Upcoming Dividend • Jul 21
Upcoming dividend of NT$1.80 per share Eligible shareholders must have bought the stock before 28 July 2026. Payment date: 20 August 2026. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 3.9%. Lower than top quartile of Taiwanese dividend payers (5.1%). Higher than average of industry peers (3.3%). Reported Earnings • May 09
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$0.96 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00 (up from NT$0.96 in 1Q 2025). Revenue: NT$13.0b (up 13% from 1Q 2025). Net income: NT$5.11b (up 9.5% from 1Q 2025). Profit margin: 39% (down from 41% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 6% per year. Announcement • Mar 20
The Shanghai Commercial & Savings Bank, Ltd., Annual General Meeting, Jun 12, 2026 The Shanghai Commercial & Savings Bank, Ltd., Annual General Meeting, Jun 12, 2026. Location: 2 floor no,2, sec.1 min ch`uan e. rd., jhongshan district, taipei city Taiwan New Risk • Mar 01
New major risk - Revenue and earnings growth Earnings have declined by 0.06% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 01
Full year 2025 earnings released: EPS: NT$3.06 (vs NT$2.78 in FY 2024) Full year 2025 results: EPS: NT$3.06 (up from NT$2.78 in FY 2024). Revenue: NT$39.2b (up 7.9% from FY 2024). Net income: NT$14.8b (up 10.0% from FY 2024). Profit margin: 38% (in line with FY 2024). Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 5% per year. Price Target Changed • Jan 05
Price target decreased by 10.0% to NT$45.00 Down from NT$50.00, the current price target is provided by 1 analyst. New target price is 10% above last closing price of NT$40.75. Stock is up 0.1% over the past year. The company is forecast to post earnings per share of NT$3.09 for next year compared to NT$2.78 last year. Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: NT$0.95 (vs NT$0.98 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.95 (down from NT$0.98 in 3Q 2024). Revenue: NT$10.5b (down 9.5% from 3Q 2024). Net income: NT$4.61b (down 2.9% from 3Q 2024). Profit margin: 44% (up from 41% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 4.1% decline forecast for the Banks industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 5% per year. New Risk • Aug 18
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: NT$0.65 (vs NT$0.30 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.65 (up from NT$0.30 in 2Q 2024). Revenue: NT$8.19b (up 45% from 2Q 2024). Net income: NT$3.14b (up 114% from 2Q 2024). Profit margin: 38% (up from 26% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 3.5% decline forecast for the Banks industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 5% per year. Upcoming Dividend • Jun 24
Upcoming dividend of NT$1.80 per share Eligible shareholders must have bought the stock before 01 July 2025. Payment date: 25 July 2025. Payout ratio is a comfortable 63% but the company is not cash flow positive. Trailing yield: 3.8%. Lower than top quartile of Taiwanese dividend payers (5.3%). In line with average of industry peers (3.7%). Reported Earnings • May 03
First quarter 2025 earnings released: EPS: NT$0.96 (vs NT$0.89 in 1Q 2024) First quarter 2025 results: EPS: NT$0.96 (up from NT$0.89 in 1Q 2024). Revenue: NT$11.5b (flat on 1Q 2024). Net income: NT$4.67b (up 7.7% from 1Q 2024). Profit margin: 41% (up from 37% in 1Q 2024). Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 6.3% decline forecast for the Banks industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Apr 25
The Shanghai Commercial & Savings Bank, Ltd. to Report Q1, 2025 Results on May 02, 2025 The Shanghai Commercial & Savings Bank, Ltd. announced that they will report Q1, 2025 results on May 02, 2025 Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$47.50, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 15x in the Banks industry in Taiwan. Total returns to shareholders of 10% over the past three years. Announcement • Mar 26
The Shanghai Commercial & Savings Bank, Ltd., Annual General Meeting, Jun 13, 2025 The Shanghai Commercial & Savings Bank, Ltd., Annual General Meeting, Jun 13, 2025, at 09:00 Taipei Standard Time. Location: 2 floor no,2, sec.1 min ch`uan e. rd., jhongshan district, taipei city Taiwan Major Estimate Revision • Mar 26
