In Asia, our policy discussions focused on the secular trend toward outsourcing. Taiwan is a major b...
In Asia, our policy discussions focused on the secular trend toward outsourcing. Taiwan is a major beneficiary as reflected in the 20% increase in exports this year. In addition liquidity conditions remain positive despite rising imports and strong GDP growth. Although valuations at the company level are not inexpensive, they can be justified given strong historical EPS growth rates and a low cost of capital. While Korea remains one of the least expensive markets in the region, there is still uncertainty surrounding the ultimate resolution of the Investment Trust Companies bond holdings. ...
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