Founder of Antler Capital

Stanley Tsai, CFA

Stanley has over 20 years of capital markets experience on the buy side and sell side and as a credit analyst. He is the founder of Antler Capital, the culmination of his efforts to deliver differentiated solutions to global investors since 2021.

From 2017 to 2021, he was a Managing Director at CSPI Ratings, a credit rating agency servicing the USD bond market. He also led the firm’s efforts in sustainable finance.

Prior to that, he held various roles at Keefe, Bruyette & Woods, Nighthawk Capital, CLSA and Fitch Ratings. He was also an advisor at WWF, supporting the organization’s bankable nature solutions program.

Stanley has an honors degree in Finance from the University of British Columbia. He has been a CFA charterholder since 2004.

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Thematic (Sector/Industry)

Taiwan Financials / Thematic (Sector/Industry)

<ul>
<li>The unfolding crisis is unlikely to have far-reaching impacts on Asia financial names, given their more robust deposit franchises and sector diversification.</li>
<li>That said, the Taiwanese financial holdcos do seem to be substantially more exposed than their peers in other markets owing to the USD fixed-income exposures at their life insurance units.</li>
<li>In a flight-to-quality scenario, we expect Fubon FHC to outperform the more geared Shin Kong FHC.</li>
</ul>


The unfolding crisis is unlikely to have far-reaching impacts on Asia financial names, given their more robust deposit franchises and sector diversification.
That said, the Taiwanese financial holdcos do seem to be substantially more exposed than their peers in other markets owing to the USD fixed-income exposures at their life insurance units.
In a flight-to-quality scenario, we expect Fubon FHC to outperform the more geared Shin Kong FHC.


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