Consensus revenue estimates increase by 11% The consensus outlook for revenues in fiscal year 2025 has improved. 2025 revenue forecast increased from NT$47.8b to NT$53.2b. EPS estimate increased from NT$3.02 to NT$3.10 per share. Net income forecast to grow 12% next year vs 0.7% growth forecast for Banks industry in Taiwan. Consensus price target up from NT$41.00 to NT$48.00. Share price was steady at NT$44.85 over the past week. Announcement • Mar 22
The Shanghai Commercial & Savings Bank, Ltd. Announces Dividend for the Year Ended December 31, 2024 The Shanghai Commercial & Savings Bank, Ltd. announced the resolution for dividend distribution made by board of directors. Date of the board of directors resolution: March 21, 2025. Appropriations of earnings in cash dividends to shareholders: TWD 1.80 per share for the year ended December 31, 2024. Total amount of cash distributed to shareholders:TWD 8,750,885,652. New Risk • Feb 28
New major risk - Revenue and earnings growth Earnings have declined by 0.8% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 28
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: NT$2.78 (down from NT$3.02 in FY 2023). Revenue: NT$36.3b (down 7.9% from FY 2023). Net income: NT$13.5b (down 8.1% from FY 2023). Profit margin: 37% (in line with FY 2023). Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) also surpassed analyst estimates by 1.5%. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • Feb 20
The Shanghai Commercial & Savings Bank, Ltd. to Report Fiscal Year 2024 Results on Feb 27, 2025 The Shanghai Commercial & Savings Bank, Ltd. announced that they will report fiscal year 2024 results on Feb 27, 2025 Announcement • Nov 30
The Shanghai Commercial & Savings Bank, Ltd. Provides an Legal Update SCB announced the complaint for damages has been filed in the Supreme Court Of N.Y. Defendants: A total of 9 defendants, including Shanghai Commercial Bank Ltd., New York Branch, The Shanghai Commercial & Savings Bank, Ltd. etc. Name of the court or punishing agency of the legal matter: Supreme Court Of The State Of New York, County Of New York; Reference/Case number of relevant documents of the legal matter:659251/2024. Date of occurrence of the event: November 28, 2024; Details of occurrence (including the matter under dispute): The plaintiffs filed a complaint for damages against all defendants,including Shanghai Commercial Bank Ltd, New York Branch and The Shanghai Commercial & Savings Bank Ltd, claiming that they have suffered damages totaling no less than USD 356,000,000 due to breach of contract fiduciary duty. Handling procedure: SCB has appointed legal counsel to handle the subsequent legal matters. Impact on the Companys finance and business and projected amount: The liability of damage and amount for compensation in this case shall be subject to the final judgment of the Supreme Court Of The State Of New York. The subsidiary currently assesses that it will not have a significant impact on the subsidiary's finances and business at the current stage. Countermeasures and improvement status: SCB has appointed legal counsel to handle the subsequent legal matters. The plaintiffs filed a complaint against all defendants for damages totaling no less than USD 356,000,000 on April 11, 2024, which was subsequently dismissed by the U.S. Bankruptcy Court. The plaintiffs filed a new complaint in the Supreme Court Of The State Of New York, County Of New York. Buy Or Sell Opportunity • Nov 25
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.8% to NT$37.55. The fair value is estimated to be NT$47.00, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 8.2%. Revenue is forecast to grow by 49% in a year. Earnings are forecast to grow by 36% in the next year. Reported Earnings • Nov 09
Third quarter 2024 earnings released: EPS: NT$0.98 (vs NT$1.01 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.98 (down from NT$1.01 in 3Q 2023). Revenue: NT$11.6b (down 6.0% from 3Q 2023). Net income: NT$4.75b (down 3.3% from 3Q 2023). Profit margin: 41% (up from 40% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 5.3% decline forecast for the Banks industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 5% per year. Buy Or Sell Opportunity • Nov 08
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.8% to NT$38.90. The fair value is estimated to be NT$48.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 3.4%. Revenue is forecast to grow by 48% in a year. Earnings are forecast to grow by 49% in the next year. Buy Or Sell Opportunity • Oct 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to NT$38.65. The fair value is estimated to be NT$48.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 3.4%. Revenue is forecast to grow by 48% in a year. Earnings are forecast to grow by 49% in the next year. Buy Or Sell Opportunity • Sep 20
