The 2012 AmCham Taipei Business Climate Survey found that members were generally optimistic about Taiwan's economy and their own business prospects. Nearly half planned to increase investment in Taiwan in 2012. However, forecasts for revenue and profit growth in 2012 were lower than in 2011, likely due to global economic uncertainty. The survey highlighted talent shortages, bureaucratic inefficiencies, and tax rates as challenges. Members commended Taiwan's economic relations progress but saw opportunities for further reforms.
Vanderlay industries benchmark_analysis_(q3_2011-2012)Josephine Wong
This document provides a benchmark analysis of key performance indicators (KPIs) for Vanderlay Industries for Q3 2011/2012 compared to targets and industry benchmarks. Several of Vanderlay's KPIs are above or below targets, including accounts receivable days, accounts payable days, current ratio, debt to total assets, equity to assets, and growth equilibrium. The analysis also identifies alerts for accounts receivable days, cash conversion cycle, and current ratio based on thresholds exceeded.
2017 Taiwan Business Climate Survey Full ReportGordon Stewart
This document provides a summary of the 2017 Taiwan Business Climate Survey results. Some key findings include:
- Current profitability remains relatively or very profitable for over two-thirds of companies surveyed over the last 7 years.
- Forecasts have stabilized in the past two years but the 5-year trend is still declining.
- Issues negatively impacting businesses include governmental bureaucracy, China-Taiwan relations, unclear labor laws, and political turmoil in Taiwan.
- China-Taiwan relations saw the most regression compared to last year's survey.
- Taiwan is generally not viewed as a high priority market globally but remains the primary focus for most companies surveyed.
This document provides an investor presentation for Intact Financial Corporation, a leading property and casualty insurer in Canada. Some key points:
- Intact has consistently outperformed the P&C industry over the past 10 years in measures like return on equity, combined ratio, and premium growth.
- Intact has a significant scale advantage compared to competitors and employs sophisticated pricing, underwriting, claims management, and distribution strategies.
- Intact's goals are to beat the industry ROE by 5 points annually and achieve 10% net operating income per share growth over time through organic growth, margin improvement, and capital deployment including acquisitions.
Intact Financial Corporation held an investor presentation in February 2011. The presentation discussed IFC's position as the largest property and casualty insurer in Canada, with $4.5 billion in direct premiums written. It highlighted IFC's consistent outperformance of the Canadian P&C industry, including a 10-year combined ratio that was 3.8 percentage points better than the industry average. The presentation also outlined IFC's growth strategies, including organic growth through its multiple distribution channels and the potential for industry consolidation through acquisitions.
Intact Financial Corporation is Canada's largest home and auto insurer, with $7 billion in annual premiums. It has consistently outperformed the industry in key metrics like combined ratio, return on equity, and growth. Intact aims to continue growing organically and through acquisitions in Canada's fragmented insurance market. Recent acquisitions of AXA Canada and JEVCO are on track to deliver synergies. Challenges include a low interest rate environment and elevated catastrophe losses. Intact is well capitalized and pursuing growth through firming market conditions, developing existing brands, industry consolidation, and potential international expansion.
allstate Quarterly Investor Information 2005 1st Earnings Press Release finance7
Allstate reported a 22% increase in first quarter net income and a 16% increase in operating income per share compared to the first quarter of 2004. Property-liability underwriting income increased 13.4% due to higher premiums and continued declines in auto and homeowner loss frequencies. Allstate is confirming its 2005 operating income per share guidance range of $5.40 to $5.80 despite $164 million in first quarter catastrophe losses, up from $102 million in the first quarter of 2004. Allstate Financial also had a solid quarter with a 15.2% increase in premiums and deposits and 12.9% increase in operating income.
The document discusses various financial ratios used to analyze the financial performance of Atlas Honda, including liquidity, activity, debt, profitability, and market ratios. Many of Atlas Honda's ratios have improved over the past five years, such as current ratio, inventory turnover, asset turnover, times interest earned, net profit margin, return on assets, and return on equity. However, some ratios like quick ratio and debt ratio were still below target levels. Overall, the analysis indicates that Atlas Honda has generally strengthened its financial position in recent years through better working capital management and an increased focus on reducing debt.
This presentation provides an overview of Intact Financial Corporation, a leading property and casualty insurer in Canada. Key points include:
- Intact is the largest P&C insurer in Canada with $6.5 billion in direct premiums written and dominant market positions in several provinces.
- Intact has significant scale advantages over competitors and has consistently outperformed the industry in terms of growth, underwriting results, and returns.
- The company has a strong capital position with excess capital, high credit ratings, and a diversified, high-quality investment portfolio.
- Management's capital priorities are paying dividends to shareholders and pursuing acquisitions to further grow the business.
Vanderlay industries benchmark_analysis_(q3_2011-2012)Josephine Wong
This document provides a benchmark analysis of key performance indicators (KPIs) for Vanderlay Industries for Q3 2011/2012 compared to targets and industry benchmarks. Several of Vanderlay's KPIs are above or below targets, including accounts receivable days, accounts payable days, current ratio, debt to total assets, equity to assets, and growth equilibrium. The analysis also identifies alerts for accounts receivable days, cash conversion cycle, and current ratio based on thresholds exceeded.
2017 Taiwan Business Climate Survey Full ReportGordon Stewart
This document provides a summary of the 2017 Taiwan Business Climate Survey results. Some key findings include:
- Current profitability remains relatively or very profitable for over two-thirds of companies surveyed over the last 7 years.
- Forecasts have stabilized in the past two years but the 5-year trend is still declining.
- Issues negatively impacting businesses include governmental bureaucracy, China-Taiwan relations, unclear labor laws, and political turmoil in Taiwan.
- China-Taiwan relations saw the most regression compared to last year's survey.
- Taiwan is generally not viewed as a high priority market globally but remains the primary focus for most companies surveyed.
This document provides an investor presentation for Intact Financial Corporation, a leading property and casualty insurer in Canada. Some key points:
- Intact has consistently outperformed the P&C industry over the past 10 years in measures like return on equity, combined ratio, and premium growth.
- Intact has a significant scale advantage compared to competitors and employs sophisticated pricing, underwriting, claims management, and distribution strategies.
- Intact's goals are to beat the industry ROE by 5 points annually and achieve 10% net operating income per share growth over time through organic growth, margin improvement, and capital deployment including acquisitions.
Intact Financial Corporation held an investor presentation in February 2011. The presentation discussed IFC's position as the largest property and casualty insurer in Canada, with $4.5 billion in direct premiums written. It highlighted IFC's consistent outperformance of the Canadian P&C industry, including a 10-year combined ratio that was 3.8 percentage points better than the industry average. The presentation also outlined IFC's growth strategies, including organic growth through its multiple distribution channels and the potential for industry consolidation through acquisitions.
Intact Financial Corporation is Canada's largest home and auto insurer, with $7 billion in annual premiums. It has consistently outperformed the industry in key metrics like combined ratio, return on equity, and growth. Intact aims to continue growing organically and through acquisitions in Canada's fragmented insurance market. Recent acquisitions of AXA Canada and JEVCO are on track to deliver synergies. Challenges include a low interest rate environment and elevated catastrophe losses. Intact is well capitalized and pursuing growth through firming market conditions, developing existing brands, industry consolidation, and potential international expansion.
allstate Quarterly Investor Information 2005 1st Earnings Press Release finance7
Allstate reported a 22% increase in first quarter net income and a 16% increase in operating income per share compared to the first quarter of 2004. Property-liability underwriting income increased 13.4% due to higher premiums and continued declines in auto and homeowner loss frequencies. Allstate is confirming its 2005 operating income per share guidance range of $5.40 to $5.80 despite $164 million in first quarter catastrophe losses, up from $102 million in the first quarter of 2004. Allstate Financial also had a solid quarter with a 15.2% increase in premiums and deposits and 12.9% increase in operating income.
The document discusses various financial ratios used to analyze the financial performance of Atlas Honda, including liquidity, activity, debt, profitability, and market ratios. Many of Atlas Honda's ratios have improved over the past five years, such as current ratio, inventory turnover, asset turnover, times interest earned, net profit margin, return on assets, and return on equity. However, some ratios like quick ratio and debt ratio were still below target levels. Overall, the analysis indicates that Atlas Honda has generally strengthened its financial position in recent years through better working capital management and an increased focus on reducing debt.
This presentation provides an overview of Intact Financial Corporation, a leading property and casualty insurer in Canada. Key points include:
- Intact is the largest P&C insurer in Canada with $6.5 billion in direct premiums written and dominant market positions in several provinces.
- Intact has significant scale advantages over competitors and has consistently outperformed the industry in terms of growth, underwriting results, and returns.
- The company has a strong capital position with excess capital, high credit ratings, and a diversified, high-quality investment portfolio.
