Fubon Financial Holding (2881.tw) is Taiwan's second largest financial holding company. It has consistently delivered strong financial performance, ranking first in earnings per share and return on equity among its peers. Fubon operates market-leading positions across its banking, securities, life insurance, and property and casualty insurance businesses. The company has a track record of growth through successful acquisitions and remains well-capitalized to pursue further expansion opportunities in Taiwan and Greater China.
Titan Industries reported strong performance in the first quarter of fiscal year 2011 that was above expectations. Revenue grew 41.9% year-over-year driven by robust growth in the jewelry and watches segments. Operating and net profits increased 40.2% and 76.5% respectively. The company's jewelry segment saw a 49.6% revenue increase and 30% volume growth. The watches segment grew revenues 21.8% with improved sales of higher margin watches. While remaining positive on growth prospects, the analyst maintains a Neutral rating due to expensive valuations.
- Greenply Industries reported a 54.6% year-over-year increase in standalone quarterly revenue to Rs259 crore, exceeding estimates, driven by higher capacity utilization and realizations in plywood and laminates.
- Net profit increased 54.7% to Rs13.3 crore, also ahead of estimates, due to lower interest and depreciation expenses.
- The report maintains a buy recommendation, as the company is well-positioned to benefit from capacity expansions in laminates and a new MDF plant, while its stock trades at a discount to earnings estimates.
Ashok Leyland reported a 141.3% year-over-year growth in net sales to Rs2,939 crore for the fourth quarter of fiscal year 2010, in line with expectations. Net profit grew 317.6% year-over-year to Rs222.7 crore, higher than expected due to better operating margins and a change in depreciation policy. Operating margins increased 345 basis points due to price hikes, lower raw material prices, and cost reduction efforts. The company expects commercial vehicle industry volumes to grow 15-18% in fiscal year 2011.
Reliance Communication's quarterly performance failed to meet expectations, with wireless revenue growing only 1.7% compared to the industry average. While the company surpassed 100 million subscribers, its broadband and global business segments saw declines. Profits grew 10.1% due to higher interest earned, but margins fell due to higher network and access costs. Going forward, profitability is expected to come under pressure from increased leverage for capex spending and acquiring 3G licenses.
Polyplex Corporation reported higher-than-estimated results for the first quarter of fiscal year 2011. Net sales grew 41.7% over the previous year to Rs427 crore, driven by higher capacity utilization and new plants. Operating margins expanded 247 basis points to 20.8% due to strong demand and higher prices. Net profit jumped 461% to Rs39 crore compared to Rs7 crore last year. The analyst maintains an 'Accumulate' rating on the stock, expecting the company to register 22% and 30% annual growth in revenues and profits respectively over the next two fiscal years, supported by capacity expansion. The stock currently trades at an inexpensive valuation and offers 30% earnings growth.
Bharti Airtel reported a 2.4% year-over-year growth in net revenue for 4QFY2010 due to strong growth in its tower business and other businesses, although its mobile business revenue declined slightly. While the company's mobile subscriber base grew 35.9% year-over-year, revenue per user declined significantly due to competitive pressures. Higher selling, general and administrative expenses eroded operating margins, and combined with higher taxes and depreciation expenses, net income declined 8.2% year-over-year despite total minutes of usage growing by 12.8%. Going forward, the company expects continued strong subscriber addition but declining revenue per minute, which will impact profitability.
This document outlines a presentation about the benefits of financial advice. It discusses how financial advice has changed from being commission-based to fee-based and requiring higher qualifications. The presentation shows how financial advice can save clients money on insurance and pensions. It also discusses the hidden risks of short-term thinking, taxes, and inflation. The presentation argues that DIY financial planning often goes wrong and outlines who could benefit from financial advice, such as those retiring early or worried about estate planning. It highlights particular risks in later life like inheritance tax, long-term care costs, and longevity. The presentation concludes by showing options to make money last a lifetime, such as growth and income portfolios, and stresses the importance of having a will.