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to NT$38.75. The fair value is estimated to be NT$48.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 3.4%. Revenue is forecast to grow by 48% in a year. Earnings are forecast to grow by 49% in the next year. Buy Or Sell Opportunity • Sep 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to NT$38.25. The fair value is estimated to be NT$48.61, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 3.4%. Revenue is forecast to grow by 48% in a year. Earnings are forecast to grow by 49% in the next year. Major Estimate Revision • Aug 23
Consensus EPS estimates fall by 18% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from NT$3.54 to NT$2.90 per share. Revenue forecast steady at NT$49.0b. Net income forecast to grow 49% next year vs 3.6% growth forecast for Banks industry in Taiwan. Consensus price target down from NT$49.00 to NT$44.00. Share price fell 2.0% to NT$40.95 over the past week. Price Target Changed • Aug 21
Price target decreased by 10% to NT$44.00 Down from NT$49.00, the current price target is provided by 1 analyst. New target price is 8.2% above last closing price of NT$40.65. Stock is down 3.4% over the past year. The company is forecast to post earnings per share of NT$2.90 for next year compared to NT$3.02 last year. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.31 (vs NT$1.14 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.31 (down from NT$1.14 in 2Q 2023). Revenue: NT$5.61b (down 56% from 2Q 2023). Net income: NT$1.47b (down 73% from 2Q 2023). Profit margin: 26% (down from 43% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 4.1% decline forecast for the Banks industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has increased by 1% per year. Announcement • Aug 09
The Shanghai Commercial & Savings Bank, Ltd. to Report Q2, 2024 Results on Aug 16, 2024 The Shanghai Commercial & Savings Bank, Ltd. announced that they will report Q2, 2024 results on Aug 16, 2024 Buy Or Sell Opportunity • Aug 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to NT$40.40. The fair value is estimated to be NT$51.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.7% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 24% in a year. Earnings are forecast to grow by 19% in the next year. Declared Dividend • Jul 03
Dividend of NT$1.80 announced Dividend of NT$1.80 is the same as last year. Ex-date: 17th July 2024 Payment date: 2nd August 2024 Dividend yield will be 3.9%, which is higher than the industry average of 2.7%. Sustainability & Growth The dividend has increased by an average of 2.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 13% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Jul 02
The Shanghai Commercial & Savings Bank, Ltd. Announces Cash Dividend, Payable on August 2, 2024 The Shanghai Commercial & Savings Bank, Ltd. announced common stock cash dividend of TWD 1.8 per share. The total amount is TWD 8,750,885,652. Ex-rights (ex-dividend) trading date: July 17, 2024. Ex-rights (ex-dividend) record date: July 23, 2024. Payment date of common stock cash dividend distribution: August 2, 2024. Date of the resolution by the board of directors or shareholders meeting or decision by the Company: July 1, 2024. Reported Earnings • Apr 27
First quarter 2024 earnings released: EPS: NT$0.89 (vs NT$0.88 in 1Q 2023) First quarter 2024 results: EPS: NT$0.89 (up from NT$0.88 in 1Q 2023). Revenue: NT$11.6b (up 7.2% from 1Q 2023). Net income: NT$4.33b (up 1.7% from 1Q 2023). Profit margin: 37% (down from 39% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 1% per year. Announcement • Apr 13
