Taiwan export orders - Taiwan’s August export orders came in better-than-expected $TSM $NSM

Taiwan export orders - Taiwan’s August export orders came in better-than-expected, rising 23.3%oya (J.P.Morgan: 19.0%; consensus: 20.7%), compared to 18.2%oya growth in July.  The upside surprise in August export orders was led by up-tick in orders for tech products and improving demand from the DM world, with notable gain in demand from the US, while the earlier decline in orders from Europe and Japan also recovered somewhat. Meanwhile, orders from China/ Hong Kong continued to ease in August.  Total tech orders rose 2.1% m/m, sa in August, after the 5.3% m/m, sa decline in July, with the sequential trend falling at 5.8% 3m/3m, saar. Details suggest that orders for telecom and information products, including notebook computers and hand-phones, recovered notably, rising at 6.5% m/m, sa in August, largely offsetting the 6.8%m/m, sa decline in July (+15.4% 3m/3m, saar). source JPM