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2809

King's Town Bank TWSE:2809 Stock Report

Last Price

NT$34.35

Market Cap

NT$38.5b

7D

-5.2%

1Y

-12.8%

Updated

01 Jul, 2022

Data

Company Financials +
2809 fundamental analysis
Snowflake Score
Valuation6/6
Future Growth5/6
Past Performance1/6
Financial Health6/6
Dividends2/6

2809 Stock Overview

King's Town Bank Co., Ltd., together with its subsidiaries, provides various personal and corporate banking products and services in Taiwan.

King's Town Bank Competitors

Price History & Performance

Summary of all time highs, changes and price drops for King's Town Bank
Historical stock prices
Current Share PriceNT$34.35
52 Week HighNT$44.60
52 Week LowNT$34.35
Beta0.72
1 Month Change-4.32%
3 Month Change-14.87%
1 Year Change-12.82%
3 Year Change0.44%
5 Year Change9.57%
Change since IPO-56.16%

Recent News & Updates

Shareholder Returns

2809TW BanksTW Market
7D-5.2%-1.6%-2.3%
1Y-12.8%16.6%-16.0%

Return vs Industry: 2809 underperformed the TW Banks industry which returned 16.6% over the past year.

Return vs Market: 2809 exceeded the TW Market which returned -16% over the past year.

Price Volatility

Is 2809's price volatile compared to industry and market?
2809 volatility
2809 Average Weekly Movement2.7%
Banks Industry Average Movement3.4%
Market Average Movement4.8%
10% most volatile stocks in TW Market8.3%
10% least volatile stocks in TW Market2.3%

Stable Share Price: 2809 is less volatile than 75% of TW stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: 2809's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
19481,030Jih-Cheng Changhttps://customer.ktb.com.tw

King's Town Bank Co., Ltd., together with its subsidiaries, provides various personal and corporate banking products and services in Taiwan. It accepts various deposit accounts, such as check, savings, time, and demand deposits, as well as offers domestic and foreign exchange services. The company also provides corporate financing services, including loans, bills discounting, and issuance of domestic and foreign letters of credit and domestic and foreign guarantee; and handles investment businesses, draft acceptance, collections, advances, depository, and agency services, as well as issues financial bonds and operates other business chartered by the government.

King's Town Bank Fundamentals Summary

How do King's Town Bank's earnings and revenue compare to its market cap?
2809 fundamental statistics
Market CapNT$38.51b
Earnings (TTM)NT$3.24b
Revenue (TTM)NT$5.78b

11.9x

P/E Ratio

0.8x

P/B Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
2809 income statement (TTM)
RevenueNT$5.78b
Cost of RevenueNT$0
Gross ProfitNT$5.78b
Other ExpensesNT$2.54b
EarningsNT$3.24b

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)2.89
Gross Margin100.00%
Net Profit Margin56.12%
Debt/Equity Ratio91.1%

How did 2809 perform over the long term?

See historical performance and comparison

Dividends

6.1%

Current Dividend Yield

73%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is 2809 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2809?

Other financial metrics that can be useful for relative valuation.

2809 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenuen/a
Enterprise Value/EBITDAn/a
PEG Ratio0.3x

Price to Earnings Ratio vs Peers

How does 2809's PE Ratio compare to its peers?

2809 PE Ratio vs Peers
The above table shows the PE ratio for 2809 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average13.2x
2838 Union Bank of Taiwan
14xn/aNT$50.6b
2845 Far Eastern International Bank
14.1xn/aNT$39.4b
2849 EnTie Commercial Bank
12.3xn/aNT$30.1b
2812 Taichung Commercial Bank
12.4xn/aNT$61.5b
2809 King's Town Bank
11.9x35.1%NT$38.5b

Price-To-Earnings vs Peers: 2809 is good value based on its Price-To-Earnings Ratio (11.9x) compared to the peer average (13.2x).


Price to Earnings Ratio vs Industry

How does 2809's PE Ratio compare vs other companies in the Asian Banks Industry?

Price-To-Earnings vs Industry: 2809 is good value based on its Price-To-Earnings Ratio (11.9x) compared to the TW Banks industry average (14.6x)


Price to Earnings Ratio vs Fair Ratio

What is 2809's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

2809 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio11.9x
Fair PE Ratio21x

Price-To-Earnings vs Fair Ratio: 2809 is good value based on its Price-To-Earnings Ratio (11.9x) compared to the estimated Fair Price-To-Earnings Ratio (21x).