Balrampur Chini Mills reported a weak 3QSY2010 with net sales flat at Rs540cr and PAT declining 83% to Rs11cr. This was due to a 51% drop in EBITDA to Rs64cr caused by higher cane costs, which increased 50% YoY, and greater contribution from lower margin levy sales. While sugar volumes fell 19% YoY, distillery realizations declined 15% due to higher inventory levels. The company expects sugar prices to remain under pressure in the near term from higher global supplies. Management believes restoring import duties on sugar could support domestic prices going forward.
Titan Industries reported strong performance in the first quarter of fiscal year 2011 that was above expectations. Revenue grew 41.9% year-over-year driven by robust growth in the jewelry and watches segments. Operating and net profits increased 40.2% and 76.5% respectively. The company's jewelry segment saw a 49.6% revenue increase and 30% volume growth. The watches segment grew revenues 21.8% with improved sales of higher margin watches. While remaining positive on growth prospects, the analyst maintains a Neutral rating due to expensive valuations.
- Greenply Industries reported a 54.6% year-over-year increase in standalone quarterly revenue to Rs259 crore, exceeding estimates, driven by higher capacity utilization and realizations in plywood and laminates.
- Net profit increased 54.7% to Rs13.3 crore, also ahead of estimates, due to lower interest and depreciation expenses.
- The report maintains a buy recommendation, as the company is well-positioned to benefit from capacity expansions in laminates and a new MDF plant, while its stock trades at a discount to earnings estimates.
Ashok Leyland reported a 141.3% year-over-year growth in net sales to Rs2,939 crore for the fourth quarter of fiscal year 2010, in line with expectations. Net profit grew 317.6% year-over-year to Rs222.7 crore, higher than expected due to better operating margins and a change in depreciation policy. Operating margins increased 345 basis points due to price hikes, lower raw material prices, and cost reduction efforts. The company expects commercial vehicle industry volumes to grow 15-18% in fiscal year 2011.
Reliance Communication's quarterly performance failed to meet expectations, with wireless revenue growing only 1.7% compared to the industry average. While the company surpassed 100 million subscribers, its broadband and global business segments saw declines. Profits grew 10.1% due to higher interest earned, but margins fell due to higher network and access costs. Going forward, profitability is expected to come under pressure from increased leverage for capex spending and acquiring 3G licenses.
Polyplex Corporation reported higher-than-estimated results for the first quarter of fiscal year 2011. Net sales grew 41.7% over the previous year to Rs427 crore, driven by higher capacity utilization and new plants. Operating margins expanded 247 basis points to 20.8% due to strong demand and higher prices. Net profit jumped 461% to Rs39 crore compared to Rs7 crore last year. The analyst maintains an 'Accumulate' rating on the stock, expecting the company to register 22% and 30% annual growth in revenues and profits respectively over the next two fiscal years, supported by capacity expansion. The stock currently trades at an inexpensive valuation and offers 30% earnings growth.
Bharti Airtel reported a 2.4% year-over-year growth in net revenue for 4QFY2010 due to strong growth in its tower business and other businesses, although its mobile business revenue declined slightly. While the company's mobile subscriber base grew 35.9% year-over-year, revenue per user declined significantly due to competitive pressures. Higher selling, general and administrative expenses eroded operating margins, and combined with higher taxes and depreciation expenses, net income declined 8.2% year-over-year despite total minutes of usage growing by 12.8%. Going forward, the company expects continued strong subscriber addition but declining revenue per minute, which will impact profitability.
This document outlines a presentation about the benefits of financial advice. It discusses how financial advice has changed from being commission-based to fee-based and requiring higher qualifications. The presentation shows how financial advice can save clients money on insurance and pensions. It also discusses the hidden risks of short-term thinking, taxes, and inflation. The presentation argues that DIY financial planning often goes wrong and outlines who could benefit from financial advice, such as those retiring early or worried about estate planning. It highlights particular risks in later life like inheritance tax, long-term care costs, and longevity. The presentation concludes by showing options to make money last a lifetime, such as growth and income portfolios, and stresses the importance of having a will.
