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2812

Taichung Commercial Bank TWSE:2812 Stock Report

Last Price

NT$13.70

Market Cap

NT$64.3b

7D

4.2%

1Y

25.3%

Updated

11 Aug, 2022

Data

Company Financials
2812 fundamental analysis
Snowflake Score
Valuation3/6
Future Growth0/6
Past Performance4/6
Financial Health6/6
Dividends1/6

2812 Stock Overview

Taichung Commercial Bank Co., Ltd. provides various banking products and services in Taiwan.

Taichung Commercial Bank Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Taichung Commercial Bank
Historical stock prices
Current Share PriceNT$13.70
52 Week HighNT$15.43
52 Week LowNT$10.75
Beta0.29
1 Month Change6.95%
3 Month Change6.56%
1 Year Change25.27%
3 Year Change34.71%
5 Year Change79.50%
Change since IPO-78.42%

Recent News & Updates

Shareholder Returns

2812TW BanksTW Market
7D4.2%3.7%1.3%
1Y25.3%16.0%-13.2%

Return vs Industry: 2812 exceeded the TW Banks industry which returned 16% over the past year.

Return vs Market: 2812 exceeded the TW Market which returned -13.2% over the past year.

Price Volatility

Is 2812's price volatile compared to industry and market?
2812 volatility
2812 Average Weekly Movement2.4%
Banks Industry Average Movement3.2%
Market Average Movement5.1%
10% most volatile stocks in TW Market8.4%
10% least volatile stocks in TW Market2.5%

Stable Share Price: 2812 is less volatile than 75% of TW stocks over the past 3 months, typically moving +/- 2% a week.

Volatility Over Time: 2812's weekly volatility (2%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1952n/aTe-Wei Chiahttps://www.tcbbank.com.tw

Taichung Commercial Bank Co., Ltd. provides various banking products and services in Taiwan. The company offers various deposit products, such as savings account and time deposit accounts, foreign currency demand deposits, cash, and travel checks and remittance; corporate finance services, which include corporate loans, letter of credit, collections, and factoring and forfaiting, as well as account information, deposits, payments, accounts receivable financing, hedging strategies, financial instruments, and consultation services; and personal mortgage loans comprising house mortgage, house renovations, children's education funds, business start-up capital, investments, and financial management services. It also provides financial advice, asset allocation, consultation service, and trust planning, as well as family and retirement services; credit cards; and online and mobile banking, and mobile payment services.

Taichung Commercial Bank Fundamentals Summary

How do Taichung Commercial Bank's earnings and revenue compare to its market cap?
2812 fundamental statistics
Market CapNT$64.33b
Earnings (TTM)NT$4.94b
Revenue (TTM)NT$12.60b

13.2x

P/E Ratio

1.0x

P/B Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
2812 income statement (TTM)
RevenueNT$12.60b
Cost of RevenueNT$0
Gross ProfitNT$12.60b
Other ExpensesNT$7.66b
EarningsNT$4.94b

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)1.04
Gross Margin100.00%
Net Profit Margin39.21%
Debt/Equity Ratio56.7%

How did 2812 perform over the long term?

See historical performance and comparison

Dividends

1.7%

Current Dividend Yield

22%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is 2812 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2812?

Other financial metrics that can be useful for relative valuation.

2812 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 Ration/a

Price to Earnings Ratio vs Peers

How does 2812's PE Ratio compare to its peers?

2812 PE Ratio vs Peers
The above table shows the PE ratio for 2812 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average14x
2838 Union Bank of Taiwan
13.7xn/aNT$48.2b
2834 Taiwan Business Bank
17xn/aNT$100.8b
2845 Far Eastern International Bank
14.9xn/aNT$41.1b
2849 EnTie Commercial Bank
11.6xn/aNT$28.2b
2812 Taichung Commercial Bank
13.2xn/aNT$64.3b

Price-To-Earnings vs Peers: 2812 is good value based on its Price-To-Earnings Ratio (13.2x) compared to the peer average (14x).


Price to Earnings Ratio vs Industry

How does 2812's PE Ratio compare vs other companies in the Asian Banks Industry?