Shanghai Commercial Bank Ltd. New York Branch and the Shanghai Commercial & Savings Bank, Ltd Announces the Receipt of Notice from the U.S. Bankruptcy Court That Debtors Filed Complaint for Damages SCB announced the receipt of notice from the U.S. Bankruptcy Court that debtors filed a complaint for damages. Parties to the legal matter:(1)Debtors: NW TT,LLC and NO IE ES,LLC (2)Plaintiffs: NW TT,LLC, NO IE ES,LLC, CN FN,INC., TT & J,ES,LLC, NW WD AT CR,INC.,TG FG CN, LA CN, TD CN and J*E CN (3)Defendants: A total of 13 defendants, including Shanghai Commercial Bank Ltd., New York Branch, The Shanghai Commercial and Savings Bank, Ltd. etc. Name of the court or punishing agency of the legal matter: United States Bankruptcy Court, Southern District of New York The plaintiffs (including the debtors) filed a complaint for damages against all defendants, including Shanghai Commercial Bank Ltd, New York Branch and its responsible person and three personnel, as well as The Shanghai Commercial and Savings Bank Ltd, claimed that they had suffered damages totaling no less than USD 356,000,000 due to breach of contract and fiduciary duty etc. Handling procedure: SCB has appointed legal counsel to handle the subsequent legal matters. Impact on the Company’s finance and business and projected amount: The subject liability of damage and amount for compensation in this case shall be to the final judgment of the U.S. Bankruptcy Court. The subsidiary currently assesses that it will not have a significant impact on the subsidiary's finances and business at the current stage. Countermeasures and improvement status: SCB has appointed legal counsel to handle the subsequent legal matters. Announcement • Mar 30
The Shanghai Commercial & Savings Bank, Ltd., Annual General Meeting, Jun 21, 2024 The Shanghai Commercial & Savings Bank, Ltd., Annual General Meeting, Jun 21, 2024. Location: 2F., No. 6, Sec. 3, Minsheng E. Rd., Zhongshan Dist Tapei City Taiwan Agenda: To consider 2023 Business Report; to consider and Report on the inspection and auditing of the final account for fiscal year 2023 and communications with internal auditing officers by the Audit Committee; to consider and accept 2023 Business Report and Financial Statements; to consider re-elect directors; and to consider other business matters. Reported Earnings • Feb 29
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: NT$3.02 (down from NT$3.33 in FY 2022). Revenue: NT$39.4b (down 2.1% from FY 2022). Net income: NT$14.7b (down 1.9% from FY 2022). Profit margin: 37% (in line with FY 2022). Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) also missed analyst estimates by 21%. Over the last 3 years on average, earnings per share has increased by 4% per year and the company’s share price has also increased by 4% per year. Announcement • Jan 23
The Shanghai Commercial & Savings Bank, Ltd. Provides A Legal Update The Shanghai Commercial & Savings Bank, Ltd. provided a Legal Update. Parties to the legal matter: Claimants: Vegesentials Limited and Fibre Water Limited Defendant: The Shanghai Commercial & Savings Bank, Ltd. (”SCSB”) Name of the court or punishing agency of the legal matter: The Business and Property Courts of the High Court of Justice of England and Wales (the ”English Court”). Reference/Case number of relevant documents of the legal matter: Case number BL-2020-001404. Date of occurrence of the event: January 22, 2024. Details of occurrence (including the matter under dispute): Vegesentials Limited commenced civil proceedings before the English Court against SCSB on August 28, 2020. Subsequently, on April 19, 2022, Fibre Water Limited joined as a co-plaintiff following the assignment to it of Vegesentials Limited's claim against SCSB. The English Court ordered that SCSB shall pay GBP 7,034,402 and interest will be accrued at the rate of 8% per annum from January 5, 2024 to the actual payment date. Handling procedure: SCSB has appointed legal counsel to handle these matters. Countermeasures and improvement status: Comply with the Order of the English Court. Announcement • Jan 08
The Shanghai Commercial & Savings Bank, Ltd. Provides A Legal Update Vegesentials Limited commenced civil proceedings before the English Court against The Shanghai Commercial & Savings Bank, Ltd. (SCSB) on August 28, 2020. Subsequently, on April 19, 2022, Fibre Water Limited joined as a co-plaintiff following the assignment to it of Vegesentials Limited's claim against SCSB. The English Court has rendered the judgment that SCSB is liable for compensation and legal costs of Claimants. The specific amount is to be determined by the English Court in a separate decision later. Handling procedure: SCSB has appointed legal counsel to handle the subsequent legal matters. Countermeasures and improvement status: SCSB has appointed legal counsel to handle the subsequent legal matters. Claimants: Vegesentials Limited and Fibre Water Limited; Defendant: The Shanghai Commercial & Savings Bank, Ltd. Reported Earnings • Nov 11
