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• | ESG Equity Note: CTBC FHC (2891 TT) Buy, TP: NT$23.0 |  |
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• | ChipMOS Technologies (8150 TT) Buy, TP: NT$40 | |
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• | ESG Equity Note: China Steel (2002 TT) Neutral | |
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• | Eclat (1476 TT) Buy, TP: NT$409.50 | |
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• | Aspeed (5274 TT) Buy, TP: NT$1280 | |
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• | TaiSol (3338 TT) Buy, TP: NT$99 | |
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• | ESG Equity Note: Merry Electronics (2439 TT) Neutral - Recovery interrupted by COVID-19 | |
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• | ESG Equity Note: MSI (2377 TT) Neutral - Upside capped; earnings drag from coronavirus | |
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• | ESG Equity Note: Lite-On Technology (2301 TT) Neutral | |
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• | ESG Equity Note: Hon Hai (2317 TT) Buy, TP: NT$102 | |
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| Title: | ESG Equity Note: CTBC FHC (2891 TT) Buy, TP: NT$23.0 |
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| Download File: | 2891 TT CTBC ESG note 200318--sinopac.pdf  |
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| Summary: | Lower TP to NT$23 (1.2x 2020F P/B); Maintain Buy: We lower our 2020 net profit and EPS estimates to NT$39.65bn (-7.5% YoY) and NT$1.99, from previous NT$43.83bn (-1% YoY) and NT$2.2. Though successive rate cuts by global central banks will hurt the NIM and net interest income of CTBC Bank, the surging prices of international bonds will likely add fuel to the investment income of CTBC Bank and earnings of Taiwan Life. As for dividend policy, we project CTBC will pay out NT$1.1/share, translating to a high yield of 6.1% based on the closing price on MAR 12. Valuation-wise, CTBC is attractively valued at 1.08x end-2020F BVPS, toward the lower band of its 3-year P/B of 0.95x-1.65x. We retain a Buy rating but adjust our TP to NT$23 (1.2x 2020F P/B) amid the rate cutting atmosphere. |
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| Date: | 2020/03/18 |
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| Author: | TaiwanResearch.com |
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Market Commentary