerage. After research, we realized
that Asian Cup is now a primary focus. Many of them are trying to enlarge their business
scale to become international companies. For example, Yuanta securities merged the Tong
Yang Securities, and KGI Securities is planning an IPO in Hong Kong. How can Taiwan
design our best layouts to make the overall securities industry become global? After this
study, we hope to come up with a possible arrangement that will magnify the Taiwan
brokerages enough to compete with other regional brokerages in Asia.
Current situation of Taiwan
The securities market in Taiwan had grown rapidly during the 80s. Our industry
structure turned into IT industry then, which drew a lot of funds from the securities market.
After that, Taiwan became an economy that thrived in the high-tech industry, the securities
market also became flourish. However, since the securities market in Taiwan has reached a
saturated level recently, and the countries in the U.S, Europe, and Asia have been
expanding their securities market oversea, its necessary for us to expand our securities
business. This is one of the reasons that we are attending the Asian Cup. Furthermore,
there is a geographic location advantage for Taiwan. We have the culture and language
advantage entering the Greater China district, and the abundant funds and high liquidity in
our securities market will be a great support heading forward to Asian Cup.
The preparation of Taiwan
There are several preparations of Taiwan entering Asian Cup. And the most
important are the loosen requirements for securities brokerages joint ventures abroad. First,
if theres a need for the joint ventures abroad to exceed 40% of the net value, the
brokerages with capital adequacy ratio above 200% can apply the approval from the FSC
as special cases. Second, brokerages can give endorsement for financing of overseas
subsidiaries. Third, the limitation of extension of monetary loans to others in the part of
overseas joint ventures has been changed. The limitation has risen from 40% to 100% of
the net value.

Introduction of Yuanta Securities


Yuanta Securities has certainly been the leader role in Taiwans securities industry for
a long period of time, but also spared no efforts expanding into overseas markets. In 1994,
Yuanta Securities took Hong Kong, the important international fortress of finance as the
beginning, opening its internationalized business. In 2007, Yuanta Securities entered the
Vietnam market. In addition to the footholds set in Hong Kong and Vietam, it also
extended to Southeast Asia and converted the worst Cathay Capital Securities in Thailand
into the number one security company of market share in just two years. Last year, Yuanta
Securities acquired Tong Yang Securities Inc., which is the 6th-ranked securities firm in
Korea. According to the public information, the net profit in the first quarter of this year
was 8.5 hundred million, comparing to the loss up to 49 hundred million last year, it really
shocked the foreign investors that it turned loss into gain in such a short time.
Thus, it can be seen that Yuanta Securities has succeeded unfolding the strong layout,
and has intended to keep expanding its business territory in Asia. In the future, it would
like to tie in the golden triangle country of Taiwan, Hong Kong and Korea, constructing
Pan-Asian trading platform.
Here are challenges we are facing now in the security market of Taiwan.
1. Integration- If we want to compete with other large regional brokerages, the mergence
in domestic market is necessary. Through this, we will be able to enlarge the scale,
avoid overlapping investment, and raise our international competitive ability. As a
research method, we make a prediction that the Capital Group securities is acquired by
Yuanta to find a possible benefit through it.
2. Customization-With the aim of being in a dominant position in Asian Cup, the
strategy for entering oversea market is important. If we could understand our own
strength and choose a suitable way to enter the target country, we may be able to beat
others to it. This could be achieved by supplying specific products to different region
we are entering because knowing what people need is one of the vital abilities for a
multinational enterprise.
3. Risk Management-To become a regional brokerage, the ability of risk management is
also important. The ability of risk management affects the level of credit rating, and it
will further influence the ability to expand. Also, the Southeast area has become a
popular target in Asian Cup. However, despite the rapid growth, the market there is not
mature enough. As a result of this, the brokerages conducting M&As or setting
branches there may face a larger risk, which makes the risk management even more

