Major Estimate Revision • Jun 27
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from NT$167.2b to NT$170.2b. EPS estimate increased from NT$2.66 to NT$2.99 per share. Net income forecast to grow 41% next year vs 6.7% growth forecast for Banks industry in Taiwan. Consensus price target up from NT$26.44 to NT$28.48. Share price was steady at NT$31.90 over the past week. Major Estimate Revision • Jun 08
Consensus revenue estimates increase by 14% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from NT$140.2b to NT$159.9b. EPS estimate increased from NT$2.41 to NT$2.66 per share. Net income forecast to grow 24% next year vs 6.2% growth forecast for Banks industry in Taiwan. Consensus price target up from NT$22.60 to NT$24.30. Share price rose 13% to NT$27.75 over the past week. Price Target Changed • Jun 04
Price target increased by 7.5% to NT$24.30 Up from NT$22.60, the current price target is an average from 4 analysts. New target price is 15% below last closing price of NT$28.75. Stock is up 72% over the past year. The company is forecast to post earnings per share of NT$2.66 for next year compared to NT$1.91 last year. Reported Earnings • Jun 02
First quarter 2026 earnings released: EPS: NT$0.82 (vs NT$0.33 in 1Q 2025) First quarter 2026 results: EPS: NT$0.82 (up from NT$0.33 in 1Q 2025). Revenue: NT$43.5b (up 188% from 1Q 2025). Net income: NT$21.0b (up 396% from 1Q 2025). Profit margin: 48% (up from 28% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 4.9% decline forecast for the Banks industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Apr 07
Consensus revenue estimates increase by 28% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from NT$117.9b to NT$151.4b. EPS estimate increased from NT$2.21 to NT$2.41 per share. Net income forecast to grow 72% next year vs 6.0% growth forecast for Banks industry in Taiwan. Consensus price target up from NT$19.55 to NT$21.68. Share price rose 5.2% to NT$24.35 over the past week. Reported Earnings • Mar 14
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: NT$1.91 (up from NT$1.39 in FY 2024). Revenue: NT$99.2b (up 64% from FY 2024). Net income: NT$37.3b (up 106% from FY 2024). Profit margin: 38% (up from 30% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 67%. Earnings per share (EPS) also surpassed analyst estimates by 41%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 2.3% growth forecast for the Banks industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 19% per year. Announcement • Feb 06
TS Financial Holding Co., Ltd., Annual General Meeting, Jun 12, 2026 TS Financial Holding Co., Ltd., Annual General Meeting, Jun 12, 2026. Location: 2 floor no,118, sec.4 jen ai rd., taipei city Taiwan Major Estimate Revision • Jan 30
Consensus revenue estimates increase by 19% The consensus outlook for revenues in fiscal year 2025 has improved. 2025 revenue forecast increased from NT$75.8b to NT$90.1b. EPS estimate increased from NT$1.32 to NT$1.36 per share. Net income forecast to grow 110% next year vs 7.5% growth forecast for Banks industry in Taiwan. Consensus price target up from NT$18.15 to NT$19.55. Share price rose 2.0% to NT$22.60 over the past week. Price Target Changed • Jan 30
Price target increased by 7.7% to NT$19.55 Up from NT$18.15, the current price target is an average from 4 analysts. New target price is 13% below last closing price of NT$22.60. Stock is up 30% over the past year. The company is forecast to post earnings per share of NT$1.35 for next year compared to NT$1.39 last year. Board Change • Dec 24
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Mei-Hua Wang was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Dec 20
Shin Kong PIA, Subsidiary of TS Financial Holding Co., Ltd, Appoints Yang Hsiu Chuan as Chairperson, Effective December 19, 2025 Shin Kong PIA, subsidiary of TS Financial Holding Co., Ltd. announced the change in chairperson following the reassignment of the corporate shareholder. The board of directors re-elected the chairperson, appointing YANG HSIU CHUAN as the new chairperson. YANG HSIU CHUAN previously served as Shin Kong Life Insurance Deputy General Manager. The effective date of the new appointment is December 19, 2025. In accordance with regulations, the company shall submit the appointment to the competent authority for approval within fifteen days after the appointment. Major Estimate Revision • Dec 05
