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Sector Review: 2023 Taiwan Credit Spotlight Corporate Sector Update: Top 50 Firms' EBITDA Generation Could Bottom Out In 2023

Taiwan's top 50 corporations face a difficult year ahead. A hard landing for the global economy would further depress aggregate demand and hinder growth prospects for Taiwan's export-dependent economy. China's faltering economic recovery along with wider geopolitical tensions also pose a threat to Taiwan's economic growth over the next year. Nonetheless, we believe most of the top corporates in Taiwan have strengthened their financial risk profiles to better withstand market cyclicality.