necessary. We could increase the ability through raising the amount of capital, also
leading to a rising level of shift in investment..
4. Financial Innovation-Merely underwriting foreign financial instruments can earn only
limited profits. If the security brokerages can develop their own product, attracting
specific group to buy it, itll create more opportunity to make profits.
5. Restriction-Although the FSC has loosened some restrictions when entering Asian
Cup, there are still plenty of rules and laws needed to be revised to help expanding. The
restrictions may become a huge barrier for brokerages in Taiwan when competing with
others. Also, there are limitations in entering Greater China region.
6. OSU Platform-Constructing a well-developed platform of OSU is also urgent, itll
help companies expand easier.
Core Integration
In contrast to the top five banks of South Korea, Hong Kong, and Singapore, with
their total market capitalization at least 50% of the local market share (which is good for
promoting healthy markets), after synthesizing Taiwan's top five banks, the market share is
still low. As the largest securities channel in Taiwan, Yuanta made a leap into the seventh
largest bank in the country after the M&A with Ta Chong Bank, even so, it is still not large
enough to keep pace with the top well-known international banks.
In order to compete in the Asian Cup, Yuanta should continue to seek domestic
merger/consolidation to expand the scale of assets. If Yuanta successfully evoke the wave
of consolidation, it could accelerate the pace of layout in Asia because the larger the
financial institutions are, the more advantages there are to play in the Asian Cup. Take
DBS, the largest commercial bank of Singapore as example, over the past 20 years, it
underwent several mergers and acquisitions domestically.
Environment is conducive to integration
During this new era, when community, cloud, big data and network are flourished, the
financial industry environment develops toward the financial Internet of Things, driving
new patterns of financial to rise. Under this situation, the investing demand in IT
foundation works is increasing. However, small and medium banks could not afford to
invest in IT, so it is hard for them to survive. Moreover, Financial Supervisory
Commission set up the plan of "Bank 3.0", and with the convenience of digitizing, the
proportion of people heading to branches personally greatly reduce. Hence, some banks
have begun to reduce the number of branches and replace the teller services with digital

financial services. The result of digital finance is that the branches have been abolished
gradually, and the value has gradually declined. Thus, we can conclude that the current
environment is unfavorable to small sized financial institutions or branches.
After Yuanta Financial Holdings announced that it spent NT $ 56.55 billion merging
Ta Chong Bank this year, the number of banks up for sale on the market has reduced. The
value of existing small and medium banks is diminishing, and in order to be sold for a
decent price, the sooner the selling is, the better. Otherwise, if those banks wait until major
domestic financial holdings "buy enough", they may not be sold for an acceptable price or
even will face difficulties exiting the market. In addition, the bankers are now facing the
succession problem. Second generation is not necessarily interested in operating banks, for
they may not have the intention or they may be unable to continue operation, therefore
increasing the possibility of mergers and acquisitions.
Besides, recently the authority has urged integration and might address stronger
capital requirements to push ahead financial integration. FSC Chairman, Tseng
Ming-Chung, indicated that the goal FSC set is the birth of one to two regional banks
within three to five years, that is, assets must be 6 to 7 trillion. The largest domestic bank,
Bank of Taiwan, contains only 4.3 trillion, so the scale is still not enough and must be
strengthened through merger/consolidation. Zhan Ting Chen, the bank director also said
that financial holding synergy has been increasing in recent years. Obviously, the banks
ROA and ROE under the financial holdings are significantly higher than banks that do not
join one. He also pointed out that after a period of time, FSC might advance the capital
requirement schedule of new Basel agreement (Basel III). As mentioned above, Yuanta can
grasp the opportunity to implement domestic integration as soon as possible.
Islamic Finance
Islamic finance, a banking activity that matches with the principles of Sharia
(Islamic law), has been expanding rapidly over the past decade. Growing at a double-digit
rate, the Sharia-compliant financial assets has now approximately US$2 trillion,
representing up to 1% of total world assets. The Sharia compliant finance is now a
non-negligible part of the financial industry, especially to ASEAN members such as
Malaysia, Indonesia and Singapore. Therefore, in order to obtain the Asian Cup, it is
crucial for Yuanta to take part in this emerging market.
Islamic financial system, including Islamic banking, Sukuk (Islamic securities),
Takaful (Islamic insurance) and Islamic Funds, refers to financial activities according with
the Islamic Law (Sharia).

Yuantas Next Step


Islamic finance in Taiwan is still in early
stages; hence there are no self-innovated
products in domestic market.
In 2008, Polaris ( ) Securities had once
developed an Islamic finance product called
MSCI Taiwan Islamic Index. Unfortunately, due
to the barriers from both externally and internally,
the IPO ended up in failure. Looking on the
bright side, Yuanta can learn from this first-hand
experience. Our suggestion is for Yuanta to
mirror

from

the

path

of

Hong

Kongs

development on Islamic finance (e.g. aiming for


Islamic professional investing institutions as its
main customers).
The weakest bound of the current layout of
Yuanta is undoubtedly the absence of a stronghold
that links the South-East Asia. Consequently, the
primary focus of Yuantas future M&As would be
on

Malaysia,

Thailand

and

Singapore.