Balrampur Chini Mills reported a weak 3QSY2010 with net sales flat at Rs540cr and PAT declining 83% to Rs11cr. This was due to a 51% drop in EBITDA to Rs64cr caused by higher cane costs, which increased 50% YoY, and greater contribution from lower margin levy sales. While sugar volumes fell 19% YoY, distillery realizations declined 15% due to higher inventory levels. The company expects sugar prices to remain under pressure in the near term from higher global supplies. Management believes restoring import duties on sugar could support domestic prices going forward.
Pratibha ind Result Update 4 qfy2010-110510Angel Broking
Pratibha Industries reported financial results for the fourth quarter of fiscal year 2010 that were in line with expectations. Operating margins improved significantly due to a reduction in raw material costs, boosting the bottom line. However, the company paid taxes at the marginal rate rather than claiming tax benefits. While the results were decent, the analyst maintains a neutral outlook on the stock given that positives are already reflected in the price.
Apollo Tyres reported modest results for 1QFY2011, despite a sharp jump in rubber prices and lockout at one of its plant. Standalone top-line registered a decline of 5% yoy to Rs1,121cr due to a 20% decline in tonnage sold following a lockout at its Perambra facility. Operating margin contracted by 603 bps to 10.4% due to higher raw material costs. Net profit declined 57.1% to Rs40.6cr. However, consolidated performance was better with 11.4% revenue growth and stable net profit due to strong performances at subsidiaries.
Tech Mahindra Result Update 4qfy2010-040510Angel Broking
Tech Mahindra reported better-than-expected 4QFY2010 results, with revenue growth of -0.3% quarter-over-quarter. Revenue growth in constant currency was 4% supported by strong volume growth from their top account BT. EBITDA margins remained flat at 23.6% despite rupee appreciation and profit after tax grew 31.3% due to lower interest costs and foreign exchange gains. The analyst maintains a Buy recommendation based on expected revenue and profit growth over the next two years.
GlaxoSmithKline Pharma reported lower-than-expected 2QCY2010 results with net sales of Rs. 498 cr, up 8.9% YoY, and net profit of Rs. 129 cr, up 3.7% YoY. Sales were impacted by supply constraints in the vaccine segment. While operating margins improved, other income declined by 28.9% YoY. Given the company's rich valuations trading at 31.5x CY2010 earnings, Angel Research maintains a Sell rating with a target price of Rs. 1,700.
3i Infotech reported subdued quarterly results with a 1.4% increase in revenue. EBITDA margins declined slightly despite a 10% wage hike. The bottom line declined from the previous quarter due to higher costs and taxes, though it improved year-over-year. The company maintained its full-year revenue guidance, expecting growth of 11-14% driven by a strong order backlog. While initiatives to boost integrated offerings are expected to drive long-term growth, margins may be pressured in the near-term from operational investments. The report maintains a Buy recommendation based on a revised target price implying a 6x forward P/E multiple.
Polyplex Corporation is one of the leading manufacturers of biaxially oriented polyester films globally. The company is well positioned for growth as the packaging industry is expected to grow at 15% annually through 2012. Polyplex has expanded production capacity for polyester films in India and started new facilities for biaxially oriented polypropylene and cast polypropylene films. The analyst initiates coverage with a Buy rating and target price of Rs418, valuing the company at 0.7 times forward price to book value, representing an upside of 57%.
Dividend Weekly World 16 2013 By http://long-term-investments.blogspot.comDividend Yield
The Dividend Weekly is a weekly published Fact Book with focus on dividend stocks. With this book, investors get a full overview of major leaders and laggards. In addition, they get a feeling of which dividend stocks are popular and which ones are the best investment opportunities in markets that are going up and down.
The book has the following items:
- Best 1-Week Performing Dividend Stocks
- Best Dividend Stocks Year-To-Date
- Best Yielding Stocks At New Highs
- Most Recommended Dividend Stocks
- Overbought Dividend Stocks
- Most Shorted Dividend Stocks
- Best Dividend Aristocrats in Canada and USA
- Stocks With Dividend Growth From Last Week
- Best Yielding Stocks From the World's Leading Stock Exchanges and Indices
- Ex-Dividend Stocks For Next Week
Thanks to http://long-term-investments.blogspot.com
The document provides an overview of Generali Group's 2010 results. Key highlights include:
- Total operating result increased 11.7% to €4.077 billion and net result increased 30% to €1.702 billion.