- Management's capital priorities are paying dividends to shareholders and pursuing acquisitions to further grow the business.
The survey of over 100 top dealmakers finds strong confidence in the global M&A market in 2013. North American, European, and Greater China advisors largely expect increased deal activity globally and within their own regions compared to 2012. Key drivers are seen as strong CEO confidence, improving economies, and growing appetite for Chinese outward expansion. In North America, domestic deals and the consumer goods sector are expected to be most active. Greater China advisors anticipate outbound Chinese deals, while European advisors foresee foreign acquisitions in Europe driving activity.
RCL Foods Financial Performance and KPIs: A brief reply to Johan Rupert's req...DavidHolland87
Johan Rupert, the chairman of Remgro, asked for investors' suggestions for key performance indicators (KPIs). Attached is a brief analysis of RCL Foods financial performance, which is a Remgro holding that has reported poor performance over many years. KPIs aligned with value creation, and improved financial decision analysis would greatly benefit RCL Foods and its capital allocation. We do not provide a valuation, just a peek into why performance has been poor.
This document provides an analyst briefing on the financial results and strategic priorities of Alliance Financial Group for FY2014. Key highlights include:
- Net income grew 1.2% to RM1.349 billion driven by a 6.6% increase in net interest income from higher loan growth.
- Net interest margin continues to be under pressure from competitive pressures and the run-off of higher-yielding loans.
- Non-interest income declined slightly due to lower investment income, though recurring fee income sources grew.
- Operating expenses declined 1.7% through effective cost management.
- Key strategic priorities are to continue building a strong franchise in consumer and SME banking and deliver consistent, sustainable financial performance.
Intact Financial Corporation is Canada's largest home, auto and business insurer, with a 10-year track record of outperforming the industry. It aims to achieve a combined ratio in the low 90s, exceed industry return on equity by 5 points, and grow net operating income per share by 10% per year over time through organic growth, margin improvement and claims management. The acquisition of OneBeacon expanded Intact's presence in attractive specialty insurance lines in the US and provides a more balanced portfolio and geographic diversification.
The document summarizes the DSP Equal Nifty 50 Fund, which invests in companies that are part of the Nifty 50 Equal Weight Index. The index provides balanced diversification by giving equal weight to each stock, unlike market-cap weighted indexes that concentrate holdings in few large stocks. This reduces single stock and sector risk. Historically, the equal weight index has outperformed the regular Nifty 50 Index, providing higher returns with comparable risk levels. The fund aims to replicate the performance of the index at low cost.
- ITC Limited is a large Indian conglomerate company headquartered in Kolkata, employing over 26,000 people across various businesses.
- Between 1995-96 and 2012-13, ITC saw rapid growth and scale-up of its FMCG businesses, with net revenue increasing from Rs. 2,536 crores to Rs. 29,606 crores - a 17-year CAGR of 15.6%.
- ITC aims to make a significant contribution to India's financial, environmental, and social capital by creating multiple drivers of growth while sustaining leadership in tobacco and focusing on triple bottom line performance.
Intact Financial Corporation is Canada's largest property and casualty insurer with an estimated 17% market share. The presentation outlines Intact's consistent outperformance versus the industry through scale advantages, underwriting expertise, and acquisition strategy. Intact has achieved returns on equity 5 points higher than the industry average each year and targets net operating income per share growth of 10% annually. The company is well positioned for future growth through firming market conditions, expanding existing platforms, consolidating the Canadian market, and potential international expansion.
The document discusses the DSP Healthcare Fund, which invests in Indian and overseas healthcare companies across sectors like pharmaceuticals, hospitals, diagnostics, and medical devices. It highlights secular growth drivers for the Indian healthcare industry like rising incomes, aging population, and government policies. The fund aims to benefit from increasing healthcare spending in India as well as export and global opportunities. Historical trends show the healthcare sector outperformed during periods of strong export growth and improving return ratios. The sector is currently positioned for growth as business cycles recover and valuations remain low. Investing in both Indian and US healthcare equities provides portfolio diversification benefits.
This document provides a fundamental analysis of Wipro Limited, a leading global IT company based in India. It summarizes key details about the Indian economy and its strong service sector, which contributes over 55% to GDP. The analysis examines Wipro's market share and position as the 3rd largest player in the IT industry. It also includes a quantitative analysis of Wipro's financials, including shareholding patterns, ratios and CSR spending. Overall, the document recommends buying Wipro shares for long term due to its expected slow growth over the next few years but consistent growth potential through investments in the coming 5-7 years, especially if the current government is re-elected.
The document analyzes the financial health of Qlik Technologies, Inc. by comparing its financial ratios and performance metrics to competitors and industry averages. Qlik has strong liquidity with current ratios above 2, indicating it can easily pay short-term debts. While return on assets is lower than competitors and the industry average, Qlik has high gross margins and its stock has outperformed others in recent months. The analysis finds that Qlik is financially stable but could improve returns by better utilizing capital.
This research report recommends buying shares of Asia Pacific Breweries Limited (APB) with a target price of $52. It summarizes APB's business overview, Porter's Five Forces analysis of the beer industry, APB's SWOT analysis, growth strategy of pursuing acquisitions and aggressive marketing, positive financial analysis findings regarding profitability, operating efficiency and stability, and provides 5-year forecasts and valuation using the residual income model to support the $52 target price.
Intact Financial Corporation presented its investor presentation for June 2010. The presentation highlighted Intact's position as the dominant property and casualty insurer in Canada with over $4 billion in annual premiums written. Intact has a significant scale advantage over its competitors and has consistently outperformed the industry on key metrics like combined ratio and return on equity. The presentation also summarized Intact's strong financial results for the first quarter of 2010, including net operating income per share growth of 62.1% and an annualized return on equity of 16.1%.
The survey found that most companies plan for growth over the next three years, with an average targeted growth rate of 14.46%. Acquisitions are part of the corporate strategy for about two-thirds of companies in the next year or two to five years. While many companies considered multiple transactions in the last 24 months, they typically only completed two deals on average. Looking ahead, 67% of acquisitive companies foresee a single transaction in the coming year, mostly valued at under €20 million.
The document discusses the DSP Mid Cap Fund, a mid-cap equity fund that primarily invests 2/3 of its assets in mid-cap stocks and 1/3 in large and small-cap stocks. It outlines the fund's investment philosophy of identifying durable businesses with strong management teams trading at reasonable valuations. The document also summarizes the fund's three pillar investment framework and long-term buy and hold approach, as well as its historically strong risk-adjusted returns compared to its benchmark.
AmCham 2015 business climate survey final report Jan 2015Gordon Stewart
The survey summarizes the views of AmCham Taipei member companies on Taiwan's business climate and environment. While most companies were profitable in 2014 and have a positive 5-year outlook, they also face ongoing issues like inconsistent regulations, bureaucracy, outdated laws, and a lack of transparency. The top impacts on business are inconsistent regulatory interpretation and changes in local demand. Support exists for trade agreements but political obstacles remain. Regulatory reform is needed to strengthen Taiwan's competitiveness and attractiveness for foreign investment.
During 2011-2012, HTC's profitability declined as return on equity decreased by 51.9% and net profit margin fell from 13.6% to 6.2%. HTC's stability also weakened as working capital ratio declined, debt levels increased, and inventory and accounts receivable turnover slowed. While HTC remains a leader in mobile phones, its financial performance has weakened, so investors are recommended to consider alternatives. The price-earnings ratio of 8.09 years also suggests other companies may offer better investment value. In summary, HTC remains investable but its financials suggest it may not be the best choice compared to other options available.
The document discusses Intact Financial Corporation's acquisition of AXA Canada. The key points are:
1) The acquisition strengthens IFC's position as the largest property and casualty insurer in Canada, increasing its premiums by over 40%.
2) The acquisition is financially compelling with an expected internal rate of return of 20% and accretion to net operating income per share.
3) Combining the two companies creates a leading P&C insurer in Canada and provides numerous diversification and synergistic benefits.
Whilst the prolonged period of uncertainty and upheaval isn’t quite over, the UK financial services industry appears to be returning to a sentiment of cautious optimism.
Cedar Fair is an operator of regional amusement parks and separately gated outdoor water parks. In 2014, it expects to entertain over 23 million guests across its 11 amusement parks, 3 water parks, and other attractions. The document discusses Cedar Fair's strong financial performance in recent years with revenue growth of 6% in 2013 and adjusted EBITDA growth of 9% driven by increases in attendance and per capita spending. It also outlines Cedar Fair's strategic growth initiatives and new attractions being introduced in 2014 to continue enhancing the guest experience.
