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May 27, 2017

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Taishin Financial Holdings reports record-high Q1

TAIPEI, Taiwan -- At an earnings conference Taishin Financial Holdings Co. (台新金控) yesterday reported a record-high performance for the first quarter of this year, recording revenues of NT$4.82 billion, with earnings-per-share (EPS) reaching NT$0.61, showing an improvement of 13.95 percent year-on-year growth.

Throughout the first four months of this year, the company accumulated revenues of NT$2.23 billion, of which NT$1.32 billion in net profit can be attributed to the parent corporation, and yielded an earnings-per-share performance of NT$0.77.

Following the earnings conference, foreign institutional investors indicated that the company's EPS performance this year may reach a record-high NT$2.5.

Taishin Raises NT$6 Billion in New Capital

Most notably, in late April the company received NT$6 billion in capital raised in a round of 500 million newly issued common shares at NT$12, the rate approved earlier by regulators. The company also has plans to raise an additional NT$8 billion through subordinated corporate bonds. The company stated that newly raised funds will be used in improving its capital structure and to meet cash requirements when expanding toward markets abroad.

The company's board of directors announced that this year's dividend payout has been tentatively set at NT$0.42 for cash dividends and 0.99 for scrip dividends, pending the result of deliberations in the upcoming shareholders' meeting.

Meanwhile, in light of a protracted struggle regarding the proposed merger with Chang Hwa Bank (CHB, 彰化銀行), Welch Lin (林維俊), chief financial officer at Taishin Financials, yesterday stated that financial losses will be heavy should the government rule to have the company relinquish its stake in CHB.

Lin stated that, under equity recognition criteria, the company holds a 22.5-percent stake of CHB, which as of the end of last year is valued at a book value of about NT$26 per share, totaling about NT$45.4 billion.

While Lin declined to comment on CHB's upcoming board of directors elections, set to take place in six month's time, Lin stated that Taishin Financial was among the list of financial institutions invited by the government to invest and acquire stakes in the state-run bank. Lin added that the company is willing to cooperate with the government's suggestion, but urged for future policies to consider the interests of the company's 200,000 shareholders.

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