Third quarter 2023 earnings: EPS misses analyst expectations Third quarter 2023 results: EPS: NT$1.01 (down from NT$1.28 in 3Q 2022). Revenue: NT$12.3b (down 1.6% from 3Q 2022). Net income: NT$4.91b (down 14% from 3Q 2022). Profit margin: 40% (down from 46% in 3Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.5%. Revenue is forecast to grow 8.4% p.a. on average during the next 2 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 6% per year whereas the company’s share price has increased by 4% per year. Announcement • Sep 14
The Shanghai Commercial & Savings Bank, Ltd. Announces Change Presidents The Shanghai Commercial & Savings Bank, Ltd. announced that Position (Please enter chairperson or president/general manager): President. Name of the previous position holder: Mr. Lee Ching Yen Stephen, Resume of the previous position holder: SCSB,The chairperson of the Company temporarily holds the post of President and Name of the new position holder: Mr. Kuo, Ching-Yi, Resume of the new position holder: SCSB,Senior Executive Vice President. Circumstances of change: New Appointment. Reason for the change:New Appointment. Effective date of the new appointment: 2023/09/13. New Risk • Aug 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.2% per year for the foreseeable future. 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 • Aug 13
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: NT$1.13 (up from NT$0.81 in 2Q 2022). Revenue: NT$12.7b (up 28% from 2Q 2022). Net income: NT$5.51b (up 52% from 2Q 2022). Profit margin: 43% (up from 37% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 27%. Earnings per share (EPS) also surpassed analyst estimates by 41%. Revenue is forecast to grow 3.3% p.a. on average during the next 2 years, compared to a 5.1% growth forecast for the Banks industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Jun 29
Upcoming dividend of NT$1.80 per share at 3.9% yield Eligible shareholders must have bought the stock before 06 July 2023. Payment date: 27 July 2023. Trailing yield: 3.9%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.1%). Price Target Changed • May 22
Price target decreased by 8.8% to NT$46.50 Down from NT$51.00, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of NT$47.50. Stock is down 4.3% over the past year. The company is forecast to post earnings per share of NT$3.50 for next year compared to NT$3.33 last year. Reported Earnings • Mar 09
Full year 2022 earnings released: EPS: NT$3.33 (vs NT$3.19 in FY 2021) Full year 2022 results: EPS: NT$3.33 (up from NT$3.19 in FY 2021). Revenue: NT$40.3b (up 9.0% from FY 2021). Net income: NT$14.9b (up 4.8% from FY 2021). Profit margin: 37% (down from 39% in FY 2021). The decrease in margin was driven by higher expenses. Non-performing loans: 0.31% (up from 0.11% in FY 2021). 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. Price Target Changed • Dec 20
Price target decreased to NT$51.00 Down from NT$56.00, the current price target is provided by 1 analyst. New target price is 15% above last closing price of NT$44.50. Stock is down 5.0% over the past year. The company is forecast to post earnings per share of NT$3.61 for next year compared to NT$3.19 last year. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$1.28 (vs NT$0.80 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.28 (up from NT$0.80 in 3Q 2021). Revenue: NT$12.5b (up 29% from 3Q 2021). Net income: NT$5.73b (up 60% from 3Q 2021). Profit margin: 46% (up from 37% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Banks industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 4% per year. Board Change • Nov 16
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. 7 non-independent directors. Independent Director Gary Tseng was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Aug 25
The Shanghai Commercial & Savings Bank, Ltd., Annual General Meeting, Apr 21, 2023 The Shanghai Commercial & Savings Bank, Ltd., Annual General Meeting, Apr 21, 2023. Reported Earnings • Aug 24
Second quarter 2022 earnings released: EPS: NT$0.81 (vs NT$0.80 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.81 (up from NT$0.80 in 2Q 2021). Revenue: NT$9.93b (up 12% from 2Q 2021). Net income: NT$3.62b (flat on 2Q 2021). Profit margin: 36% (down from 40% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 16%, compared to a 5.4% growth forecast for the Banks industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 30