Consensus revenue estimates increase by 15% The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from NT$65.8b to NT$75.8b. EPS estimate unchanged from NT$1.32 at last update. Banks industry in Taiwan expected to see average net income growth of 5.0% next year. Consensus price target up from NT$17.20 to NT$18.10. Share price rose 6.4% to NT$19.20 over the past week. Buy Or Sell Opportunity • Nov 29
Now 21% undervalued Over the last 90 days, the stock has risen 11% to NT$18.05. The fair value is estimated to be NT$22.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to decline by 8.3% in 2 years. Earnings are forecast to grow by 82% in the next 2 years. Buy Or Sell Opportunity • Sep 05
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at NT$17.05. The fair value is estimated to be NT$21.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 150% in the next 2 years. Reported Earnings • Aug 31
Second quarter 2025 earnings released: EPS: NT$0.38 (vs NT$0.39 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.38. Revenue: NT$16.3b (up 5.4% from 2Q 2024). Net income: NT$5.49b (up 8.3% from 2Q 2024). Profit margin: 34% (in line with 2Q 2024). Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 4.4% decline forecast for the Banks industry in Taiwan. New Risk • Aug 30
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 92% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (92% increase in shares outstanding). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Board Change • Aug 22
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Mei-Hua Wang was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Declared Dividend • Jul 27
Dividend of NT$0.90 announced Shareholders will receive a dividend of NT$0.90. Ex-date: 12th August 2025 Payment date: 4th September 2025 Dividend yield will be 5.5%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (66% payout ratio) and is expected to be covered in 3 years' time (58% forecast payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 3.2% over the next year, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$18.50, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 16x in the Banks industry in Taiwan. Total returns to shareholders of 52% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$19.67 per share. Buy Or Sell Opportunity • Jun 30
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.2% to NT$15.75. The fair value is estimated to be NT$19.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 13% in a year. Earnings are forecast to grow by 36% in the next year. Reported Earnings • May 18
First quarter 2025 earnings released: EPS: NT$0.33 (vs NT$0.35 in 1Q 2024) First quarter 2025 results: EPS: NT$0.33 (down from NT$0.35 in 1Q 2024). Revenue: NT$15.1b (up 3.1% from 1Q 2024). Net income: NT$4.24b (down 6.1% from 1Q 2024). Profit margin: 28% (down from 31% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 2.8% decline forecast for the Banks industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • May 07
Consensus EPS estimates fall by 28%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from NT$62.4b to NT$64.1b. EPS estimate fell from NT$1.58 to NT$1.14 per share. Net income forecast to grow 57% next year vs 0.9% growth forecast for Banks industry in Taiwan. Consensus price target broadly unchanged at NT$17.48. Share price fell 3.9% to NT$16.05 over the past week. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$14.25, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 15x in the Banks industry in Taiwan. Total loss to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$25.27 per share. Announcement • Apr 08
Taishin Financial Holding Co., Ltd. Announces Dividend for the Year Ended December 31, 2024 Taishin Financial Holding Co., Ltd. announced dividend for the year ended December 31, 2024. The dividend shall be distributed at approximately TWD 0.9 per share. Common Stock Cash Dividends: TWD 22,379,759,306. Announcement • Apr 02
Taishin Financial Holding Co., Ltd., Annual General Meeting, Jun 23, 2025 Taishin Financial Holding Co., Ltd., Annual General Meeting, Jun 23, 2025, at 09:00 Taipei Standard Time. Location: 2 floor no,118, sec.4 jen ai rd., taipei city Taiwan Announcement • Mar 06