Share Price vs Fair Value

What is the Fair Price of 2809 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 2809 (NT$34.35) is trading below our estimate of fair value (NT$70.86)

Significantly Below Fair Value: 2809 is trading below fair value by more than 20%.


Price to Earnings Growth Ratio

PEG Ratio: 2809 is good value based on its PEG Ratio (0.3x)


Discover undervalued companies

Future Growth

How is King's Town Bank forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

Future Growth Score

5/6

Future Growth Score 5/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


35.1%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 2809's forecast earnings growth (35.1% per year) is above the savings rate (0.7%).

Earnings vs Market: 2809's earnings (35.1% per year) are forecast to grow faster than the TW market (7% per year).

High Growth Earnings: 2809's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: 2809's revenue (33.8% per year) is forecast to grow faster than the TW market (7.6% per year).

High Growth Revenue: 2809's revenue (33.8% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if 2809's Return on Equity is forecast to be high in 3 years time


Discover growth companies

Past Performance

How has King's Town Bank performed over the past 5 years?

Past Performance Score

1/6

Past Performance Score 1/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


3.8%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 2809 has a high level of non-cash earnings.

Growing Profit Margin: 2809's current net profit margins (56.1%) are lower than last year (69.8%).


Past Earnings Growth Analysis

Earnings Trend: 2809's earnings have grown by 3.8% per year over the past 5 years.

Accelerating Growth: 2809's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: 2809 had negative earnings growth (-53.8%) over the past year, making it difficult to compare to the Banks industry average (10.7%).


Return on Equity

High ROE: 2809's Return on Equity (6.9%) is considered low.


Discover strong past performing companies

Financial Health

How is King's Town Bank's financial position? (This company is analysed differently as a bank or financial institution)

Financial Health Score

6/6

Financial Health Score 6/6

  • Asset Level

  • Allowance for Bad Loans

  • Low Risk Liabilities

  • Loan Level

  • Low Risk Deposits

  • Level of Bad Loans

Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet


Financial Institutions Analysis

Asset Level: 2809's Assets to Equity ratio (7.4x) is low.

Allowance for Bad Loans: 2809 has a sufficient allowance for bad loans (7283%).

Low Risk Liabilities: 85% of 2809's liabilities are made up of primarily low risk sources of funding.

Loan Level: 2809 has an appropriate level of Loans to Assets ratio (61%).

Low Risk Deposits: 2809's Loans to Deposits ratio (84%) is appropriate.

Level of Bad Loans: 2809 has an appropriate level of bad loans (0%).


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Dividend

What is King's Town Bank current dividend yield, its reliability and sustainability?

Dividend Score

2/6

Dividend Score 2/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


6.11%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: 2809's dividend (6.11%) is higher than the bottom 25% of dividend payers in the TW market (2.64%).

High Dividend: 2809's dividend (6.11%) is low compared to the top 25% of dividend payers in the TW market (6.47%).


Stability and Growth of Payments

Stable Dividend: 2809 has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: 2809's dividend payments have increased, but the company has only paid a dividend for 9 years.


Current Payout to Shareholders

Earnings Coverage: With its reasonable payout ratio (72.6%), 2809's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years or that it will be covered by earnings.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

3.5yrs

Average management tenure


CEO

Jih-Cheng Chang

4.5yrs

Tenure

NT$12,143,180

Compensation

Mr. Jih-Cheng Chang has been President at King's Town Bank Co., Ltd. since December 26, 2017 and served as General Manager since December 26, 2017 until February 2022. He holds Graduate Institute of Indust...


CEO Compensation Analysis

Compensation vs Market: Jih-Cheng's total compensation ($USD408.09K) is below average for companies of similar size in the TW market ($USD598.61K).

Compensation vs Earnings: Jih-Cheng's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.


Leadership Team

Experienced Management: 2809's management team is considered experienced (3.5 years average tenure).


Board Members

Experienced Board: 2809's board of directors are considered experienced (3.6 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

King's Town Bank's employee growth, exchange listings and data sources


Key Information

  • Name: King's Town Bank
  • Ticker: 2809
  • Exchange: TWSE
  • Founded: 1948
  • Industry: Diversified Banks
  • Sector: Banks
  • Implied Market Cap: NT$38.514b
  • Shares outstanding: 1.12b
  • Website: https://customer.ktb.com.tw

Number of Employees


Location

  • King's Town Bank
  • No. 506 Ximen Road
  • Section 1
  • Tainan City
  • Taiwan

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/07/01 00:00
End of Day Share Price2022/07/01 00:00
Earnings2022/03/31
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.