Certification of operation in either three will


enable Yuanta to trade in those countries without
barriers. It is said that the next wave of Islamic banking
will be driven by QISMUT: Qatar, Indonesia, Saudi
Arabia, Malaysia, UAE and Turkey and according to
statistics, Malaysia owns 20 % of the Islamic banking
market share, while Indonesia owns 4.6%. For reasons
above, it is urgent for Yuanta to head into the ASEAN
market and connects the dots.

SWOT of Promoting Islamic Captial Market in Taiwan

(see footnote)

Shanghai-Hong Kong Stock Connect


SH-HK Stock Connect is a program that links the stock markets in Shanghai and
Hong Kong. This program enables investors to trade shares in both markets by their local
brokers.
Yuanta (Korea)
With the launch of the program for over a year, Yuanta Korea has made massive
profits from this investment channel. Yuanta attracted its Korean investor by advertising
the slogan We know China, successfully convincing its customers that the company has
expertise in the field. In terms of the SH-HK Stock Connect, Yuanta is now placing 2nd in
the Korean market, and holds a market share in the top ten.
In general, Korean investors are greatly interested in stocks such as The Silk Road
Economic Belt and the 21st-Century Maritime Silk Road (also known as, The Belt and
Road/ B&R), insurance and health care are also huge hits for investment. For the first
half of 2015, total trading value has accumulated approximately 28 billion RMB dollars.

, available at
http://report.nat.gov.tw/ReportFront/report_detail.jspx?sysId=C10203342

Investing Hotspot for the SH-HK Stock Connect


Opening of Shanghai Disneyland
The worlds sixth Disneyland Park is set to open up on spring, 2016 in Shanghai and it
will be operated through a joint venture between The Walt Disney Company and the
Shanghai Shendi Group, owning 43 % and 57% of the shares respectively. Based on the
expected similar growth in tourism during the Expo 2010 Shanghai China, financial
analysts predicted that service, transportation and real estate industry would benefit the
most from the opening.
Shares that will benefit from the opening of Shanghai Disneyland

Source: Bloomberg, Yuanta.

The 13th Five-Year Plan


The 13th Five-Year Plan, a new strategy plan aiming at the national economy of China
will be implemented from 2016 to 2020. The plan can be divided into five parts:
Innovation, Coordination, Eco-friendly, Reformation/Opening and Economic benefit
sharing. Among these, the abolishment of the One-child policy will bring advantages to the
maternity and baby industry while the promotion of environmental protection will benefit
its relevant companies.

The Belt & Road (B&R)


The Belt & Road is a multi-directional opening strategy, expanding its international
shipping channel and the transcontinental railroad, making the interior Middle West the
new frontier. China directly invested in 48 countries along the B&R line, affecting
economies on a large scale including East Europe, Middle East and Southeast Asia.
Moreover, the Islamic finance will play an important role owning to the geographical
location alongside the B&R. Authorities are planning to make Ningxia the global Islamic
finance center in China within the next 5 to 10 years; in the meantime, Shanghai is said to
be a crucial part in the evolution of Islamic finance.
Expanding the securities business in Southeast Asia
Southeast Asia is an emerging market, which is the important base of operation to
enter the Asia cup. If Taiwan securities company want to develop in Southeast Asia area,
we should engage in business that adapt to different financial laws and market demand in
different countries. Yuanta merged the local securities company in Indonesia and Vietnam,
and expand their business in Cambodia, ended up becoming one of the seven legal
securities company. Now Yuanta will have more solid basis to activate its business in other
Asian countries.
1. Indonesia
a.

Yuanta Securities(Hong Kong) acquired about 99% shareholding of PT AMCI.