Taishin FHC Announces Resignation of Cheng,Cheng-Mount as Chairman on Behalf of Taishin Securities Investment Trust Co., Ltd, Effective 15 March, 2025 Taishin FHC announces on behalf of Taishin Securities Investment Trust Co., Ltd. the resignation of CHENG,CHENG-MOUNT as chairperson. Resume of the previous position holder: Chairman of Taishin Securities Investment Trust Co.,Ltd. The effective date of resignation is on 15 March. Reported Earnings • Feb 22
Full year 2024 earnings: EPS in line with analyst expectations despite revenue beat Full year 2024 results: EPS: NT$1.39 (up from NT$0.97 in FY 2023). Revenue: NT$60.6b (up 20% from FY 2023). Net income: NT$20.1b (up 59% from FY 2023). Profit margin: 33% (up from 25% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 46%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 1.6% p.a. on average during the next 2 years, compared to a 6.5% decline forecast for the Banks industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 1% per year. Announcement • Feb 13
Taishin Financial Holding Co., Ltd. to Report Q4, 2024 Results on Feb 20, 2025 Taishin Financial Holding Co., Ltd. announced that they will report Q4, 2024 results on Feb 20, 2025 Board Change • Jan 24
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Mei-Hua Wang was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Dec 01
Third quarter 2024 earnings released: EPS: NT$0.43 (vs NT$0.21 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.43 (up from NT$0.21 in 3Q 2023). Revenue: NT$16.8b (up 34% from 3Q 2023). Net income: NT$6.08b (up 123% from 3Q 2023). Profit margin: 36% (up from 22% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 10.0% decline forecast for the Banks industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has increased by 2% per year. Announcement • Nov 21
Taishin Financial Holding Co., Ltd. to Report Q3, 2024 Results on Nov 28, 2024 Taishin Financial Holding Co., Ltd. announced that they will report Q3, 2024 results on Nov 28, 2024 Major Estimate Revision • Nov 16
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from NT$57.2b to NT$59.4b. EPS estimate increased from NT$1.35 to NT$1.49 per share. Net income forecast to grow 33% next year vs 3.9% growth forecast for Banks industry in Taiwan. Consensus price target broadly unchanged at NT$18.03. Share price was steady at NT$16.90 over the past week. Buy Or Sell Opportunity • Oct 14
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.3% to NT$17.45. The fair value is estimated to be NT$21.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 8.4%. Revenue is forecast to grow by 10% in 2 years. Earnings are forecast to grow by 24% in the next 2 years. Announcement • Sep 27
Taishin Financial Holding Co., Ltd. Announces the Appointment of Shen Zhang as Chief Digital Technology Officer Taishin Financial Holding Co., Ltd. announced the appointment of Shen Zhang as Chief Digital Technology Officer. Effective date: October 16, 2024. Date of occurrence of the change: September 26, 2024. New Risk • Sep 24
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 8.5% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (8.5% increase in shares outstanding). Reported Earnings • Sep 04
Second quarter 2024 earnings released: EPS: NT$0.39 (vs NT$0.26 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.39 (up from NT$0.26 in 2Q 2023). Revenue: NT$15.4b (up 21% from 2Q 2023). Net income: NT$5.07b (up 52% from 2Q 2023). Profit margin: 33% (up from 26% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 2.8% decline forecast for the Banks industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Major Estimate Revision • Aug 23
Consensus EPS estimates increase by 11%, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from NT$56.6b to NT$55.1b. EPS estimate rose from NT$1.35 to NT$1.49. Net income forecast to grow 31% next year vs 3.6% growth forecast for Banks industry in Taiwan. Consensus price target broadly unchanged at NT$17.99. Share price rose 2.9% to NT$19.35 over the past week. Announcement • Aug 10
Taishin Financial Holding Co., Ltd. Announces Resignation of Eric Chien as Chief Information Officer, Effective from August 10, 2024 Taishin Financial Holding Co., Ltd. announced the resignation of Eric Chien as Chief Information Officer. Effective Date August 10, 2024. Declared Dividend • Jul 20
