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

Capital Securities

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>Given excellent earnings expected in FY21, we recommend BUY. Catalyzed by simultaneous growth in its securities and banking arms, the FHC’s revenue/earnings outlook appears positive. SinoPac FHC’s FY21 net profit is estimated at NTD15.801bn with EPS of NTD1.4. We upgrade SinoPac FHC from NEUTRAL to BUY with TP of NTD15.3 (1.0x FY22 PBR).</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>

Given excellent earnings expected in FY21, we recommend BUY. Catalyzed by simultaneous growth in its securities and banking arms, the FHC’s revenue/earnings outlook appears positive. SinoPac FHC’s FY21 net profit is estimated at NTD15.801bn with EPS of NTD1.4. We upgrade SinoPac FHC from NEUTRAL to BUY with TP of NTD15.3 (1.0x FY22 PBR).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

SinoPac Financial Holdings Co., Ltd. is an investment holding company, formed through Bank SinoPac and SinoPac Securities.

SinoPac Holdings (2890 TT)

SinoPac FHC (2890 TT, BUY, NTD13.65)

Given excellent earnings expected in FY21, we recommend BUY. Catalyzed by simultaneous growth in its securities and banking arms, the FHC’s...

Capital Securities