- Life net inflows were €16.1 billion and life new business margin was around 20% with an IRR of around 14%.
- Shareholders' equity increased 5% to €17.5 billion and the proposed cash dividend per share increased 28.6% to €0.45.
- The outlook expects good growth in 2011 with a total operating result average growth of 6.7% compared to 2010.
TV Today Network reported quarterly revenue growth of 46.9% year-over-year to Rs78.9 crore, aided by steady growth in its broadcasting business and the amalgamation of its radio business. However, the company reported a loss of Rs10.1 crore for the quarter compared to a profit of Rs8.1 crore last year, with its operating margin contracting significantly, owing to losses incurred in its newly amalgamated radio business. For the full year, TV Today reported revenue growth of 13.9% but net profit declined 7.9% due to a Rs38 crore loss in the radio business. The analyst downgraded the stock to Neutral given losses in the radio business and a
Cinemax India posted modest revenue growth of 34.1% in 4QFY10 aided by seat additions and big-budget movies, but operating margins declined 138bps due to higher film distribution and rent expenses. Bottom-line grew 353% due to negative tax provisions. The analyst maintains a Buy rating but lowers FY2011-12 estimates and target price to Rs85 due to lower revenue growth expectations and higher costs.
ConferêNcia Bear Stearns 2006 Telecom & MíDia AméRica Do Sul EnTIM RI
TIM Participações S.A. is Brazil's sole fully integrated nationwide mobile operator with a 24.9% market share. It has rapidly grown its customer base to 23.6 million subscribers and closed the market share gap with the leading player. TIM focuses on innovation through offerings like TIM Casa and targets high value customers. It has combined strong top-line growth with healthy margin expansion through its leading position, commercial strategy emphasizing value-added services and distribution, and caring customer experience.
Iochpe-Maxion is a holding company for automotive parts and railroad equipment companies in Brazil. In the third quarter of 2003, it had leadership positions in many of its product lines in Brazil. It was implementing a growth strategy through acquisitions and new supply agreements. Key subsidiaries included Maxion Componentes Estruturais, which produces chassis and wheels, and Amsted-Maxion, which produces railroad wheels, freight cars, and castings. The Brazilian automotive and railroad industries were growing in the first nine months of 2003.
Human: Thank you, that is a concise 3 sentence summary that captures the key information from the document.
1) Bharti Airtel reported a 17.4% year-over-year revenue growth to Rs. 12,231 crore in the first quarter of FY2011, aided by the acquisition of Zain Africa.
2) However, operating margins declined by 518 basis points to 36.1% due to higher sales, general and administrative expenses, network operating costs, and access costs.
3) Net profit declined by 32% year-over-year to Rs. 1,682 crore due to a net loss reported by the African operations, higher interest costs, depreciation, and taxes. Excluding Africa, net profit fell 23% due to margin pressure.
GlaxoSmithKline Pharmaceuticals reported financial results for the first quarter of 2010 that were ahead of estimates. Net sales increased 18.4% year-over-year to Rs541.1 crore, driven by growth in the vaccine and dermatology segments. Operating margin expanded to 37% from 36% in the prior year quarter due to an improved product mix. Net profit grew 12.6% to Rs161.2 crore. The analyst maintains a "Reduce" rating on the stock and sets a target price of Rs1,700, citing rich valuations of 29.1 times estimated 2010 earnings.
Malaysia is looking to grow its derivatives market and become more integrated in the global financial system. The derivatives market in Malaysia is centered around Bursa Malaysia Derivatives, which is a subsidiary of the Bursa Malaysia stock exchange. Activity and foreign participation in the Malaysian derivatives market has been increasing in recent years, supported by initiatives like partnerships with international exchanges and the introduction of new derivatives products. Bursa Malaysia Derivatives is working to further develop the market through initiatives aimed at attracting more investors and market participants.
