Taiwan Infrastructure Report Q4 2008

Publication Date	November 2008
Publisher	Business Monitor
Product Type	Report
Pages	66
ISBN Number	not applicable
Product Code	BMI02871

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Summary

In light of the intensification of the financial crisis in developed markets (and beyond) in September 2008, we have revised down our forecast for real growth in Taiwan's construction sector next year. Indeed, with the effects of the global credit crunch feeding through to corporate liquidity and investment, private sector construction will have a difficult year next year in Taiwan, as in many other countries around the world.

As such, we now predict that real growth in the construction sector will register 2.4% in 2009, compared to our previous forecast for next year of 5.3%. This is on the back of a robust prediction of 7.5% for real construction growth in 2008. Public sector investment should provide some measure of support for construction next year, with the government announcing a US$5.6bn fiscal package in midSeptember 2008, around a third of which will be devoted to infrastructure spending (the rest will go to tax cuts and other measures designed to support the economy during this challenging time). This government support helps to keep our sector growth forecast for construction next year in positive territory.

The external threat generated by the financial crisis in developed markets is the main risk factor, with much depending on how prolonged the crisis is and how long corporate borrowing rates remain at prohibitive levels. In the worst case scenario, a prolonged recession in the US and elsewhere would severely crimp Taiwan's export growth, GDP growth and government revenues, with attendant implications not only for commercial construction in the country, but also public investment and infrastructure tenders.

We take a detailed look at Kung Sing Engineering and BES Engineering, examining their vulnerability to an economic slowdown induced by the crisis in global financial markets. Given strong reliance on public sector contracts and the Taiwanese government's announcement of a fiscal stimulus package in September 2008, the outlook for both firms is relatively supportive.

Content

Executive Summary
Market Overview
Taiwan
Global
The Credit Crunch And Cost Inflation: Are They Jeopardising Infrastructure Projects?
A Promising Asset Class
Credit Crunch Pinch
Input Costs Soaring
Credit Crunch Versus Input Costs
MegaUrban Regions: Opportunities And Challenges For Infrastructure
MegaUrban Regions: Investment Opportunities And Risks
The Historical Context
Are Megacities Sustainable?
The Economic Implications Of Urbanisation
SWOT Analysis
Taiwan Infrastructure Industry SWOT
Taiwan Political SWOT
Taiwan Economic SWOT
Taiwan Business Environment SWOT
Major Infrastructure Developments And Key Projects
Transport Infrastructure Overview
New And Ongoing Projects
Airports
Ports
Road Networks
Rail Networks
Energy And Utilities Infrastructure Overview
New And Ongoing Projects
Power Plants And Transmission Grids
Water
Construction Overview
New And Ongoing Projects
Residential Construction
Commercial Construction
Industrial Construction
Major Projects
Forecast
Risks
Business Environment
Regional Overview Asia Pacific
Taiwan: Business Environment Rating
Regional Infrastructure Business Environment Ratings
Limits Of Potential Returns
Infrastructure Market
Country Structure
Risks To Realisation Of Potential Returns Market Risks
Country Risk
Legal Framework
Labour Force
Foreign Direct Investment
Tax Regime
Macroeconomic Outlook
Political Outlook
Company Monitor
Kung Sing Engineering
BES Engineering
BMI Forecast Modelling
How We Generate Our Industry Forecasts
Business Environment Rankings
Ratings Overview
Construction Industry
Sources
List of Tables
- Table: The World's 30 Largest Urban Agglomerations
- Table: The World's Richest Cities In 2020 By GDP
- Table: The World's Fastest Growing Urban Areas
- Table: Taiwan Major Infrastructure Projects Transport
- Table: Taiwan Major Infrastructure Projects Utilities
- Table: Taiwan Major Infrastructure Projects Constru
- Table: Economic And Construction Data 20052012
- Table: Taiwan Economic Activity
- Table: Key Players Taiwanese Construction Industry
- Table: Infrastructure Business Environment Indicators

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Product features / use

Level	General Industry Strategies
Data	Detailed Market Forecasts
Profiles	Profiles of Key Companies
Features	Contains SWOT Analysis
Extra Info	Consumer Trends Highlighted