Strong 1Q16 vs peers; 2016F outlook intact
​E.Sun FHC held an analyst meeting on May 4 and reported 1Q16 earnings of NT$3.7 bn, in line with our and consensus expectations. We remain positive on E.Sun FHC, following its robust 1Q16 results. Although the negative impact of the Central Bank of Taiwan’s rate cuts still linger, we believe E.Sun can still stick to its guidance of 6-8% loan growth and double-digit growth in fee income. As such, we leave our 2016/17F forecasts unchanged with a TP of NT$22.
E Sun Financial is an investment and management company. Through its subsidiaries, Co. is engaged in commercial banking operations; foreign exchange operations; investment and personal finance operations; agency operations; underwriting, dealing and brokerage securities; life insurance and property insurance brokerage; security investment consulting; marketable securities underwriting, brokerage, and trading; short-term security brokerage and trading, and planning, managing and operating of trust. As of Dec 31 2007, Co. had total assets of NT$772,181,984,000 and total deposits and remittances of NT$589,441,331,000.
Yuanta is a Taiwan-headquartered brokerage with a growing presence in Asia, especially across Greater China. Our team of 140+ provides cutting-edge analysis on key sectors, spread across offices in Taiwan, Hong Kong, Shanghai (A-Share), Seoul and Jakarta. With an ever-expanding coverage universe of 400+ companies, we provide in depth analysis with unique local color to investors. Consistently being voted the Best Investment Consulting Firm in Taiwan in the AsiaMoney broker poll is evidence of our strength. We target providing an extensive range of research, from small, to mid-sized, to large cap. We bring you the big, well-covered names, as well as going off the beaten track to research the less-familiar companies.
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