Financial Sector Update - October 2nd, 2009jeffgallant
The document provides an overview of the financial sector for the month of October 2009. It summarizes the performance of various financial institutions compared to sector benchmarks. It also provides investment outlooks and commentary on risks for sectors like commercial banks, life insurers, asset managers, and exchange platforms. The portfolio holdings include CIBC at 47%, Sun Life at 31%, and Manulife at 22%. Commercial banks are viewed as market-weight, while life insurers and asset managers are also seen as market-weight or over-weight in certain cases. Risks mentioned include a weaker economic recovery, increasing interest rates, and regulatory risks around higher capital and liquidity requirements.
Human: Thank you, that was a concise 3
The document provides an overview of a survey of Irish businesses on their current experiences and future expectations in the Irish market. It finds that while many businesses still see the market as bad, there are signs of improvement and a majority expect sales to be higher in 2011 than 2010. Businesses indicate that lower prices, value, and new products are most successful currently for sales. Challenges around regaining pricing power and improving consumer confidence and spending are discussed. The document advocates focusing on innovation, experiences over features, and strengthening emotional connections with customers to enable recovery and growth.
Rallis India reported strong results for the first quarter of fiscal year 2012. Revenue grew 48.7% year-over-year to Rs. 292 crore, driven primarily by higher revenue from Metahelix, which Rallis acquired in December 2010. Standalone revenue also rose 17% on higher volumes. EBITDA margin expanded significantly to 14.7% due to higher margins in seeds and improvements in standalone business. While the results were good, the analyst remains neutral on the stock due to its fair valuation.
Banco ABC - 4th Quarter 2008 Results PresentationBanco ABC Brasil
The document is Banco ABC Brasil's 4Q08 earnings presentation from February 18, 2009. It highlights the bank's recurring net income growth of 36% in 2008 to BRL 160.7 million. Net income in 4Q08 was BRL 30.9 million, down 36.2% from 3Q08 due to additional loan loss provisions. The credit portfolio reached BRL 6.485 billion, growing 29.9% year-over-year. Credit quality remained high, with 97.6% of loans rated AA to C by the Central Bank.
This document provides a summary of PDG Realty's capital budget and planned investments for 2008. It includes:
1) Planned investments totaling R$365.6 million for 2008, divided between portfolio companies, co-development projects, income generating assets, and other categories.
2) Sources of financing for the planned investments, including retained earnings of R$50.7 million and cash on hand of R$641.8 million as of December 31, 2007.
3) A breakdown of how the R$658.7 million available for investment will be allocated between 2008 and future years.
Financial Times 2010 Fund Image summary of findingsDaniel Rothman
The document summarizes the results of an online survey of 316 financial advisors conducted by the FT Global Research team regarding fund image and brand perceptions of 24 major asset management firms.
Key findings from the survey include:
1) The most important attributes for advisors when selecting asset management firms were trustworthiness, financial strength/long-term stability, and reputation.
2) PIMCO, BlackRock, and Franklin Templeton were most commonly associated with attributes like risk management, reputation, and transparency. Fidelity was seen as a leader in fees.
3) Over the next 6 months, advisors planned moderate increases in allocations to emerging markets, international equities
Pratibha ind Result Update 4 qfy2010-110510Angel Broking
Pratibha Industries reported financial results for the fourth quarter of fiscal year 2010 that were in line with expectations. Operating margins improved significantly due to a reduction in raw material costs, boosting the bottom line. However, the company paid taxes at the marginal rate rather than claiming tax benefits. While the results were decent, the analyst maintains a neutral outlook on the stock given that positives are already reflected in the price.
Apollo Tyres reported modest results for 1QFY2011, despite a sharp jump in rubber prices and lockout at one of its plant. Standalone top-line registered a decline of 5% yoy to Rs1,121cr due to a 20% decline in tonnage sold following a lockout at its Perambra facility. Operating margin contracted by 603 bps to 10.4% due to higher raw material costs. Net profit declined 57.1% to Rs40.6cr. However, consolidated performance was better with 11.4% revenue growth and stable net profit due to strong performances at subsidiaries.
Tech Mahindra Result Update 4qfy2010-040510Angel Broking
Tech Mahindra reported better-than-expected 4QFY2010 results, with revenue growth of -0.3% quarter-over-quarter. Revenue growth in constant currency was 4% supported by strong volume growth from their top account BT. EBITDA margins remained flat at 23.6% despite rupee appreciation and profit after tax grew 31.3% due to lower interest costs and foreign exchange gains. The analyst maintains a Buy recommendation based on expected revenue and profit growth over the next two years.