PT AMCI is a medium-scale securities company in Indonesia which have
experience of operating stock/bond, financing, offering funds. The business of
securities brokerage and the fee of fund management are the main sources of PT
AMCIs revenue.

b. The license of fund management have been suspended in Indonesia, therefore, it is


beneficial for Yuanta to engage in the business of fund management.
2. Vietnam
a. Because of the restriction of local financial laws, the only way for Yuanta
Securities to be a part in operation of First Securities is by investing in 44.68%
shareholding of the company in 2007. Although Yuanta cant have complete
operating rights of First Securities, entering the securities market in Vietnam is the
first step to get into Southeast Asian market.
b. Vietnams government rescind the limit of foreign capital investment proportion in
listed company which could not process more than 49% shareholding of the
company in September, 2015. For this reason, Yuanta acquired all the shareholding
of The First Securities Joint Stock Company to improve the performance in
November, 2015

c. Vietnams government is devoted to progressively open their market. In order to


loosen the restriction on the laws of foreign capital investment, they take
Negative listings into investment policies in July, 2015. The new policies will
draw a large number of foreign company or investment to Vietnam that increases
the amount of IPO, SPO and more transaction of securities. Overall, it is good news
for Securities Company to raise their volume of business. Yuanta should seize the
chance to establish firm basis of developing in Southeast Asia
3. Cambodia
a. Cambodias market is booming in recent years. Sufficient labor, open financial
policies that attract more and more foreign capital to invest in local market. There
is only 7 legal securities companies that are approved by SECC in Cambodias
awakening securities market, and Toyo Securities acquired by Yuanta in 2014 is
the only foreign securities company. There are few competitors in Cambodia
market, which is an advantage for Yuanta.
b. Merely 3 years has passed since CSX was established, hence the market was not
mature enough. Yuanta can emphasize their developing plan on IPO in Cambodia
market. But the local companies is concerned about the tax problem which hinder
them from listing, and that makes local securities market very deserted. Even
though the company is less competitive, Yuanta should spend time on localization
to stand out in the market which is monopolized by PPS. Moreover, Yuanta can
make use of their understanding of Taiwans enterprise to attract Taiwans capital
to invest in the securities market and create more opportunities of IPO to make the
Cambodia securities market more active.
The risk management of Yuanta securities
The credit rating of Yuanta securities:
Source: Yuanta

Yuanta Securities is on rating watch negative due to the announcement that YFHC2 is
to acquire all the shares of Ta Chong Bank in a transaction valued at TWD56.6bn.

2

YFHC, Yuanta Finacial Holdings Company.

Ta Chong's shareholders will receive TWD8.15 in cash and the equivalent of TWD8.15 in
YFHC's shares for each Ta Chong share. The transaction value includes YFHC's purchase
of Ta Chong's existing European convertible bonds, which are to be converted to common
shares. Although there is scope to enhance the group's banking franchise and synergies,
Fitch expects the group's financial flexibility to be weakened by the transaction, which is
likely to be financed through a mix of capital from YS, and debt and share issuance at
YFHC. Yuanta group management says that YFHC's double leverage ratio could rise to
about 115%-120% from 106% at end-June 2015 following the acquisition, and its
sum-of-parts capitalization will fall to about 115%-120% from 130% at end July-2015.
Fitch expects the group to buttress its balance-sheet strength in the long-term by pursuing
more moderate growth and sustaining sound earnings generation.
The VaR, Capital Adequacy Ratio and risk equivalent amount ratio of Yuanta
Yuanta uses the model of VaR to quantize the integrated market risk, and utilizes the
result to manage, monitor and measure the market risk. At the same time, Yuanta securities
make the CAR and risk equivalent amount ratio in proper level.
Every quantized risk items are showed below:
Thousand dollar
2014 year
Risk items

The end value

The mean of

The minimum

The maximum

VaR

of VaR

of VaR

Equity risk

241,611

227,324

168,052

310,687

Interest risk

52,385

43,211

31,280

58,404

Exchange rate risk

2,189

2,653

1,254

5,316

Product risk

2,064

3,925

10

8,869

Subtotal

298,249

277,113

Less: assets

(15,034)

(12,482)

283,215

264,231

210,565

338,684

diversification
effect
Total

Source: Yuanta.

The Capital Adequacy Ratio of Yuanta securities in 2014:


12/31/2014 Mean
The CAR

449%

533%

Maximum minimum
592%

450%
Source: Yuanta.