Dividend of NT$0.60 announced Shareholders will receive a dividend of NT$0.60. Ex-date: 6th August 2024 Payment date: 29th August 2024 Dividend yield will be 3.0%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (59% payout ratio) and is expected to be covered in 3 years' time (51% forecast payout ratio). The dividend has increased by an average of 16% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 40% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jul 19
Taishin Financial Holding Co., Ltd. Announces Cash Dividend, Payable on August 29, 2024 Taishin Financial Holding Co., Ltd. announced Common Stock Cash Dividends: TWD 7,486,237,098 (TWD 0.60 per share). Ex-rights (ex-dividend) trading date is August 6, 2024. Ex-rights (ex-dividend) record date is August 12, 2024. Payment date of common stock cash dividend distribution is August 29, 2024. Announcement • Jul 02
Taishin Financial Holding Co., Ltd. Announces Changes to Remuneration Committee Taishin Financial Holding Co., Ltd. appointed Wang,Mei-Hua, Minister of Economic Affairs to Remuneration Committee in place of Lin,Yi-Fu. Effective date of the new member on July 1, 2024. Major Estimate Revision • Jun 06
Consensus EPS estimates increase by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from NT$55.2b to NT$60.4b. EPS estimate increased from NT$1.23 to NT$1.40 per share. Net income forecast to grow 38% next year vs 4.3% growth forecast for Banks industry in Taiwan. Consensus price target broadly unchanged at NT$18.00. Share price was steady at NT$18.60 over the past week. Reported Earnings • May 25
First quarter 2024 earnings released First quarter 2024 results: Revenue: NT$14.6b (up 6.8% from 1Q 2023). Net income: NT$5.01b (up 9.4% from 1Q 2023). Profit margin: 34% (in line with 1Q 2023). Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 5.7% decline forecast for the Banks industry in Taiwan. Announcement • May 15
Taishin Financial Holding Co., Ltd. has filed a Follow-on Equity Offering in the amount of TWD 297.86416 million. Taishin Financial Holding Co., Ltd. has filed a Follow-on Equity Offering in the amount of TWD 297.86416 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 29,786,416
Price\Range: TWD 10
Transaction Features: Rights Offering Reported Earnings • Feb 24
Full year 2023 earnings: EPS in line with analyst expectations despite revenue beat Full year 2023 results: EPS: NT$1.01. Revenue: NT$50.6b (up 8.0% from FY 2022). Net income: NT$14.6b (up 12% from FY 2022). Profit margin: 29% (in line with FY 2022). Revenue exceeded analyst estimates by 37%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 3.3% p.a. on average during the next 2 years, compared to a 1.3% decline forecast for the Banks industry in Taiwan. Announcement • Feb 23
Taishin Financial Holding Co., Ltd., Annual General Meeting, Jun 14, 2024 Taishin Financial Holding Co., Ltd., Annual General Meeting, Jun 14, 2024. Location: 2F, No. 118, Sec. 4, Ren-ai Rd., Taipei City Taiwan Agenda: To consider The Company's 2023 Business Report; The Audit Committee's Report on the 2023 Statements, and its communications with the Internal Auditing Officers.; and to discuss other matters. Major Estimate Revision • Jan 13
Consensus EPS estimates fall by 22% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$55.3b to NT$51.3b. EPS estimate also fell from NT$1.29 per share to NT$1.01 per share. Net income forecast to shrink 9.5% next year vs 4.8% growth forecast for Banks industry in Taiwan . Consensus price target down from NT$18.32 to NT$17.58. Share price was steady at NT$17.65 over the past week. Announcement • Dec 29
Taishin Financial Holding Co., Ltd. Announces Executive Changes, Effective from January 1, 2024 Taishin Financial Holding Co., Ltd. announced the resignation of Steve Sun as Chief Information Officer, effective January 1, 2024. The company announced the appointment of Jeff Chen as Chief Information Security Officer, effective January 1, 2024. Jeff Chen is Chief Information Security Officer of Taishin Bank. Reported Earnings • Nov 26
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: EPS: NT$0.22 (down from NT$0.27 in 3Q 2022). Revenue: NT$12.6b (up 1.9% from 3Q 2022). Net income: NT$3.22b (down 2.9% from 3Q 2022). Profit margin: 26% (down from 27% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 27%. Earnings per share (EPS) missed analyst estimates by 35%. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, while revenues in the Banks industry in Taiwan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Nov 18