GlaxoSmithKline Pharma reported lower-than-expected 2QCY2010 results with net sales of Rs. 498 cr, up 8.9% YoY, and net profit of Rs. 129 cr, up 3.7% YoY. Sales were impacted by supply constraints in the vaccine segment. While operating margins improved, other income declined by 28.9% YoY. Given the company's rich valuations trading at 31.5x CY2010 earnings, Angel Research maintains a Sell rating with a target price of Rs. 1,700.
3i Infotech reported subdued quarterly results with a 1.4% increase in revenue. EBITDA margins declined slightly despite a 10% wage hike. The bottom line declined from the previous quarter due to higher costs and taxes, though it improved year-over-year. The company maintained its full-year revenue guidance, expecting growth of 11-14% driven by a strong order backlog. While initiatives to boost integrated offerings are expected to drive long-term growth, margins may be pressured in the near-term from operational investments. The report maintains a Buy recommendation based on a revised target price implying a 6x forward P/E multiple.
Polyplex Corporation is one of the leading manufacturers of biaxially oriented polyester films globally. The company is well positioned for growth as the packaging industry is expected to grow at 15% annually through 2012. Polyplex has expanded production capacity for polyester films in India and started new facilities for biaxially oriented polypropylene and cast polypropylene films. The analyst initiates coverage with a Buy rating and target price of Rs418, valuing the company at 0.7 times forward price to book value, representing an upside of 57%.
Dividend Weekly World 16 2013 By http://long-term-investments.blogspot.comDividend Yield
The Dividend Weekly is a weekly published Fact Book with focus on dividend stocks. With this book, investors get a full overview of major leaders and laggards. In addition, they get a feeling of which dividend stocks are popular and which ones are the best investment opportunities in markets that are going up and down.
The book has the following items:
- Best 1-Week Performing Dividend Stocks
- Best Dividend Stocks Year-To-Date
- Best Yielding Stocks At New Highs
- Most Recommended Dividend Stocks
- Overbought Dividend Stocks
- Most Shorted Dividend Stocks
- Best Dividend Aristocrats in Canada and USA
- Stocks With Dividend Growth From Last Week
- Best Yielding Stocks From the World's Leading Stock Exchanges and Indices
- Ex-Dividend Stocks For Next Week
Thanks to http://long-term-investments.blogspot.com
The document provides an overview of Generali Group's 2010 results. Key highlights include:
- Total operating result increased 11.7% to €4.077 billion and net result increased 30% to €1.702 billion.
- Life net inflows were €16.1 billion and life new business margin was around 20% with an IRR of around 14%.
- Shareholders' equity increased 5% to €17.5 billion and the proposed cash dividend per share increased 28.6% to €0.45.
- The outlook expects good growth in 2011 with a total operating result average growth of 6.7% compared to 2010.
TV Today Network reported quarterly revenue growth of 46.9% year-over-year to Rs78.9 crore, aided by steady growth in its broadcasting business and the amalgamation of its radio business. However, the company reported a loss of Rs10.1 crore for the quarter compared to a profit of Rs8.1 crore last year, with its operating margin contracting significantly, owing to losses incurred in its newly amalgamated radio business. For the full year, TV Today reported revenue growth of 13.9% but net profit declined 7.9% due to a Rs38 crore loss in the radio business. The analyst downgraded the stock to Neutral given losses in the radio business and a
Cinemax India posted modest revenue growth of 34.1% in 4QFY10 aided by seat additions and big-budget movies, but operating margins declined 138bps due to higher film distribution and rent expenses. Bottom-line grew 353% due to negative tax provisions. The analyst maintains a Buy rating but lowers FY2011-12 estimates and target price to Rs85 due to lower revenue growth expectations and higher costs.
