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Table of Contents
Sell on facts? We do not agree ...............................................3
Valuation comparison..............................................................5
Earnings outlook ....................................................................10
Theme 1: Reflation eventually...............................................15
Theme 2: Flow business should benefit in the near term...23
Theme 3: Spread remains weak ............................................27
Who is best positioned for growth? .....................................30
Fubon Financial (2881 TT; OW).............................................34
Chinatrust Financial (2891 TT; OW)......................................35
SinoPac Financial (2890 TT; OW)..........................................36
Yuanta FHC (2885 TT; OW) ....................................................37
Cathay Financial Holdings (2882 TT; N) ...............................38
First Financial (2892 TT; N)....................................................39
Chang Hwa Bank (2801 TT; N)...............................................40
Taishin Financial (2887 TT; UW)............................................41
Shin Kong Financial (2999 TT; UW) ......................................42
Changes in valuations, earnings estimates and financial
summary .................................................................................43