2013 Taiwan Business Climate Survey Jan 17 2013Gordon Stewart
The survey asked AmCham business leaders about their 2012 financial performance and 2013 forecasts. While most said 2012 was profitable, fewer were as profitable as prior years. For 2013, leaders forecast modest revenue and profit growth. Investment in Taiwan is expected to rise slightly. However, the 5-year business outlook continued declining significantly year-over-year. Bureaucracy remains a key concern that businesses want the government to address aggressively.
Taiwan Business Climate Survey Jan. 2011 - FULL REPORTGordon Stewart
The survey summarizes the responses of 117 business leaders from AmCham Taipei on Taiwan's business climate and investment environment. Key findings include:
- Business leaders expressed optimism about their future in Taiwan, with most planning to increase investment in 2011. However, Taiwan is not a high priority globally for their companies.
- While progress was noted in some areas, respondents saw room for improvement in reducing government bureaucracy, personal taxation, increasing labor flexibility, and R&D incentives.
- Changes in local demand had the greatest impact, but taxation, inconsistent regulations, and outdated laws also negatively impacted businesses.
- Recruiting talent and rigid laws were issues, though Taiwan was seen as safe and easy
The survey of over 100 top dealmakers finds strong confidence in the global M&A market in 2013. North American, European, and Greater China advisors largely expect increased deal activity globally and within their own regions compared to 2012. Key drivers are seen as strong CEO confidence, improving economies, and growing appetite for Chinese outward expansion. In North America, domestic deals and the consumer goods sector are expected to be most active. Greater China advisors anticipate outbound Chinese deals, while European advisors foresee foreign acquisitions in Europe driving activity.
RCL Foods Financial Performance and KPIs: A brief reply to Johan Rupert's req...DavidHolland87
Johan Rupert, the chairman of Remgro, asked for investors' suggestions for key performance indicators (KPIs). Attached is a brief analysis of RCL Foods financial performance, which is a Remgro holding that has reported poor performance over many years. KPIs aligned with value creation, and improved financial decision analysis would greatly benefit RCL Foods and its capital allocation. We do not provide a valuation, just a peek into why performance has been poor.
This document provides an analyst briefing on the financial results and strategic priorities of Alliance Financial Group for FY2014. Key highlights include:
- Net income grew 1.2% to RM1.349 billion driven by a 6.6% increase in net interest income from higher loan growth.
- Net interest margin continues to be under pressure from competitive pressures and the run-off of higher-yielding loans.
- Non-interest income declined slightly due to lower investment income, though recurring fee income sources grew.
- Operating expenses declined 1.7% through effective cost management.
- Key strategic priorities are to continue building a strong franchise in consumer and SME banking and deliver consistent, sustainable financial performance.
Intact Financial Corporation is Canada's largest home, auto and business insurer, with a 10-year track record of outperforming the industry. It aims to achieve a combined ratio in the low 90s, exceed industry return on equity by 5 points, and grow net operating income per share by 10% per year over time through organic growth, margin improvement and claims management. The acquisition of OneBeacon expanded Intact's presence in attractive specialty insurance lines in the US and provides a more balanced portfolio and geographic diversification.
The document summarizes the DSP Equal Nifty 50 Fund, which invests in companies that are part of the Nifty 50 Equal Weight Index. The index provides balanced diversification by giving equal weight to each stock, unlike market-cap weighted indexes that concentrate holdings in few large stocks. This reduces single stock and sector risk. Historically, the equal weight index has outperformed the regular Nifty 50 Index, providing higher returns with comparable risk levels. The fund aims to replicate the performance of the index at low cost.
- ITC Limited is a large Indian conglomerate company headquartered in Kolkata, employing over 26,000 people across various businesses.
- Between 1995-96 and 2012-13, ITC saw rapid growth and scale-up of its FMCG businesses, with net revenue increasing from Rs. 2,536 crores to Rs. 29,606 crores - a 17-year CAGR of 15.6%.
- ITC aims to make a significant contribution to India's financial, environmental, and social capital by creating multiple drivers of growth while sustaining leadership in tobacco and focusing on triple bottom line performance.
Intact Financial Corporation is Canada's largest property and casualty insurer with an estimated 17% market share. The presentation outlines Intact's consistent outperformance versus the industry through scale advantages, underwriting expertise, and acquisition strategy. Intact has achieved returns on equity 5 points higher than the industry average each year and targets net operating income per share growth of 10% annually. The company is well positioned for future growth through firming market conditions, expanding existing platforms, consolidating the Canadian market, and potential international expansion.
The document discusses the DSP Healthcare Fund, which invests in Indian and overseas healthcare companies across sectors like pharmaceuticals, hospitals, diagnostics, and medical devices. It highlights secular growth drivers for the Indian healthcare industry like rising incomes, aging population, and government policies. The fund aims to benefit from increasing healthcare spending in India as well as export and global opportunities. Historical trends show the healthcare sector outperformed during periods of strong export growth and improving return ratios. The sector is currently positioned for growth as business cycles recover and valuations remain low. Investing in both Indian and US healthcare equities provides portfolio diversification benefits.
This document provides a fundamental analysis of Wipro Limited, a leading global IT company based in India. It summarizes key details about the Indian economy and its strong service sector, which contributes over 55% to GDP. The analysis examines Wipro's market share and position as the 3rd largest player in the IT industry. It also includes a quantitative analysis of Wipro's financials, including shareholding patterns, ratios and CSR spending. Overall, the document recommends buying Wipro shares for long term due to its expected slow growth over the next few years but consistent growth potential through investments in the coming 5-7 years, especially if the current government is re-elected.
The document analyzes the financial health of Qlik Technologies, Inc. by comparing its financial ratios and performance metrics to competitors and industry averages. Qlik has strong liquidity with current ratios above 2, indicating it can easily pay short-term debts. While return on assets is lower than competitors and the industry average, Qlik has high gross margins and its stock has outperformed others in recent months. The analysis finds that Qlik is financially stable but could improve returns by better utilizing capital.
This research report recommends buying shares of Asia Pacific Breweries Limited (APB) with a target price of $52. It summarizes APB's business overview, Porter's Five Forces analysis of the beer industry, APB's SWOT analysis, growth strategy of pursuing acquisitions and aggressive marketing, positive financial analysis findings regarding profitability, operating efficiency and stability, and provides 5-year forecasts and valuation using the residual income model to support the $52 target price.
Intact Financial Corporation presented its investor presentation for June 2010. The presentation highlighted Intact's position as the dominant property and casualty insurer in Canada with over $4 billion in annual premiums written. Intact has a significant scale advantage over its competitors and has consistently outperformed the industry on key metrics like combined ratio and return on equity. The presentation also summarized Intact's strong financial results for the first quarter of 2010, including net operating income per share growth of 62.1% and an annualized return on equity of 16.1%.
The survey found that most companies plan for growth over the next three years, with an average targeted growth rate of 14.46%. Acquisitions are part of the corporate strategy for about two-thirds of companies in the next year or two to five years. While many companies considered multiple transactions in the last 24 months, they typically only completed two deals on average. Looking ahead, 67% of acquisitive companies foresee a single transaction in the coming year, mostly valued at under €20 million.
The document discusses the DSP Mid Cap Fund, a mid-cap equity fund that primarily invests 2/3 of its assets in mid-cap stocks and 1/3 in large and small-cap stocks. It outlines the fund's investment philosophy of identifying durable businesses with strong management teams trading at reasonable valuations. The document also summarizes the fund's three pillar investment framework and long-term buy and hold approach, as well as its historically strong risk-adjusted returns compared to its benchmark.
AmCham 2015 business climate survey final report Jan 2015Gordon Stewart
The survey summarizes the views of AmCham Taipei member companies on Taiwan's business climate and environment. While most companies were profitable in 2014 and have a positive 5-year outlook, they also face ongoing issues like inconsistent regulations, bureaucracy, outdated laws, and a lack of transparency. The top impacts on business are inconsistent regulatory interpretation and changes in local demand. Support exists for trade agreements but political obstacles remain. Regulatory reform is needed to strengthen Taiwan's competitiveness and attractiveness for foreign investment.
During 2011-2012, HTC's profitability declined as return on equity decreased by 51.9% and net profit margin fell from 13.6% to 6.2%. HTC's stability also weakened as working capital ratio declined, debt levels increased, and inventory and accounts receivable turnover slowed. While HTC remains a leader in mobile phones, its financial performance has weakened, so investors are recommended to consider alternatives. The price-earnings ratio of 8.09 years also suggests other companies may offer better investment value. In summary, HTC remains investable but its financials suggest it may not be the best choice compared to other options available.
The document discusses Intact Financial Corporation's acquisition of AXA Canada. The key points are:
1) The acquisition strengthens IFC's position as the largest property and casualty insurer in Canada, increasing its premiums by over 40%.
2) The acquisition is financially compelling with an expected internal rate of return of 20% and accretion to net operating income per share.