10

The ratio of risk equivalent amount of Yuanta securities in 2014:


Items

The ratio of risk equivalent amount

Market risk

53%

Credit risk

22%

Operating risk

25%
Source: Yuanta

The cooperation between the Yuanta and SAS


A good risk management is important for running a company. Yuanta always keeps
the point in mind, and we can also verify this fact by seeing the growth by the growth of
Yuanta recent years. In order to make a better risk rder to make the better risk management,
Yuanta cooperated with SAS, a leader firm in global Business Analytics market, and
introduce the BAA system to create higher level of risk management and reach the goal of
two saving and one expansion3, which will in the end enhancing the core competitive
ability.
An effective information system is needed to a great risk management
A credit risk database with great bases is helpful for constructing models, providing
information and verifying the accuracy of all kinds of risk analysis. With the abundant
construction experience of SAS, creating a credit database that can adjust to the change of
risk environment is beneficial to the efficiency of risky management and will strengthen
the competitiveness of Yuanta.
Two saving and one expansion
The credit risk management is one of the core competitiveness indexes of financial
institution. However, most banks used to have different management systems according
with different services, causing data repetition and inconsistency. Therefore, they needed
integration. Now, with the benefit of BAA, Yuanta can use the single and integrated
platform to directly acquire the consistency data from the risk management, clients
management, financial management and operating management, which dramatically
increase the service efficiency and accuracy.
Financial innovation
Fin-tech has become the major stream in financial industry all over the world. To
enhance the competitive ability in Taiwan, Financial Supervisory Commission (FSN)

3

Two saving and one expansion: including saving the cost of integrating systems, saving the cost of time
and labor, and expansion of the future system.

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promoted the policy of Bank3.0 in 2015. Under the policy, the financial industries in
Taiwan have more space for development and opportunities to design new products. Here
are some changes in Taiwan:
Innovation products and service situation
New products or services

Content

TAIEX
derivative In the past, foreign investment bank is the mainstream,
products and PGN can be but now we can underwrite the products by ourselves.
priced
by
foreign
currency
Introduce the sale of OBU are open-shelf. Partial financial holdings obtain
RQFII
fund
from the qualifications and coda of RQFII through
overseas
reinvestment in Hong Kong, breaking the situation of
foreign investment only issuance.
Online deposit/ loan, FSC promotes finance3.0, and financial institutions in
credit card appliance, Taiwan opens many services online.
subscription of mutual
marketing Consent, etc.
Source: Yuanta

In recent years, banks promote high interest rates of RMB certificate deposits (CD).
Under the condition, Yuanta securities advanced others by promoting PGN4 of RMB, and
the return rate was up to 3.5% every three months, which was higher than the CD project
of high interest rates in deposit banks. On the other hand, Yuanta securities also can learn
from KGI.
KGI brings its ELN5 and PGN into full play. Nowadays, the OSU of KGI leads the
industry and issue the first TAIEX ELN priced by USD. After the permission that OSU
brokerages can underwrite the TAIEX derivative products, we can expect our local
securities to take back the leadership instead of being taken over by other international
investment banks. Furthermore, in response to the opening of wealth management business,
relative products of PGN and ELN can also be adjusted by the respective wealth
management business. For Yuanta, developing the distinctive products to attract different
clients will enrich not only the profit but also the market value.


4
5

PGN, Principal Guaranteed Note.


ELN, Equity Linked Note

12

Following the trend of finance3.0


Yuanta securities are devoted to enhance the quality of comprehensive services through not
only providing a diversified financial product line and brilliant e-counter services, but also
strengthening the online service and even promoting the full time, 24 hours digital network.
On the other hand, Yuanta makes the maximum synergy of Online to Offline by supporting
electronic orders service with Apple watch, ios fingerprint recognition and online
pin-unlocking. Other than these, they even use theYuanta yes friendfan group to interact
with investors.
Here are three restrictions of M&As6 that may hinder the brokerages in Taiwan
from expanding.
1. Object of M&As
According to Taiwans Company Act, Article 13, a company shall not be a partner of
a partnership enterprise. But the concept is allowed in other foreign system, such as the
limited partnership in the U.S. If we ban the companies for being a partner, itll become a
barrier for enterprises conducting oversea M&As. So the limitation should be properly
loosen to improve expanding abroad.
2. Type of a company after M&As
According to Taiwans Business Mergers and Acquisitions Act, Article 21, the
surviving company or newly incorporated company after the merger/consolidation shall
exist only in the form of a company limited by shares. However, there are varied kinds of
juridical person allowed in other countries. If we can cancel the limitation, there will be
more opportunities for oversea M&As.
3. Using shares as consideration for M&As toward unlisted company
According to Operating Rules of the Taiwan Stock Exchange Corporation, when a
listed company use shares as consideration to merge/acquire an unlisted company, they
will face investigation for going to public. The current limitation is 10% of the amount of
capital, but it limits the trading tools of a listed company. If the limitation can be loosen,
itll increase the ability to merge/acquire an unlisted company.
RQFII
Furthermore, since the ECFA hasnt be implemented, Taiwan hasnt got any RQFII
(Renminbi Qualified Foreign Institutional Investor) limits. If there are no RQFII limits,
well need to first pay U.S. dollar and then change it into Renminbi to invest in A-share