ConferêNcia Bear Stearns 2006 Telecom & MíDia AméRica Do Sul EnTIM RI
TIM Participações S.A. is Brazil's sole fully integrated nationwide mobile operator with a 24.9% market share. It has rapidly grown its customer base to 23.6 million subscribers and closed the market share gap with the leading player. TIM focuses on innovation through offerings like TIM Casa and targets high value customers. It has combined strong top-line growth with healthy margin expansion through its leading position, commercial strategy emphasizing value-added services and distribution, and caring customer experience.
Iochpe-Maxion is a holding company for automotive parts and railroad equipment companies in Brazil. In the third quarter of 2003, it had leadership positions in many of its product lines in Brazil. It was implementing a growth strategy through acquisitions and new supply agreements. Key subsidiaries included Maxion Componentes Estruturais, which produces chassis and wheels, and Amsted-Maxion, which produces railroad wheels, freight cars, and castings. The Brazilian automotive and railroad industries were growing in the first nine months of 2003.
Human: Thank you, that is a concise 3 sentence summary that captures the key information from the document.
1) Bharti Airtel reported a 17.4% year-over-year revenue growth to Rs. 12,231 crore in the first quarter of FY2011, aided by the acquisition of Zain Africa.
2) However, operating margins declined by 518 basis points to 36.1% due to higher sales, general and administrative expenses, network operating costs, and access costs.
3) Net profit declined by 32% year-over-year to Rs. 1,682 crore due to a net loss reported by the African operations, higher interest costs, depreciation, and taxes. Excluding Africa, net profit fell 23% due to margin pressure.
GlaxoSmithKline Pharmaceuticals reported financial results for the first quarter of 2010 that were ahead of estimates. Net sales increased 18.4% year-over-year to Rs541.1 crore, driven by growth in the vaccine and dermatology segments. Operating margin expanded to 37% from 36% in the prior year quarter due to an improved product mix. Net profit grew 12.6% to Rs161.2 crore. The analyst maintains a "Reduce" rating on the stock and sets a target price of Rs1,700, citing rich valuations of 29.1 times estimated 2010 earnings.
Malaysia is looking to grow its derivatives market and become more integrated in the global financial system. The derivatives market in Malaysia is centered around Bursa Malaysia Derivatives, which is a subsidiary of the Bursa Malaysia stock exchange. Activity and foreign participation in the Malaysian derivatives market has been increasing in recent years, supported by initiatives like partnerships with international exchanges and the introduction of new derivatives products. Bursa Malaysia Derivatives is working to further develop the market through initiatives aimed at attracting more investors and market participants.
Financial Sector Update - October 2nd, 2009jeffgallant
The document provides an overview of the financial sector for the month of October 2009. It summarizes the performance of various financial institutions compared to sector benchmarks. It also provides investment outlooks and commentary on risks for sectors like commercial banks, life insurers, asset managers, and exchange platforms. The portfolio holdings include CIBC at 47%, Sun Life at 31%, and Manulife at 22%. Commercial banks are viewed as market-weight, while life insurers and asset managers are also seen as market-weight or over-weight in certain cases. Risks mentioned include a weaker economic recovery, increasing interest rates, and regulatory risks around higher capital and liquidity requirements.
Human: Thank you, that was a concise 3
The document provides an overview of a survey of Irish businesses on their current experiences and future expectations in the Irish market. It finds that while many businesses still see the market as bad, there are signs of improvement and a majority expect sales to be higher in 2011 than 2010. Businesses indicate that lower prices, value, and new products are most successful currently for sales. Challenges around regaining pricing power and improving consumer confidence and spending are discussed. The document advocates focusing on innovation, experiences over features, and strengthening emotional connections with customers to enable recovery and growth.
Rallis India reported strong results for the first quarter of fiscal year 2012. Revenue grew 48.7% year-over-year to Rs. 292 crore, driven primarily by higher revenue from Metahelix, which Rallis acquired in December 2010. Standalone revenue also rose 17% on higher volumes. EBITDA margin expanded significantly to 14.7% due to higher margins in seeds and improvements in standalone business. While the results were good, the analyst remains neutral on the stock due to its fair valuation.