3) Combining the two companies creates a leading P&C insurer in Canada and provides numerous diversification and synergistic benefits.
Whilst the prolonged period of uncertainty and upheaval isn’t quite over, the UK financial services industry appears to be returning to a sentiment of cautious optimism.
Cedar Fair is an operator of regional amusement parks and separately gated outdoor water parks. In 2014, it expects to entertain over 23 million guests across its 11 amusement parks, 3 water parks, and other attractions. The document discusses Cedar Fair's strong financial performance in recent years with revenue growth of 6% in 2013 and adjusted EBITDA growth of 9% driven by increases in attendance and per capita spending. It also outlines Cedar Fair's strategic growth initiatives and new attractions being introduced in 2014 to continue enhancing the guest experience.
2013 Taiwan Business Climate Survey Jan 17 2013Gordon Stewart
The survey asked AmCham business leaders about their 2012 financial performance and 2013 forecasts. While most said 2012 was profitable, fewer were as profitable as prior years. For 2013, leaders forecast modest revenue and profit growth. Investment in Taiwan is expected to rise slightly. However, the 5-year business outlook continued declining significantly year-over-year. Bureaucracy remains a key concern that businesses want the government to address aggressively.
Taiwan Business Climate Survey Jan. 2011 - FULL REPORTGordon Stewart
The survey summarizes the responses of 117 business leaders from AmCham Taipei on Taiwan's business climate and investment environment. Key findings include:
- Business leaders expressed optimism about their future in Taiwan, with most planning to increase investment in 2011. However, Taiwan is not a high priority globally for their companies.
- While progress was noted in some areas, respondents saw room for improvement in reducing government bureaucracy, personal taxation, increasing labor flexibility, and R&D incentives.
- Changes in local demand had the greatest impact, but taxation, inconsistent regulations, and outdated laws also negatively impacted businesses.
- Recruiting talent and rigid laws were issues, though Taiwan was seen as safe and easy
The document summarizes Newell Rubbermaid's Q3 2012 earnings call presentation. It provides the following key points:
1) For Q3 2012, net sales were 0.9% below prior year due to 1.5% core sales growth offset by 2.4% unfavorable foreign currency impact. Gross margin was up 50 basis points and normalized operating margin was flat at 13.7%. Normalized EPS was $0.47.
2) For Q3 YTD 2012, net sales increased 0.3% due to 2.2% core sales growth offset by 1.9% unfavorable foreign currency impact. Gross margin was up 50 basis points and normalized operating margin increased 20 basis
The survey found:
1) Over 60% of respondents believed their organization responded well to 2011 challenges, and nearly 80% made changes to sales and marketing strategies.
2) Respondents generally gave their organization an A or B for keeping existing customers in 2011, but lower grades for getting new customers.
3) Looking ahead, respondents said their organization needs to successfully execute plans, have new product successes, and better connect with customers to maximize 2012 success.
In the first quarter of 2007, CSX reported earnings per share of $0.52 compared to $0.53 in the first quarter of 2006. Excluding insurance recoveries, comparable earnings per share was $0.50. Surface transportation operating income was $469 million, compared to $487 million in 2006, excluding insurance recoveries in both periods. Revenue increased 4% to $2.422 billion driven by a 10% increase in revenue per unit, offset by a 5% decline in volumes. Expenses increased primarily due to higher materials, supplies and other costs and depreciation, though this was partially offset by productivity gains.
In the first quarter of 2007, CSX reported earnings per share of $0.52 compared to $0.53 in the first quarter of 2006. Excluding insurance recoveries, comparable earnings per share were $0.50. Surface transportation operating income was $469 million, compared to $487 million in 2006, excluding insurance recoveries in both periods. Revenue increased 4% to $2.422 billion driven by strong pricing, despite a 5% decline in volumes. The company also discussed trends in expenses, operating metrics, future growth opportunities, and shareholder capital allocation.
Kellogg Company reported financial results for the second quarter of 2012. Net sales increased 2.3% internally to $3.47 billion. Operating profit declined 5% to $485 million due to commodity inflation and investment in supply chain and brand building. Kellogg reaffirmed its full-year outlook for 2-3% internal net sales growth and a 2-4% decline in internal operating profit, excluding Pringles.
Kellogg Company reported lower than expected financial results for the first quarter of 2012. Net sales grew 0% internally while operating profit declined 6% internally due to weakness in Europe impacting results. The acquisition of Pringles and integration planning is on track. The outlook for full-year 2012 is adjusted with internal net sales growth expected to be 2-3% and operating profit growth expected to be lower by 2-4% due to significant investment in innovation, brand building, and SAP.
- Kellogg reported third quarter 2012 net sales of $3.72 billion, up 12.3% year-over-year. Internal growth was 2.8%.
- North America sales increased due to strong performance in snacks and specialty channels. Morning Foods & Kashi grew internally 5.4% due to cereal and Pop-Tarts.
- Europe sales trends improved sequentially. Latin America declined due to inventory reductions but Asia Pacific grew.
- Operating profit was $479 million, up 3.2% year-over-year due to commodity inflation and recall costs. Integration of Pringles is proceeding as expected.
This document summarizes CNO Financial Group's financial and operating results for the 4th quarter of 2012 ending December 31, 2012. It discusses growth in core earnings and sales across all business segments. CNO continued investing in distribution and new product offerings while maintaining strong capital levels and returning value to shareholders through stock repurchases and dividends. The outlook expects further sales growth through expansion of locations, agents, and products in 2013.
3i Infotech is an Indian IT company that provides software products and IT services. According to its financial statements:
- Revenue has grown significantly over the past 4 years at a CAGR of 61% through both organic growth and acquisitions.
- Profits have also increased substantially, with net profit margin growing from 0.14 to 0.22 between 2007-2008.
- However, debt levels have also risen considerably to finance growth, with total debt increasing from Rs. 546 crores to Rs. 1225 crores.
- While growth has been strong, the company needs to improve its cash flows and working capital management to support further expansion in a sustainable manner. Tighter
- Avnet reported record earnings per share of $0.69 for the first quarter of fiscal year 2008, representing 25% year-over-year growth.
- Revenue increased 12.3% year-over-year to $4.098 billion, driven by acquisitions.
- Both the Electronics Marketing and Technology Solutions segments saw revenue and profitability increases compared to the prior year quarter.
The document provides an earnings presentation for United Stationers Inc. for the fourth quarter of 2012. Some key highlights include:
- Sales were up 3.6% compared to Q4 2011 and gross margin rate increased from 14.5% to 16.2%.
- Operating expenses increased from $127.8 million to $146.3 million while operating income increased from $45.9 million to $55.4 million.
- Net income increased from $27.9 million to $32.9 million and earnings per share increased from $0.65 to $0.81.
This document discusses forward-looking statements and non-GAAP financial measures. It cautions that actual results could differ from expectations and refers readers to risk factors in SEC filings. It also explains management's use of non-GAAP measures and provides reconciliations to GAAP measures. The agenda outlines a CEO perspective, discussions of various Intuit business units, and a financial perspective.
This document summarizes compensation trends in 2011-2012 based on a presentation by Maureen Driscoll. It discusses the following key points in 3 sentences or less:
1. Base salary increases in 2011 were higher or about the same for most organizations compared to 2010, with average increases of 2-3% projected for 2012.
2. Over half of organizations have implemented pay for performance programs to varying degrees, with median salary increases of 4% for high performers and 2% for low performers.
3. Short-term incentive plans typically target 7-12% of salary for exempt employees and 28% for executives, while long-term incentives are usually reserved for upper management to balance short- and long
- The accounting and finance market in Singapore was mixed in 2011, with strong hiring early in the year but slowing significantly in the second half as the European sovereign debt crisis impacted financial institutions.
- Salaries for permanent roles ranged from $40k-$330k depending on level, with bonuses likely to be reduced or eliminated for 2012. Demand remained for commodities, product control and management reporting professionals but employers became highly selective
This document analyzes the financial performance of Al-Arafah Islami Bank LTD over the last five years. It evaluates the bank's profitability, risks, and performance relative to industry averages. Key findings include that the bank uses more leverage than peers, has a negative non-interest margin due to high loan loss provisions, and performs well compared to other Islamic and conventional banks in several areas like return on equity and asset growth. Recommendations focus on adjusting the capital structure, increasing interest rates to boost margins, fully complying with Islamic principles, controlling non-performing loans, and adapting to changes in the banking industry.