Upcoming dividend of NT$1.80 per share Eligible shareholders must have bought the stock before 07 July 2022. Payment date: 26 July 2022. Payout ratio is a comfortable 57% but the company is not cash flow positive. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (6.4%). In line with average of industry peers (3.5%). Announcement • Jun 18
The Shanghai Commercial & Savings Bank, Ltd. Announces Cash Dividend, Payable on July 29, 2022 The Shanghai Commercial & Savings Bank, Ltd. announced the cash dividend is TWD 1.8 per share. The total amount is TWD 8,066,885,652. Ex-rights (ex-dividend) trading date is July 7, 2022. Ex-rights (ex-dividend) record date is July 13, 2021. The cash dividend will be paid on July 29, 2022. Buying Opportunity • May 09
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 3.7%. The fair value is estimated to be NT$60.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.9% over the last 3 years. Earnings per share has declined by 5.4%. Revenue is forecast to grow by 30% in 2 years. Earnings is forecast to grow by 34% in the next 2 years. Reported Earnings • May 05
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: NT$0.81 (down from NT$0.83 in 1Q 2021). Revenue: NT$9.63b (down 2.1% from 1Q 2021). Net income: NT$3.64b (down 2.2% from 1Q 2021). Profit margin: 38% (in line with 1Q 2021). Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 2.3%. Over the next year, revenue is forecast to grow 16% while the industry in Taiwan is not expected to grow. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 1% per year. Board Change • Apr 27
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. 8 non-independent directors. Independent Director Gary Tseng was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 03
The Shanghai Commercial & Savings Bank, Ltd. Announces Executive Changes The Shanghai Commercial & Savings Bank, Ltd. appointed Law, Wai-tai Timothy in place of Yeong, Lung-yuen as Chief Risk Officer. Effective from April 1, 2022. Announcement • Mar 28
The Shanghai Commercial & Savings Bank, Ltd., Annual General Meeting, Jun 17, 2022 The Shanghai Commercial & Savings Bank, Ltd., Annual General Meeting, Jun 17, 2022. Location: 1F, No. 8, Sec. 3, Minsheng East Road AmazingHall, Light Chanson Taipei Taiwan Agenda: To consider the 2021 Business Report; to consider the 2021 Audit Committee's Review Report; to consider the 2021 Directors and Employees Remuneration Distribution Report; to consider the Company's report on "Sustainable Development Promotion Guidelines"; to consider the Financial Debentures issued in 2021 Report; to accept 2021 Business Report and Financial Statements; to approve the Proposal for Distribution of 2021 Earnings; to consider Discussion of amendments to the Company's "Articles of Incorporation"; to consider Discussion of amendments to the Company's "Procedures for Asset Acquisition and Disposal"; and to consider other matters. Reported Earnings • Mar 15
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Net income: NT$14.3b (up 5.9% from FY 2020). Non-performing loans: 0.11% (down from 0.16% in FY 2020). Revenue missed analyst estimates by 1.2%. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 1% per year. Price Target Changed • Nov 18
Price target increased to NT$54.00 Up from NT$47.50, the current price target is an average from 2 analysts. New target price is 16% above last closing price of NT$46.70. Stock is up 15% over the past year. The company is forecast to post earnings per share of NT$3.25 for next year compared to NT$3.01 last year. Reported Earnings • Nov 13
Third quarter 2021 earnings released The company reported a decent third quarter result with improved earnings, although revenues and profit margins were flat. Third quarter 2021 results: Revenue: NT$9.69b (flat on 3Q 2020). Net income: NT$3.59b (up 1.3% from 3Q 2020). Profit margin: 37% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • Sep 01
Second quarter 2021 earnings released: EPS NT$0.80 (vs NT$0.71 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$8.87b (up 2.2% from 2Q 2020). Net income: NT$3.58b (up 13% from 2Q 2020). Profit margin: 40% (up from 37% in 2Q 2020). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 21
Upcoming dividend of NT$1.70 per share Eligible shareholders must have bought the stock before 28 July 2021. Payment date: 18 August 2021. Trailing yield: 3.8%. Lower than top quartile of Taiwanese dividend payers (5.0%). In line with average of industry peers (3.6%). Executive Departure • Jul 13
