China's export easily beats forecast in November by a rise of 12.7% y-o-y against a median forecast of 7.1% adding
MARKET UPDATES & STOCK RECOMMENDATION
China’s export easily beats forecast in November by a rise of 12.7% y-o-y against a median forecast of 7.1% adding to a recent proof of stabilization in the world’s second largest economy.
Taiwan’s external trade data for November will be released today. Export growth will remain negative, and the rate of decline will be close to October’s -1.5% YoY.
Although mortgages are likely to soften in 2H14 (mortgages comprised 30% of total loans as of Sep 13), domestic business loans and trade finance loans (largely US$) may continue to thrive given strong GDP growth prospects and improved external environment. Stronger than expected business loans could provide a boost to overall loan growth
in 2014. Every 1ppt increase in loan growth would lift earnings by 0.8%. NIM uplift would give greater ammunition to earnings.
BUY HONGKONG LAND ABOVE 6.070 TG 6.120, 6.180, 6.250 SL 6.000
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