Similar to AmCham Taipei 2012 Business Climate Survey January (20)
This document summarizes the results of a survey of Taiwan businesses that was originally conducted in late 2019 and updated in March 2020 regarding the impact of the COVID-19 pandemic. The survey found that most businesses have substantially lowered their revenue and profit forecasts for 2020 compared to late 2019. The percentage of businesses forecasting increased investment in Taiwan dropped dramatically from over 50% to just 16%. However, optimism about the 5-year outlook remained high, with 46% of businesses still optimistic. Some businesses provided comments noting both short-term negative impacts but optimism about Taiwan's long-term prospects due to its effective pandemic response.
10th Annual Taiwan Business Climate Study 2020Gordon Stewart
Survey of Taiwan business leaders (Chairs, Presidents, CEO's, MD's and GM's), of current results and forecasts for business growth, investment, and hiring status in Taiwan.
Business indicators tracked for ten years with trend lines.
First published on January 12, 2020
2019 taiwan business_climate_study_-_jan_10Gordon Stewart
This document summarizes the results of the 2019 Taiwan Business Climate Survey conducted amongst over 200 key business leaders in Taiwan. It finds that profitability levels are at their lowest in 9 years, with forecasts for 2019 revenues, profits, and investment declining or flat compared to previous years. Employment growth is also forecast to slow. Persistent issues identified include governmental bureaucracy, differences between local and international standards, domestic protectionism, and inadequate or outdated laws. The ability to recruit qualified personnel and increasing labor costs are also major impacts. The survey concludes the outlook for business in Taiwan over the next 5 years is sluggish.
This document summarizes the results of the 2019 Taiwan Business Climate Survey conducted amongst over 200 key business leaders in Taiwan. The survey found that profitability levels are at their lowest in 9 years, with forecasts for 2019 revenues, profits, and investment declining or flat compared to previous years. Employment growth is also forecast to slow. Issues such as governmental bureaucracy, differences from international standards, protectionism, and inadequate laws continue to negatively impact businesses. Survey respondents see Taiwanese workers as hardworking but lacking creativity and initiative. The outlook for the next 5 years is sluggish, with less than half of respondents optimistic. In summary, the survey finds Taiwan's business climate deteriorating, with recurring issues still not adequately addressed.
2017 Taiwan Business Climate Survey Full ReportGordon Stewart
This document provides a summary of the 2017 Taiwan Business Climate Survey results. Some key findings include:
- Current profitability remains relatively or very profitable for over two-thirds of companies surveyed over the last 7 years.
- Forecasts have stabilized in the past two years but the 5-year trend is still declining.
- Issues negatively impacting businesses include governmental bureaucracy, China-Taiwan relations, unclear labor laws, and political turmoil in Taiwan.
- China-Taiwan relations saw the most regression compared to last year's survey.
- Taiwan is generally not viewed as a high priority market globally but is the primary focus for most companies surveyed.
AmCham 2016 Business Climate Survey Full results Jan 19Gordon Stewart
- The survey found that 67% of companies were profitable in 2015, similar to previous years. However, forecasts for 2016 show a slight expected decline in revenues and profits.
- Investment levels are expected to remain unchanged or decrease slightly in 2016 after recovering in past years.
- Optimism in the 5-year business outlook dropped sharply from 60% to 47%, tracking a decline in Taiwan's GDP growth and raising concerns.
- The top issues impacting businesses are outdated laws, inconsistent regulations, declining domestic demand, bureaucracy, and lack of notice on legal changes.
AmCham Taipei 2016 Business Climate Survey - Full results Jan 19Gordon Stewart
- The survey found that 67% of companies were profitable in 2015, similar to previous years. However, forecasts for 2016 show a slight expected decline in revenues and profits.
- Investment levels are expected to remain unchanged or decrease slightly in 2016 after recovering in past years.
- Optimism in the 5-year business outlook dropped sharply from 60% to 47%, tracking a decline in Taiwan's GDP growth and raising concerns.
- The top issues impacting businesses are outdated laws, inconsistent regulations, declining domestic demand, bureaucracy, and lack of notice on legal changes.
3. “Basic Message from 2012 AmCham Chairman Billimprovements.”
optimism, but spotlighting areas needing Wiseman
“
Message from 2012 AmCham Chairman Bill Wiseman
Our 2012 Business Climate Survey asked 387 voting
representatives from AmCham member companies –
mainly CEOs – to answer about 20 questions in an
online questionnaire. 232 members took part - a 60%
response rate.
In general, the results of the 2012 survey were closely
aligned with those of 2011. Members expressed
optimism about the economy and business prospects in
Taiwan, with nearly half citing plans to increase
investment in the coming year.
Independent Marketing
4. Message from 2012 AmCham Chairman Bill Wiseman
If views of the business outlook are slightly less rosy
than a year ago, the driving factor seems to be global
macroeconomic uncertainty and its expected impact on
Taiwan's economy.
Once again, the survey results show that the Taiwan
government deserves commendation for a number of
achievements, including progress in cross-Strait
economic relations, adjustment of the corporate tax
rate to make Taiwan more competitive within the Asian
region, and further strengthening of IPR protection.
Independent Marketing
5. Message from 2012 AmCham Chairman Bill Wiseman
But the survey also pinpoints areas where further
efforts are needed to remove what are currently
perceived as serious obstacles to economic growth:
• Human Resources. Shortages of talent are developing in
certain sectors, while constraints remain on hiring
professionals from abroad. More also needs to be done to
cultivate creativity and initiative-taking in the Taiwan
workforce.
Independent Marketing
6. Message from 2012 AmCham Chairman Bill Wiseman
• Bureaucratic inefficiencies. Among the problems cited are
inconsistent regulatory interpretations, inadequate or
outdated laws, and lack of transparency.
• Tax structure. Although the corporate tax rate has been
reduced, the high personal income tax rate discourages
foreign experts from accepting assignments in Taiwan. The
incentive system for encouraging R&D also needs review.
High-level government officials have indicated to
AmCham that they recognize these problems and are
working on finding solutions.
Independent Marketing
7. Message from 2012 AmCham Chairman Bill Wiseman
We offer the findings of the survey as reference for the
government as President Ma Ying-jeou prepares for his
second term.
In closing, I would like to extend the Chamber’s hearty
thanks to Gordon Stewart of Independent Marketing
Pty Limited for his invaluable guidance in the planning
and execution of this project.
Bill Wiseman
2012 AmCham Taipei Chairman
Independent Marketing
9. Executive Summary – Key Indicators
2012 Forecast
Increased 5 Year
2011 for Revenue
Investment in Business
Profitability & Profit
2012 Outlook
Growth
2010 2011 2011 2012 2011 2012 2011 2012
73.5% 71.9% 81.2% 58.4% 54.3% 42.9% 81.0% 70.3%
Alert! Alert!
*Alert! Statistically significant change from 2011
Independent Marketing
10. Executive Summary - Key Takeaways
• AmCham’s Business leaders had a reasonably good
2011 and are focused on (almost 74% of companies
have a primary focus on the domestic market), and
generally optimistic, about the future of their
businesses in Taiwan.
• Many will increase their investment in Taiwan
during 2012. But there is some softening or
leveling-off in their forecasts for longer-term
investment levels and in their prospects for
growing revenues and profits in the short-term.
However, the good news is that these softer
forecasts are counter-balanced by either “Neutral”,
or “Remain the same” forecasts, rather than by
negative ones.
Independent Marketing
11. Executive Summary - Key Takeaways
• Bureaucracy! Bureaucracy! Bureaucracy! Is a
common and persistent negative issue for our
business leaders. It is cited throughout this (and
last year’s) survey as having negative impacts,
being a barrier to success and the one major
thing companies want the Taiwanese
government to aggressively tackle. While
recognizing the progress made by the
Taiwanese government in other certain areas,
their belief is that more can be done to reduce,
simplify and clarify government bureaucracy.
Independent Marketing
12. Executive Summary - Key Takeaways
• Inter-governmental relations: Our leaders
would like to see, and believe it would be
advantageous if there was: a broadening and
speeding-up of ECFA; a re-engagement on TIFA
talks; a bilateral investment and a taxation
agreement between Taiwan and the U.S.A
• Outside of macro-economic risks, issues
surrounding Human resources are of the most
concern to our business leaders. Specifically, the
quantity, quality and costs associated with their
employment.
Independent Marketing
14. 2011: A Relatively Good Year for Business.
Almost three out of four (71.9%)of our business
leaders assert that their business in Taiwan was
either “relatively” or “very profitable” in 2011. A
very similar response to the one we received in
2010.
Independent Marketing
15. How would you characterize your Taiwan business’ financial
performance?
14.3%
Very Profitable
20.5%
57.6%
Relatively Profitable
53.0%
23.8%
Break even or small profit/loss
23.9%
3.0%
Relatively Large Loss
2.6%
1.3%
Very Large Loss
0.0%
2012
Column1 2011
Independent Marketing
16. 2012: More of the same…
The majority of our business leaders are
forecasting and expect 2012 to also be a
relatively good year. However, growth in
revenues & profits are forecast to occur at a
lesser rate than was forecast last year (from 81%
to 58%). The balance to this is that many more
expect to “Remain the same” for 2012 – rather
than indicating a decline in either revenues or
profits.