6

2015 Available at http://www.pwc.tw

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market in China, causing more cost. Because the content of ECFA hasnt been clear, we
hope that itll be possible for the RQFII to be separated from the implement of ECFA.
There has been 13 countries that is qualified for the RQFII, the total limits has reached
Renminbi 970 billion. Getting the 100 billion RQFII for Taiwan, we can invest the A-share
market directly, and itll bring us an even better development in the Greater China area.
Construct a well-developed OSU platform7
In order to earn back high net worth individuals from Singapore and Hong Kong,
making Taiwan become a regional financial center, the government has allowed security
brokerages to apply OSU (Offshore Securities Unit) since 2013. However, there are still
rooms for improvement to enhance our OSU system.
1. Learning from Singapore
Although both Taiwan and Singapore dont allow their own currency be traded in
their OSU, Singapores ACU (Asian Currency Unit) note that, as long as the trade does not
relate to Singapore Dollar, they (also people living in Singapore) can get the tax incentives.
On the other hand, only PI (professional investor) in Taiwan can undertake OSU, and the
products available for sale cant be related to TAIEX. Also, the PI doesnt get the tax
incentives in OSU, causing no difference between OSU and DSU (Domestic Securities
Unit). To learn from Singapore, maybe we should change the focus from people to the
currency, that is, you can also get the tax incentive whether you are Taiwanese or not.
2. Learning from Hong Kong
In Hong Kong, theres a structure for custody account, transforming demand deposit
to certificate deposit with no separation of the account. Under this circumstance, the capital
could be used more efficiently. In Taiwan, the OSU has been demand deposit so far, which
is not the best use of the capital. Same as Hong Kong, accounts of Future market in Taiwan
offer the custody account as well, making a lot of profits through it. As a result, maybe itll
be better for OSU to open up to this. Theres not much incentive for PI to transfer from
DSU to OSU since theres no tax incentives, and the DSU can offer even more products.
With lots of restrictions and lack of attractive products, itll be hard for high net worth
individuals to invest in it. If we dont make some changes, we are preventing OSU from
growing.

Available at

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Conclusion
Now, heres our layout for Yuanta. First, the domestic integration is necessary, so we
assume that Yuanta acquire the Capital, achieving the business of scale. Second, we plan to
take part in Islamic Finance which gives Yuanta the chance to generate high profits and
earn the hearts of specific investors. Also the SH-HK Stock Connect provide further
insight entering the Greater China, helping Yuanta expand their business and create
relating products under different circumstances. As for Southeast area, since Vietnam has
become more open, we suggest Yuanta to further develop in Vietnam. Besides all these,
we expect Yuanta to improve their risk management ability, making it easier to expand.
Also, the revise of restrictions and OSU can help construct a better environment for layout.
The ultimate goal is to use Yuanta as a model for other brokerages in Taiwan, hoping to
have regional brokerages in 3 to 5 years. As we thrive in Asian Cup, we may be proud to
say that We know Asia.
Reference
http://udn.com/
http://www.pwc.tw
http://www.csa.org.tw/
http://money.udn.com/
http://www.yuanta.com
https://www.capital.com.tw
http://www.chinatimes.com/
http://news.pchome.com.tw/ PChome
http://www.nownews.com -
http://www.moneydj.com
http://www.twse.com.tw/ch/products/publication/download/0001000357.pdf
http://report.nat.gov.tw/ReportFront/report_detail.jspx?sysId=C10203342

http://udn.com/news
http://twbusiness.nat.gov.tw/
http://www.syscom.com.tw
http://emerging-markets-research.hktdc.com

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