Stable earnings in 1Q16; better performance in 2H16
Mega FHC posted 1Q16 earnings of NT$7.7 bn and EPS of NT$0.56, in line with our and consensus expectations.​We reiterate BUY on Mega FHC given 1) the 6% cash dividend is attractive; and 2) we expect its profitability to be more stable than peers as a high proportion of F/X loans could protect it from the negative impact of the TCB’s rate cuts. In light of Mega FHC’s defensive position, we continue to view it as our top pick among Taiwan financials
Mega Financial Holding Co., Ltd. is a Taiwan-based financial holding company principally engaged in the investment and management of its subsidiaries. The Company mainly operates through four business segments. The Banking Business segment is mainly engaged in the commercial banking, consumer banking, wealth management, investment banking businesses and the provision of other services. The Securities Business segment is mainly engaged in the brokerage, underwriting and proprietary trading businesses. The Bill Banking segment is mainly engaged in the brokerage, dealing and underwriting businesses, as well as the guaranteeing of short-term debt instruments. The Insurance Business segment is mainly engaged in the provision of insurance services and insurance agency businesses.
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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