Independent Marketing
17. What is your Taiwan business’ Revenue & Profits forecast for 2012 compared to
2011?
Substantial growth in both Revenues & Profits 11.0%
17.1%
Substantial growth in Revenues & modest growth in Profits 1.8%
7.7% *Alert!...
Modest growth in Revenues & substantial growth in Profits 0.4%
2.6%
Modest growth in both Revenues & Profits 45.2%
53.8%
Remain the same 22.4% *Alert!...
7.7%
Modest growth in Revenues & no change in Profits 3.1%
2.6%
Modest growth in Revenues & modest decline in Profits 1.8%
2.6%
No change in Revenue & modest decline in Profits 0.9%
0.0%
Modest decline in Revenues & modest growth in Profits 0.4%
0.0%
Modest decline in both Revenues & Profits 9.6%
6.0%
Modest decline in Revenues & substantial decline in Profits 0.4%
0.0%
2012
Substantial decline in Revenues & modest decline in Profits 0.4%
0.0% 2011
Substantial decline in both Revenues & Profits 1.3%
0%
0% 20% 40% 60%
*Alert! Statistically significant change from 2011
Independent Marketing
18. Short-term investment : Softening?
There does appear to be some softening/
flattening in planned investment levels - with
only 43% saying they will increase their entity’s
level of investment in 2012 either “slightly” or
“substantially”. This compared to 54% last year.
Statistically, this is bordering on a significant
drop.
Independent Marketing
19. What is likely to happen to your entity’s level of investment
in Taiwan over the next 12 months?
Substantial Increase 10.0%
16.4%
Slight Increase 32.9%
37.9%
No Change 40.7%
36.2%
Slight Decrease 12.6%
5.2%
Substantial Decrease 2.2%
3.4%
Don't know/can't say 1.7%
0.9%
2012 2011
Independent Marketing
20. Unfortunately, or realistically…
…Taiwan is generally viewed as “Not a high priority”
back at the global head office. Perhaps this also
inhibits greater investment. We said last year that
Taiwan needs to better position and market itself to
try and gain some more global attention. Changes
to: taxation rates; improvements to direct foreign
investment rules and incentives; research &
development incentives; and lowering some of the
bureaucratic barriers, may go a long way here.
Independent Marketing
21. How does Taiwan fit into your global entity’s investment plans?
2012
#1 Priority 10.3%
5.2% 2011
In the top 3 9.9%
6.9%
In the top 5 6.9%
9.5%
In the top 10 14.7%
11.2%
Not a high priority 45.7%
54.3%
Looking to reduce investment/disinvest 2.6%
2.6%
Don't know/can't say 9.9%
10.3%
0% 10% 20% 30% 40% 50% 60%
Independent Marketing
22. Looking forward five years…
Whilst the vast majority (70%) are “optimistic” or
“slightly optimistic” about their five-year business
outlook in Taiwan, there has been a statistically
significant drop in this score compared to a year
ago, with many taking a more “Neutral” position.
Further suggesting that there is a growing
cautiousness in regards to their future business
prospects.
Independent Marketing
23. How would you describe your five-year business outlook for Taiwan?
Optimistic 27.6%
29.3%
Slightly Optimistic 42.7%
51.7%
Neutral 21.6% *Alert! Statistically significant change from 2011
2012
6.9%
2011
Slightly Pessimistic 7.3%
9.5%
Pessimistic 0.9%
2.6%
0% 10% 20% 30% 40% 50% 60%
Independent Marketing
24. What impacts their business?
Not surprisingly, given their Taiwan market focus,
changes in local demand have the single greatest
impact on their businesses.
However, there are several areas where the
Taiwanese government can have a direct and
substantial influence. These include government
bureaucracy, inconsistent regulatory
interpretation, inadequate or outdated laws, and
company and personal taxation levels. Indeed,
reducing taxation levels may well release more
money into the economy and help stimulate the
area of largest impact – domestic demand.
Independent Marketing
25. Which of the following impacts your operation in Taiwan, and how much of an
impact do they have?
Top Ten Responses overall
2012 Ranking 2011 Ranking Issues
1 1 Changes in local demand
2 3 Inconsistent regulatory interpretation
3 4 Ability to recruit appropriate new personnel
4 2 Governmental Bureaucracy
5 7 Currency Exchange rate fluctuations
6 5 Inadequate/Out-dated laws
7 8 China-Taiwan government relations
8 9 Changes in employment expenses
9 6 Corporate Taxation levels
10 10 Lack of transparency
Independent Marketing
26. Average values only shown on 4 point scale where 4 = extreme impact and 1 = no impact
Independent Marketing
28. Progress (and the lack of it) in Taiwan
Some great strides have been made in the past
three years to help business – especially in
connection with China, like direct flights, better
cross-Strait government relations, and of course
ECFA. There has also been some progress on
important issues such as Corporate Taxation.
But there are also areas where no progress has
been made (e.g., personal taxation), and worse
where there has actually been some perceived
regression (e.g., employment expenses and
domestic protectionism).
Independent Marketing
29. ‘Significant” & “Some” Progress over 2009-2011 in Taiwan
Direct flights to the Mainland 85.4%
China - Taiwan government relations 83.2%
The Economic Cooperation Framework Agreement (ECFA) 72.1%
Corporate Taxation levels 50.0%
Infrastructure (Power, Water, Telecommunications, Transport, etc.) 45.1%
Corruption 42.9%
USA - Taiwan government relations 42.5%
EU - Taiwan government relations 42.0%
Strengthening Local Demand 41.6%
Intellectual Property rights infringements 41.2%
Governmental reform/restructuring 40.7%
Transparency 38.1%
Strengthening Overseas Demand 34.1%
Customs and trade regulations 34.1%
Currency Exchange rate fluctuations 32.3%
Governmental Bureaucracy 32.3%
Changes in Tariffs 30.5%
Financial Industry Reform 26.1%
Inadequate/Out-dated laws 25.7%
Personal Taxation levels 24.3%
Ability to recruit appropriate new personnel 22.6%
Inconsistent regulatory interpretation 20.8%
Changes in Transport costs 20.4%
Changes in Financing costs 19.9%
Illegal imports 19.5%
Government procurement procedures 19.0%
Changes in Employment expenses 18.1%
Domestic protectionism 17.7%
Changes in Raw Material costs 15.0%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Independent Marketing
30. “No Progress” made over 2009-2011 in Taiwan
Personal Taxation levels 59.3%
Changes in Financing costs 52.7%
Changes in Employment expenses 50.4%
Changes in Transport costs 49.6%
Government procurement procedures 48.7%
Illegal imports 47.8%
Ability to recruit appropriate new personnel 47.3%
Inconsistent regulatory interpretation 46.5%
Domestic protectionism 45.6%
Inadequate/Out-dated laws 44.7%
Currency Exchange rate fluctuations 43.4%
Customs and trade regulations 42.0%
Changes in Tariffs 41.6%
Financial Industry Reform 41.2%
Transparency 39.8%
Infrastructure (Power, Water, Telecommunications, Transport, etc.) 37.6%
Changes in Raw Material costs 36.7%
Strengthening Local Demand 36.7%
Strengthening Overseas Demand 36.3%
Governmental reform/restructuring 36.3%
Corporate Taxation levels 35.8%
Governmental Bureaucracy 35.4%
EU - Taiwan government relations 35.0%
Intellectual Property rights infringements 34.1%
USA - Taiwan government relations 32.3%
Corruption 31.4%
The Economic Cooperation Framework Agreement (ECFA) 12.8%
China - Taiwan government relations 9.3%
Direct flights to the Mainland 7.1%
0% 10% 20% 30% 40% 50% 60% 70%
Independent Marketing
31. “Significant” & “Some” Regress over 2009-2011 in Taiwan
Governmental Bureaucracy 24.3%
Changes in Employment expenses 22.1%
Inconsistent regulatory interpretation 21.7%
Changes in Raw Material costs 21.2%
Ability to recruit appropriate new personnel 20.8%
Domestic protectionism 20.4%
Inadequate/Out-dated laws 14.6%
USA - Taiwan government relations 14.6%
Currency Exchange rate fluctuations 13.7%
Transparency 13.7%
Changes in Transport costs 13.3%
Financial Industry Reform 12.4%
Strengthening Local Demand 11.9%
Strengthening Overseas Demand 11.9%
Governmental reform/restructuring 10.2%
Corruption 10.2%
Government procurement procedures 8.4%
Customs and trade regulations 8.4%
Personal Taxation levels 7.1%
Changes in Financing costs 7.1%
Intellectual Property rights infringements 6.6%
EU - Taiwan government relations 6.2%
Changes in Tariffs 5.3%
Infrastructure (Power, Water, Telecommunications, Transport, etc.) 5.3%
Illegal imports 4.0%
Corporate Taxation levels 4.0%
The Economic Cooperation Framework Agreement (ECFA) 4.0%
Direct flights to the Mainland 1.8%
China - Taiwan government relations 1.3%
0% 5% 10% 15% 20% 25% 30%
Independent Marketing
32. Much more needs to be done
The survey asked about the main things the
Taiwan government could do in the next 12
months to help business. The top replies:
– Simplify government bureaucracy
– Increase incentives for foreign direct investment
– Lower personal taxation and further reduce
corporate rates.