MD & Director Yih-Pin Chen has left the company On the 5th of July, Yih-Pin Chen's tenure as MD & Director ended after 30.3 years in the role. We don't have any record of a personal shareholding under Yih-Pin's name. A total of 5 executives have left over the last 12 months. The current median tenure of the management team is 2.00 years. Executive Departure • Jul 13
Independent MD & Director Yung-San Lee has left the company On the 5th of July, Yung-San Lee's tenure as Independent MD & Director ended after 6.1 years in the role. We don't have any record of a personal shareholding under Yung-San's name. A total of 5 executives have left over the last 12 months. The current median tenure of the management team is 2.00 years. Executive Departure • Jul 13
Director Kar-Wah Cheng has left the company On the 5th of July, Kar-Wah Cheng's tenure as Director ended after 6.1 years in the role. We don't have any record of a personal shareholding under Kar-Wah's name. A total of 5 executives have left over the last 12 months. The current median tenure of the management team is 2.00 years. Executive Departure • Jul 13
Independent Non-Executive Director Yiu-Tong Cheung has left the company On the 5th of July, Yiu-Tong Cheung's tenure as Independent Non-Executive Director ended after less than a year in the role. We don't have any record of a personal shareholding under Yiu-Tong's name. A total of 5 executives have left over the last 12 months. The current median tenure of the management team is 2.00 years. Reported Earnings • May 14
First quarter 2021 earnings released: EPS NT$0.83 (vs NT$0.81 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: NT$9.84b (up 2.3% from 1Q 2020). Net income: NT$3.72b (up 3.4% from 1Q 2020). Profit margin: 38% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$3.01 (vs NT$3.50 in FY 2019) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: NT$36.2b (down 9.6% from FY 2019). Net income: NT$13.5b (down 8.2% from FY 2019). Profit margin: 37% (in line with FY 2019). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Price Target Changed • Mar 15
Price target increased to NT$42.15 Up from NT$39.20, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of NT$41.25. Stock is up 4.2% over the past year. Is New 90 Day High Low • Jan 31
New 90-day low: NT$37.40 The company is down 1.0% from its price of NT$37.95 on 02 November 2020. The Taiwanese market is up 19% 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. Announcement • Jan 16
The Shanghai Commercial & Savings Bank, Ltd., Annual General Meeting, Apr 21, 2021 The Shanghai Commercial & Savings Bank, Ltd., Annual General Meeting, Apr 21, 2021. Location: Shanghai Commercial Bank Tower 12 Queen's Road Central Hong Kong Agenda: To receive and consider the audited financial statements and the Reports of the Directors and of the Auditor for the year ended 31 December 2020; and to declare Dividend in respect of the year 2020. Is New 90 Day High Low • Dec 30
New 90-day high: NT$41.05 The company is up 6.0% from its price of NT$38.85 on 30 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Banks industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$41.57 per share. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.79 The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2020 results: Revenue: NT$9.69b (down 8.6% from 3Q 2019). Net income: NT$3.55b (down 4.7% from 3Q 2019). Profit margin: 37% (up from 35% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 5% per year. Analyst Estimate Surprise Post Earnings • Nov 14
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 4.2%. Earnings per share (EPS) also surpassed analyst estimates by 5.3%. Over the next year, revenue is forecast to stay flat compared to a 2.9% decline forecast for the Banks industry in Taiwan. Is New 90 Day High Low • Oct 30
New 90-day low: NT$37.05 The company is down 13% from its price of NT$42.35 on 31 July 2020. The Taiwanese market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is down 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$38.08 per share. Announcement • Aug 09
The Shanghai Commercial & Savings Bank, Ltd. Announces Executive Changes The Shanghai Commercial & Savings Bank, Ltd. announced the retirement of Shan-Chung Chen as president and appointment of Chih-Hung Lin, Senior Executive Vice President as president. Date of occurrence of the change is August 8, 2020. 