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 8.8% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (8.8% increase in shares outstanding). Reported Earnings • Aug 26
Second quarter 2023 earnings released: EPS: NT$0.27 (vs NT$0.15 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.27 (up from NT$0.15 in 2Q 2022). Revenue: NT$12.8b (up 24% from 2Q 2022). Net income: NT$3.82b (up 101% from 2Q 2022). Profit margin: 30% (up from 18% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 2.8% growth forecast for the Banks industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 19
Upcoming dividend of NT$0.51 per share at 2.6% yield Eligible shareholders must have bought the stock before 26 July 2023. Payment date: 25 August 2023. Payout ratio is a comfortable 38% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (3.0%). Announcement • Jul 12
Taishin Financial Holding Co., Ltd. Announces Cash Dividend, Payable on August 25, 2023 Taishin Financial Holding Co., Ltd. announced cash dividend of NTWD 6,106,815,295 (TWD 0.51 per share); Ex-rights (ex-dividend) trading date is July 26, 2023; Ex-rights (ex-dividend) record date is August 01, 2023; Payment date of cash dividend distribution is August 25, 2023. Announcement • May 25
Taishin Financial Holding Co., Ltd., Annual General Meeting, Jun 27, 2023 Taishin Financial Holding Co., Ltd., Annual General Meeting, Jun 27, 2023. Location: 21F, No. 118, Sec. 4, Jen-Ai Road Taipei Taiwan Agenda: To consider the supervisor's report on financial statement of 2022; to acknowledge Financial statement of 2022; and to consider the amendment of the Handling Procedures for Acquisition or Disposal of Assets. Announcement • May 20
Taishin Financial Holding Co., Ltd. announced that it expects to receive TWD 6.49999999 billion in funding Taishin Financial Holding Co., Ltd. announced a private placement of 295,454,545 shares at a price of NT$ 22 per share for the gross proceeds of NT$ 6,499,999,990 on May 18, 2023. The company will issue common shares in the transaction. The transaction has been approved by the board of directors of company. Price Target Changed • May 18
Price target increased by 8.8% to NT$17.80 Up from NT$16.36, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of NT$18.50. Stock is up 16% over the past year. The company is forecast to post earnings per share of NT$1.33 for next year compared to NT$1.09 last year. Major Estimate Revision • May 12
Consensus EPS estimates increase by 10% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from NT$1.18 to NT$1.30. Revenue forecast steady at NT$51.3b. Net income forecast to grow 23% next year vs 23% growth forecast for Banks industry in Taiwan. Consensus price target up from NT$16.36 to NT$16.80. Share price rose 4.0% to NT$18.25 over the past week. Reported Earnings • Mar 29
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: NT$1.09 (down from NT$1.55 in FY 2021). Revenue: NT$46.8b (up 11% from FY 2021). Net income: NT$13.0b (down 30% from FY 2021). Profit margin: 28% (down from 44% in FY 2021). The decrease in margin was driven by higher expenses. Non-performing loans: 0.13% (up from 0.11% in FY 2021). Revenue exceeded analyst estimates by 45%. Earnings per share (EPS) missed analyst estimates by 12%. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Banks industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 25
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: NT$1.09 (down from NT$1.55 in FY 2021). Revenue: NT$48.4b (up 15% from FY 2021). Net income: NT$16.4b (down 12% from FY 2021). Profit margin: 34% (down from 44% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 45%. Earnings per share (EPS) missed analyst estimates by 12%. Revenue is forecast to grow 6.6% p.a. on average during the next 2 years, compared to a 9.6% growth forecast for the Banks industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Jan 13
Consensus revenue estimates increase by 11% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from NT$41.4b to NT$45.7b. EPS estimate increased from NT$0.99 to NT$1.24 per share. Net income forecast to grow 68% next year vs 28% growth forecast for Banks industry in Taiwan. Consensus price target broadly unchanged at NT$15.82. Share price rose 2.3% to NT$15.70 over the past week. Reported Earnings • Nov 24