Independent Marketing
33. What are the top things the Taiwan Government could do to help
your entity in the next 12 months?
Simplify Government Bureaucracy 43.8%
46.7%
Increase Direct Foreign Investment incentives 24.7%
25.2%
Reduce Personal Taxation 21.5% *Alert!...
32.7%
Reduce Corporate Taxation further 20.1%
19.6%
Improve Research & Development incentives 16.9%
16.8%
Liberalize the Labor market 16.4%
15.0%
Broaden ECFA 15.5%
18.7%
Speed-up ECFA 15.1%
18.7% 2012
*Re-engage in TIFA talks with the USA 14.2%
2011
Increase direct flights to/from the Mainland 13.2%
12.1%
Introduce stronger Corporate Governance rules 11.4%
Tighten enforcement of Intellectual Property… 11.0%
9.3%
Sign bilateral trade deals with other (non-USA)… 10.5%
18.7%
Reduce Tariffs 10.0%
9.3%
Improve Training Incentives 8.7%
8.4%
0% 10% 20% 30% 40% 50%
*Alert! Statistically significant change from 2011 Independent Marketing
34. Notes on “Other” items mentioned (12.8% in total)
These mostly related to topics about: Transparency in both government and private dealings ,
to reduce corruption; and specific laws and regulations, e.g., in the Health care, Energy,
Financial services , Food safety, Environmental safety and Broadcast markets
Independent Marketing
35. The major worries confronting
business
Asked about the major risks facing their entity in
the coming years, most responses related to
economic slowdowns, whether globally, in Taiwan,
along with growing concerns about the China and
the U.S.A. markets.
“Europe” was added this year as an option and is
the 5th greatest concern.
Outside of economic slowdowns, Human
Resources remain the largest concern for business
leaders.
Independent Marketing
36. What are the major risks facing your entity in the coming years?
Global economic slowdown 73.5%
69.2%
Economic slowdown in domestic consumption 54.3%
63.6%
Economic slowdown in Mainland China 40.6% *Alert!...
28.0%
Economic slowdown in USA 39.7% *Alert!...
27.1%
Economic slowdown in Europe* 35.6%
Lack of Human Resources 35.2%
35.5%
Increased Governmental interference 34.2%
28.0%
Increased domestic political unrest 32.4%
32.7%
TWD depreciation 24.2%
17.8%
Taiwan Inflation rising 21.5%
18.7%
TWD appreciation 17.4%
21.5% 2012
Taiwan Unemployment rising 16.4%
19.6% 2011
Decreased exports 14.6%
10.3%
Increased imports 1.8%
1.9%
Other 3.7%
3.7%
0% 10% 20% 30% 40% 50% 60% 70% 80%
*Alert! Statistically significant change from 2011 Independent Marketing
37. Human Resources – A big issue
Deficiencies in the quantity and quality of
available human resources are one of the highest
risk factors seen as confronting businesses in the
future.
We asked our corporate leaders to give us their
impressions of the quality of available human
capital in Taiwan. First the positives…
Independent Marketing
38. Taiwanese Human Resources are seen
as …
…Hard-working, very trustworthy, extremely well-
educated, highly productive, very loyal, and easy
to develop or train. A very positive profile of the
workforce. Understandably, no major changes
where seen in this year’s survey compared to last.
Independent Marketing
39. How would you describe the quality of available Human Capital in Taiwan?
Hardworking
Very Trustworthy
Extremely well-educated
Highly Productive
Very Loyal
Easy to develop/train
Show high degree of emotional…
Show a great deal of initiative
Well-rounded
Easy to recruit
Easy to retain
Show a great deal of creativity
Of 'World class' standard
-60% -40% -20% 0% 20% 40% 60% 80% 100%
Disagree Strongly Disagree Agree Strongly Agree
Independent Marketing
40. Human Capital in Taiwan - Net Scores
Hardworking 82.7%
Very Trustworthy 72.3%
Extremely well-educated 65.7%
Highly Productive 44.8%
Very Loyal 45.2%
Easy to develop/train 41.6%
Show high degree of emotional intelligence… 24.1%
Show a great deal of initiative 9.6%
Well-rounded 9.5%
Easy to recruit -5.4%
Easy to retain -10.5%
Show a great deal of creativity -10.9%
Of 'World class' standard -12.3%
-20% 0% 20% 40% 60% 80% 100%
Independent Marketing
41. However…
…They are not perceived as being of “World-class”
standard, nor displaying a great deal of creativity.
They are also not easy to recruit and retain. There
are also concerns over their inability to display
initiative. Our respondent leaders were also
somewhat divided over whether they are “well-
rounded” enough and generally display a high
emotional intelligence quotient (EQ).
Independent Marketing
42. ECFA…Business leaders are (still)
bullish on ECFA but…
Last year when asked what impact they felt
ECFA would have on their business and on
Taiwan as a whole, the response was
overwhelmingly positive. However, a year on, it
seems that their experience/knowledge of ECFA
has pushed many more into a more neutral
position with regards to their perceived impact
on the country and on their businesses.
In terms of the perceived impact on the U.S.A.,
many seem unsure what, if any, impact it has, or
will have, on the U.S.A.
Independent Marketing
43. ECFA’s effect on My Business
Very Positive Effect 8.7%
15.0%
Some Positive Effect 38.4%
42.1%
Neither Positive nor Negative Alert! Statistically significant change from 2011
40.6%
27.1%
Some Negative Effect 2.8%
6.5%
Very Negative Effect 0.9%
1.9%
2012
Don't know/can't say 7.3% 2011
7.5%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45%
Independent Marketing
44. ECFA’s effect on Taiwan
Very Positive Effect 30.1%
40.2%
Some Positive Effect 45.7%
48.6%
Neither Positive nor Negative 11.0% Alert! Statistically significant change from 2011
2.8%
Some Negative Effect 1.8%
4.7%
Very Negative Effect 2.7%
1.9%
2012
Don't know/can't say 8.7% 2011
1.9%
0% 10% 20% 30% 40% 50% 60%
Independent Marketing
45. ECFA’s effect on the U.S.A.
(NB: New Question in 2012)
2012
Very Positive Effect 5.0%
Some Positive Effect 26.5%
Neither Positive nor Negative 31.5%
Some Negative Effect 7.8%
Very Negative Effect 2.3%
Don't know/can't say 26.9%
0% 5% 10% 15% 20% 25% 30% 35%
Independent Marketing
46. TIFA…Business leaders want an
updated one.
This year we asked about the lack of an updated
Trade and Investment Framework Agreement
(TIFA), between Taiwan and the U.S.A.
Generally, there was a strong belief that this
disadvantages Taiwan (greatly) and to a slightly
lesser extent, the U.S.A. However, whilst also a
disadvantage to their businesses, it is seen as
more disadvantageous to the two countries.
Independent Marketing
48. The lack of a Bilateral Investment
Agreement…
This year we also asked who, if anyone, was
disadvantaged by a lack of a Bilateral
Investment Agreement between the U.S.A. and
Taiwan. Much like the response to the question
on TIFA, Taiwan is perceived as the biggest loser,
followed by the U.S.A. and to a lesser extent
their individual businesses.
Independent Marketing
50. The lack of a Bilateral Taxation
Agreement…
This year we also asked who, if anyone, was
disadvantaged by a lack of a Bilateral Taxation
Agreement between the U.S.A. and Taiwan.
Much like the two earlier responses, Taiwan is
perceived as the most disadvantaged, followed
by the U.S.A. and to a lesser extent their
individual businesses.
Independent Marketing
52. Still not much happening in M&A
Few businesses pursued any form of merger and
acquisition (M&A) activity during 2010. Of those
that did, a few completed the exercise (4%), a few
more are still in the process (4%), some tried and
failed (less than 4%), and some considered it but
didn’t pursue it (23%). However, for the vast
majority of business leaders (more than 71%),
M&A simply wasn’t on their radar for 2011.
Independent Marketing
53. Did your entity pursue, or consider, a merger or acquisition of a Taiwanese
entity in the past 12 months?
