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

Capital Securities

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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External broker reports(aggregated public sources)

Taishin - Monthly Profit Surge at +253% in May Suggests Strong Quarterly Numbers

The Shanghai Commercial & Savings Bank - Far Stronger Credit Metrics, 31% Net Interest Income Growth

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.

SinoPac Holdings

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