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Research Abstract - SINOPAC FIN HLDGS TWD10 (2890.tw)
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Summary
Symbol(s): 2890.TW
Date:  15-Nov-12
Author: Mandy Lin
Contributor: Fubon Securities Investment Services Co., Ltd.
Title: SinoPac FHC (2890 TT): Earnings momentum has peaked
Document Size:  5 pages
Price:  $46
Document Type:  Adobe Acrobat Reader®
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Synopsis
SinoPac held its analyst meeting on November 14 and guided to a flat outlook for FY13 due to the weak macro economy. The management also indicated they will focus on structural adjustments, which implies that the earnings growth target is not as aggressive as in FY12. We have a Neutral rating on SinoPac because FENB’s earnings momentum may slow down due to a slower recovery, and further momentum in domestic banks’ core earnings is limited. We set our target price at NT$12.5, suggesting a 9.4% upside.



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