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: NT$0.28 (down from NT$0.37 in 3Q 2021). Revenue: NT$12.3b (down 7.7% from 3Q 2021). Net income: NT$3.31b (down 25% from 3Q 2021). Profit margin: 27% (down from 33% in 3Q 2021). Revenue exceeded analyst estimates by 28%. Earnings per share (EPS) missed analyst estimates by 3.4%. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Banks industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 5% per year and the company’s share price has also increased by 5% per year. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Min-Yu Chang was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Major Estimate Revision • Nov 04
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from NT$46.1b to NT$47.1b. EPS estimate fell from NT$1.13 to NT$1.01 per share. Net income forecast to grow 36% next year vs 24% growth forecast for Banks industry in Taiwan. Consensus price target down from NT$17.13 to NT$15.62. Share price was steady at NT$13.25 over the past week. Price Target Changed • Nov 03
Price target decreased to NT$15.74 Down from NT$17.13, the current price target is an average from 5 analysts. New target price is 17% above last closing price of NT$13.45. Stock is down 22% over the past year. The company is forecast to post earnings per share of NT$1.07 for next year compared to NT$1.55 last year. Price Target Changed • Aug 26
Price target decreased to NT$16.96 Down from NT$18.49, the current price target is an average from 6 analysts. New target price is 8.7% above last closing price of NT$15.60. Stock is down 7.0% over the past year. The company is forecast to post earnings per share of NT$1.11 for next year compared to NT$1.55 last year. Reported Earnings • Aug 22
Second quarter 2022 earnings released: EPS: NT$0.17 (vs NT$0.70 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.17 (down from NT$0.70 in 2Q 2021). Revenue: NT$10.3b (up 55% from 2Q 2021). Net income: NT$2.33b (down 71% from 2Q 2021). Profit margin: 23% (down from 120% in 2Q 2021). Over the next year, revenue is forecast to grow 45%, compared to a 2.3% growth forecast for the Banks industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 11% per year and the company’s share price has also increased by 11% per year. Upcoming Dividend • Aug 17
Upcoming dividend of NT$0.60 per share Eligible shareholders must have bought the stock before 24 August 2022. Payment date: 20 September 2022. Payout ratio is a comfortable 43% but the company is not cash flow positive. Trailing yield: 3.5%. Lower than top quartile of Taiwanese dividend payers (6.5%). In line with average of industry peers (3.5%). Reported Earnings • May 23
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: NT$0.15 (down from NT$0.35 in 1Q 2021). Revenue: NT$10.0b (down 14% from 1Q 2021). Net income: NT$2.14b (down 47% from 1Q 2021). Profit margin: 21% (down from 35% in 1Q 2021). Revenue exceeded analyst estimates by 58%. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 23%, compared to a 2.2% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • May 06
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from NT$1.52 to NT$1.36 per share. Revenue forecast steady at NT$47.9b. Net income forecast to shrink 17% next year vs 11% growth forecast for Banks industry in Taiwan . Consensus price target broadly unchanged at NT$19.13. Share price fell 5.2% to NT$18.40 over the past week. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Min-Yu Chang was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Feb 27
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: NT$1.63 (up from NT$1.12 in FY 2020). Revenue: NT$61.8b (up 46% from FY 2020). Net income: NT$20.3b (up 60% from FY 2020). Profit margin: 33% (up from 30% in FY 2020). Revenue exceeded analyst estimates by 33%. Earnings per share (EPS) also surpassed analyst estimates by 36%. Over the next year, revenue is expected to shrink by 21% compared to a 2.4% decline forecast for the banks industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 15% per year. Buying Opportunity • Feb 14
Now 20% undervalued Over the last 90 days, the stock is up 8.6%. The fair value is estimated to be NT$25.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.8% per annum over the last 3 years. Earnings per share has grown by 15% per annum over the last 3 years. Reported Earnings • Nov 21
