External broker reports(aggregated public sources), Capital Securities Corp

Capital Securities

External broker reports(aggregated public sources)

Capital Securities Corp

Capital Securities provides clients with investment services covering diversified financial products. We have outstanding business performance amid intense competition in the domestic securities market. 

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Equity Bottom-Up

CTBC Financial Holding / Equity Bottom-Up

<p>Valuation appears fair; recommend NEUTRAL. CTBC FHC posted excellent 1Q~3Q21 net profit of NTD46.475bn (+28.6% YoY). Catalyzed by simultaneous growth in its subsidiaries, Taiwan Life and CTBC Bank, CTBC FHC is estimated to post FY21 net profit of NTD54.696bn with EPS of NTD2.74. However, as CTBC FHC is currently traded fairly at 1.2x FY21 PBR, we recommend NEUTRAL.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Valuation appears fair; recommend NEUTRAL. CTBC FHC posted excellent 1Q~3Q21 net profit of NTD46.475bn (+28.6% YoY). Catalyzed by simultaneous growth in its subsidiaries, Taiwan Life and CTBC Bank, CTBC FHC is estimated to post FY21 net profit of NTD54.696bn with EPS of NTD2.74. However, as CTBC FHC is currently traded fairly at 1.2x FY21 PBR, we recommend NEUTRAL.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Taiwan

CTBC Financial Holding Company Ltd. is a holding company.  Through its subsidiaries, the Company provides a variety of banking and financial services, including deposit, loan, guarantee, international banking, trust banking, credit card, investment banking, safety deposit box, and Internet banking services.

CTBC Financial Holding (2891 TT)

CTBC FHC (2891 TT, NEUTRAL, NTD24.70)

Valuation appears fair; recommend NEUTRAL. CTBC FHC posted excellent 1Q~3Q21 net profit of NTD46.475bn (+28.6% YoY). Catalyzed by simultaneous...

Capital Securities

CTBC FHC (2891 TT, NEUTRAL, NTD24.70)

Valuation appears fair; recommend NEUTRAL. CTBC FHC posted excellent 1Q~3Q21 net profit of NTD46.475bn (+28.6% YoY). Catalyzed by simultaneous...

Capital Securities