80%
71.2%
70%
61.3%
60%
50%
40%
2012
30% 2011
23.4%
20% 17.3%
10% 7.2%
4.0% 4.5% 4.0% 3.5% 3.6%
0%
Yes, and completed Yes, and still in the Yes, but failed to No, but considered No, did not consider
merger/acquisition process of complete
merger/acquisition merger/acquisition
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54. Sound business reasons for M&A
While only a few companies did attempt the M&A
route in the past 12 months, their reasons for
doing so again, as in 2010, show sound business
logic: To enlarge their customer base; increase
local market access; acquire capacity; and
otherwise gain synergies (by reducing costs and
improving profits), were the major drivers behind
M&A, as they were 12 months ago.
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56. But (again) finding an appropriate
target was the single major barrier
…Along with negotiating the valuation gap and
conducting due diligence. Whilst it would be
inappropriate to statistically analyze these results
against last year’s, it is interesting to note a subtle
change in the order of issues, e.g., the rising
importance of ‘post-deal restructuring’ and
‘cultural’ issues which have emerged this year as
barriers to M&A - both ranked much lower as
issues in 2010.
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58. However, still some ongoing M&A
interest for 2012
22% of all entities in our survey would either
“possibly” or “definitely” consider M&A in the
next 12 months.
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60. And finally…”The Living is Easy”
When asked about the quality of life in Taiwan*,
corporate leaders strongly agree that Taiwan is
a place where:
– “My family feels safe.”
– Taiwanese people are extremely nice.
– Taiwan provides quality healthcare services.
– Taiwan is an easy country to live in.
*Whilst we use the term “Taiwan” it should be remembered that most of our
leaders live in the Taipei area and many of their comments will reflect “living in
Taipei”.
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61. The Top Ten Benefits of living in Taiwan (Net Promoter Score)
2012 Ranking 2011 Ranking Benefits
1 1 My family feels safe in Taiwan
2 2 Taiwanese people are extremely nice
3 3 Taiwan provides quality Health/Medical/Dental
services
4 6 Taiwan delivers reliable electricity.
5 4 Taiwan is an easy country to live in
6 5 Alternative transportation options are usable and
provide options to driving my car (i.e., buses, bike
lanes, taxis, trains, sidewalks).
7 7 Taiwan provides adequate shopping opportunities
8 9 Internet connectivity is excellent
9 10 Mobile telephone coverage is excellent
10 8 The Postal service is excellent
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62. Living in Taiwan…The not so great
things.
• Water runoff from storms is not controlled and
results in flooding.
• Taiwan doesn’t provide quality activities for
youths.
• Taiwan doesn’t provide quality drinking water.
• Banking and other financial services are seen as
sub-par.
• Library services provided to their community
are insufficient.
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63. The Bottom Ten Least appreciated aspects of living in Taiwan (Net Promoter Score)
2012 Ranking 2011 Ranking Concerns
1 New in 2012 Taiwan provides an 'English-friendly' environment
for me and my family
2 1 Water runoff from storms is controlled and
minimizes flooding
3 3 Taiwan provides quality drinking water.
4 2 Taiwan provides quality youth activities
5 4 The library services provided to our community are
current and meet our needs
6 4 Banking and other financial services are excellent
7 15 Street surfaces are drivable and safe.
8 7 The sewer system in Taiwan works reliably
9 6 Taiwan provides quality Police services
10 8 The standard of schooling is excellent
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66. Who, When and How
• The survey was addressed, via email, to the 387 voting
representatives – usually the CEO – among AmCham’s
Corporate Sustaining and Company membership.
• The survey invitation was sent out on December 6, 2011,
and most responses were received by January 10, 2012.
• The 22-question survey was conducted online with each
respondent receiving a unique link.
• Certain question choices were randomized - to avoid
bias.
• The survey received a total of 232 responses,
representing a 60% response rate.
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67. Industry Classifications
• Our respondents identified their industry
classification based upon the one which best
described their principal business in Taiwan.
• We have reclassified our sample according to the
‘STANDARD INDUSTRIAL CLASSIFICATION SYSTEM OF
THE REPUBLIC OF CHINA(Rev.9 , 2011)’
• Our sample draws from all of the major industrial
classifications in Taiwan.
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68. Industry Classifications (Cont’d.)
• Our sample is more skewed towards ‘Manufacturing’,
‘Professional Scientific and technical services’, and the
‘Finance and Insurances’ industries. And it is under-
weighted in the ‘Wholesale and Retail Trade’ industry –
by virtue of the fact there are some 627,000 of these
businesses registered in Taiwan, representing 52% of all
business numbers. With these covenants, we believe
the sample to be a fairly good representation of
business in Taiwan and an extremely good sample of
AmCham’s corporate membership.
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69. Sample Total Taiwan (source: Statistical Yearbook of The Republic of China 2010, Edited 2011)
Agriculture, forestry, fishing, & animal husbandry 1.3%
1.0%
Mining & quarrying 0.4%
0.1%
Manufacturing 24.7%
10.7%
Electricity, gas supply 1.7%
0.0%
Water supply & remediation services 0.4%
0.6%
Construction 0.9%
7.3%
Wholesale & retail trade 2.1%
51.6%
Transportation & storage 5.2%
2.5%
Accommodation & food services 6.0%
8.9%
Information & communication 5.6%
1.3%
Finance & insurance 11.6%
1.9%
Real estate 2.6%
1.8%
Professional, scientific & technical services 22.0%
2.8%
Support services 2.6%
2.2%
Education 1.7%
0.1%
Arts, entertainment & recreation 2.6%
1.7%
Other services 8.6%
5.6%
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70. Type of legal entity
• Unsurprisingly, the vast majority of businesses in this
sample are wholly foreign-owned through a
combination of subsidiaries, branch offices and
wholly-owned full companies.
• A few of those surveyed also have R&D centers and
some have regional HQ’s and even global HQ’s,
located in Taiwan. Consequently, the results in the
next chart show multiple responses and total more
than 100%.
• The “Other” entities relate mostly to: Law firm
partnerships, NGO’s, and not-for-profit organizations
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72. Time in Taiwan
• Our sample is split between those who are relatively
new to Taiwan (less than 15 years with a physical
presence here) at 33%, those who are established
15-30 years at 39%, and those who are well-
established (more than 30 years) at 29%. The most
frequent length of a physical presence in Taiwan is 21
to 25 years.
• There seems to have been a ‘graduation’ since the
2011 survey, up one level, as last year the 16-20 year
olds were the most frequent respondents.
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73. How long has your business been in Taiwan?
25%
22.0%
21.4%
2012
20% 2011
17.9%
15.9%
15% 14.5%
13.8%
12.5%
11.6%
11.1%
10.3%
10% 9.1% 9.4% 9.1%
8.5%
5.6% 6.0%
5%
0.4% 0.9%
0%
Less 6-10 11-15 16-20 21-25 26-30 31-50 51-75 76-100 More
than 5 years years years years years years* years* years than 100
years years
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74. Number of Full Time Equivalent
Employees (FTEE)
• Our sample covers a wide spectrum of employers -
from the very small to the very large. However, 50%
employ less than 100 FTEE, 29% employ between
100 and 500, and a further 21% employ more than
500.
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76. Business Focus
• The business leaders surveyed are clearly focused on
Taiwan as the primary goal for nearly 74% of the
entities is to supply the Taiwan market with goods or
services. This makes their comments and
observations especially pertinent to the Taiwan
government.
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77. What is your business' primary goal in Taiwan?
Provide goods/service for Taiwanese
0.0% market
1.3% 8.6%
3.4% Provide/source goods/services for the
Greater China market
12.9% Provide/source goods/services for export
to the U.S.A.
73.7%
Provide/source goods/services for export
to markets other than Greater China or
U.S.A
Provide/source goods/services for export
to Mainland China
Other (mostly global services)
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78. Statistical Testing for Significance
• When comparing the results against last year’s survey
we performed a Chi-square test for the comparison of
two proportions (from the two independent samples),
expressed as a percentage. Note that for this Chi-
square test Yates' correction for continuity is applied,
and that P-values are two-sided (or two-tailed). When
the calculated P value is less than 0.05, the conclusion
is that the two proportions are significantly different.
• Throughout the results we have displayed the
difference between the two proportions (at the 95%
confidence level) with an ‘Alert!’ symbol when we
have detected a significant change.
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79. For more details, contact…
• American Chamber of Commerce in Taipei
Suite 706, Worldwide House, 129 MinSheng
East Road, Section 3, Taipei 10596, Taiwan
Tel: +886-2-2718-8226 Fax: +886-2-2718-8182
amcham@amcham.com.tw
Or:
• Gordon Stewart of Independent Marketing
Limited at: gordon@stewartconsult.com
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