Third quarter 2021 earnings released: EPS NT$0.39 (vs NT$0.37 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: NT$19.3b (up 64% from 3Q 2020). Net income: NT$4.85b (up 15% from 3Q 2020). Profit margin: 25% (down from 36% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 15% per year and the company’s share price has also increased by 15% per year. Upcoming Dividend • Aug 31
Upcoming dividend of NT$0.56 per share Eligible shareholders must have bought the stock before 07 September 2021. Payment date: 05 October 2021. Trailing yield: 2.9%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (3.5%). Price Target Changed • Aug 26
Price target increased to NT$17.02 Up from NT$15.47, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of NT$17.85. Stock is up 35% over the past year. Reported Earnings • Aug 23
Second quarter 2021 earnings released: EPS NT$0.73 (vs NT$0.38 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$15.8b (up 39% from 2Q 2020). Net income: NT$8.44b (up 105% from 2Q 2020). Profit margin: 53% (up from 36% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 7% per year. Executive Departure • Jul 29
Representative Director Cheng-Ching Wu has left the company On the 23rd of July, Cheng-Ching Wu's tenure as Representative Director ended after 16.6 years in the role. We don't have any record of a personal shareholding under Cheng-Ching's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 3.50 years. Executive Departure • Jul 29
Independent Director Kuo-Lin Kuan has left the company On the 23rd of July, Kuo-Lin Kuan's tenure as Independent Director ended after 3.1 years in the role. We don't have any record of a personal shareholding under Kuo-Lin's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 3.50 years. Executive Departure • Jul 28
Independent Director Kuo-Lin Kuan has left the company On the 23rd of July, Kuo-Lin Kuan's tenure as Independent Director ended after 3.1 years in the role. We don't have any record of a personal shareholding under Kuo-Lin's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 3.50 years. Executive Departure • Jul 24
Senior Vice President Chia-Ling Fan has left the company On the 23rd of July, Chia-Ling Fan's tenure as Senior Vice President ended. We don't have any record of a personal shareholding under Chia-Ling's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 3.50 years. Reported Earnings • May 23
First quarter 2021 earnings released: EPS NT$0.37 (vs NT$0.20 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$11.7b (up 27% from 1Q 2020). Net income: NT$4.48b (up 111% from 1Q 2020). Profit margin: 38% (up from 23% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 2% per year. Analyst Estimate Surprise Post Earnings • Feb 28
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 3.8%. Earnings per share (EPS) also surpassed analyst estimates by 3.6%. Over the next year, revenue is forecast to grow 5.6% compared to a 1.1% decline forecast for the Banks industry in Taiwan. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS NT$1.17 (vs NT$1.16 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$42.3b (up 3.1% from FY 2019). Net income: NT$14.5b (up 14% from FY 2019). Profit margin: 34% (up from 31% in FY 2019). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has remained flat. Is New 90 Day High Low • Jan 30
New 90-day low: NT$12.50 The company is down 1.0% from its price of NT$12.60 on 30 October 2020. The Taiwanese market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$13.04 per share. Reported Earnings • Nov 21
Third quarter 2020 earnings released: EPS NT$0.39 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$11.8b (up 15% from 3Q 2019). Net income: NT$4.64b (up 43% from 3Q 2019). Profit margin: 39% (up from 32% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 2% per year. Analyst Estimate Surprise Post Earnings • Nov 21
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 8.8%. Earnings per share (EPS) also surpassed analyst estimates by 44%. Over the next year, revenue is forecast to grow 5.2% compared to a 2.2% decline forecast for the Banks industry in Taiwan. Is New 90 Day High Low • Sep 21
New 90-day low: NT$12.95 The company is down 2.0% from its price of NT$13.19 on 23 June 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Banks industry, which is down 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$12.80 per share.