Price-To-Earnings vs Industry: 2812 is good value based on its Price-To-Earnings Ratio (13.2x) compared to the TW Banks industry average (15.1x)


Price to Earnings Ratio vs Fair Ratio

What is 2812'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.

2812 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio13.2x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate 2812's Price-To-Earnings Fair Ratio for valuation analysis.


Share Price vs Fair Value

What is the Fair Price of 2812 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 2812 (NT$13.7) is trading below our estimate of fair value (NT$16.28)

Significantly Below Fair Value: 2812 is trading below fair value, but not by a significant amount.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.


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Future Growth

How is Taichung Commercial Bank forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


15.1%

Forecasted Banks industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Taichung Commercial Bank has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Discover growth companies

  • Examine whether Taichung Commercial Bank is trading at an attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.

Past Performance

How has Taichung Commercial Bank performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


5.5%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 2812 has a high level of non-cash earnings.

Growing Profit Margin: 2812's current net profit margins (39.2%) are higher than last year (37.2%).


Past Earnings Growth Analysis

Earnings Trend: 2812's earnings have grown by 5.5% per year over the past 5 years.

Accelerating Growth: 2812's earnings growth over the past year (15.6%) exceeds its 5-year average (5.5% per year).

Earnings vs Industry: 2812 earnings growth over the past year (15.6%) exceeded the Banks industry 10.7%.


Return on Equity

High ROE: 2812's Return on Equity (7.7%) is considered low.


Discover strong past performing companies

Financial Health

How is Taichung Commercial 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: 2812's Assets to Equity ratio (12.1x) is moderate.

Allowance for Bad Loans: 2812 has a sufficient allowance for bad loans (903%).

Low Risk Liabilities: 94% of 2812's liabilities are made up of primarily low risk sources of funding.

Loan Level: 2812 has an appropriate level of Loans to Assets ratio (64%).

Low Risk Deposits: 2812's Loans to Deposits ratio (74%) is appropriate.

Level of Bad Loans: 2812 has an appropriate level of bad loans (0.2%).


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Dividend

What is Taichung Commercial Bank current dividend yield, its reliability and sustainability?

Dividend Score

1/6

Dividend Score 1/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


1.74%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: 2812's dividend (1.74%) isn’t notable compared to the bottom 25% of dividend payers in the TW market (2.53%).

High Dividend: 2812's dividend (1.74%) is low compared to the top 25% of dividend payers in the TW market (6.58%).


Stability and Growth of Payments

Stable Dividend: 2812 has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: 2812's dividend payments have increased, but the company has only paid a dividend for 9 years.


Current Payout to Shareholders

Earnings Coverage: With its low payout ratio (22.2%), 2812's dividend payments are well 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?

5.2yrs

Average management tenure


CEO

Te-Wei Chia

5.08yrs

Tenure

Mr. Te-Wei Chia serves as President and Director at Taichung Commercial Bank Company, Ltd since July 5, 2017 and since June 7, 2017 respectively. Mr. Chia served as Manager of Corporate Finance Department...


Leadership Team

Experienced Management: 2812's management team is seasoned and experienced (5.2 years average tenure).


Board Members

Experienced Board: 2812's board of directors are considered experienced (5.2 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 been diluted in the past year, with total shares outstanding growing by 4.6%.


Top Shareholders

Company Information

Taichung Commercial Bank Co., Ltd.'s employee growth, exchange listings and data sources


Key Information

  • Name: Taichung Commercial Bank Co., Ltd.
  • Ticker: 2812
  • Exchange: TWSE
  • Founded: 1952
  • Industry: Diversified Banks
  • Sector: Banks
  • Implied Market Cap: NT$64.334b
  • Shares outstanding: 4.77b
  • Website: https://www.tcbbank.com.tw

Location

  • Taichung Commercial Bank Co., Ltd.
  • No. 87, Min Chuan Road
  • 1st Floor
  • Taichung
  • 40341
  • Taiwan

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/08/11 00:00
End of Day Share Price2022/08/11 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.