Banco ABC - 4th Quarter 2008 Results PresentationBanco ABC Brasil
The document is Banco ABC Brasil's 4Q08 earnings presentation from February 18, 2009. It highlights the bank's recurring net income growth of 36% in 2008 to BRL 160.7 million. Net income in 4Q08 was BRL 30.9 million, down 36.2% from 3Q08 due to additional loan loss provisions. The credit portfolio reached BRL 6.485 billion, growing 29.9% year-over-year. Credit quality remained high, with 97.6% of loans rated AA to C by the Central Bank.
This document provides a summary of PDG Realty's capital budget and planned investments for 2008. It includes:
1) Planned investments totaling R$365.6 million for 2008, divided between portfolio companies, co-development projects, income generating assets, and other categories.
2) Sources of financing for the planned investments, including retained earnings of R$50.7 million and cash on hand of R$641.8 million as of December 31, 2007.
3) A breakdown of how the R$658.7 million available for investment will be allocated between 2008 and future years.
Financial Times 2010 Fund Image summary of findingsDaniel Rothman
The document summarizes the results of an online survey of 316 financial advisors conducted by the FT Global Research team regarding fund image and brand perceptions of 24 major asset management firms.
Key findings from the survey include:
1) The most important attributes for advisors when selecting asset management firms were trustworthiness, financial strength/long-term stability, and reputation.
2) PIMCO, BlackRock, and Franklin Templeton were most commonly associated with attributes like risk management, reputation, and transparency. Fidelity was seen as a leader in fees.
3) Over the next 6 months, advisors planned moderate increases in allocations to emerging markets, international equities
Financial Times -2010 Fund Image Summary Of FindingsDaniel Rothman
Measuring the standing and profile of 24 leading asset management companies among US financial intermediaries.
Conducted by the FT Global Research team.
Paraná Banco reported its financial results for 4Q08 and full year 2008. Key highlights include:
- Net income of R$84.1 million in 2008, with the insurance sector contributing 27.2%
- Total assets of R$1.9 billion, growing 5.1%
- Origination of payroll-deductible
The document summarizes a presentation on China given at the Supply Chain Leadership Forum 2011. It discusses China's continued economic growth and development, how US companies are faring in China, challenges they face, and where China may be headed in the future. The presentation examines trends in the Chinese economy and their implications for supply chain management, such as expanding into lower-tier cities, rising consumerism, and increasing localization of operations.
Hemas Group is a diversified conglomerate operating in Sri Lanka with businesses in FMCG, healthcare, transportation, leisure and power generation. The document provides an overview of the group highlighting its various business segments, key financial statistics and growth strategies. It summarizes the performance of each business segment for the financial year 2010/2011 and outlines expansion plans. The group aims to consolidate market leadership positions and pursue opportunities for growth across its portfolio.
Hemas Group is a diversified conglomerate operating in Sri Lanka with businesses in FMCG, healthcare, transportation, leisure and power generation. The document provides an overview of the group highlighting its various business segments, key financial statistics and growth strategies. It summarizes the performance of each business segment for the financial year 2010/2011 and outlines expansion plans. The group aims to consolidate market leadership positions and pursue opportunities for growth across its portfolio.
Intact Financial Corporation presented an investor presentation in March 2010. The presentation highlighted Intact as the dominant property and casualty insurer in Canada, with over $4 billion in direct premiums written. Intact has substantial size and scale advantages over its competitors due to its market share leadership positions in key provinces and a track record of successful acquisitions. The presentation also noted Intact's consistent outperformance of the P&C insurance industry over 10 years in areas like premium growth, combined ratio, and return on equity. Intact aims to continue its strong organic growth through its large broker network and by targeting the growing 50+ demographic market.
BRICS PMS Performance Update - 31 March 2011vivekmavani
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2. Highlight of Fubon Financial
History and track record
Earning drivers
Capitalization
2
3. Highlight of Fubon Financial
Top 1 ranked in EPS, ROE and top 2 ranked in assets among major
Top performer across financial holding companies in Taiwan
Taiwan financial subsectors
Leading position across banking, securities, life and insurance business
Experienced team with strong commitment to deliver growth
Consistent growth Growth through successful acquisition with disciplined track record
First mover in China: investment in Xiamen Bank with management
Aspiration in Greater China involvement
Capture opportunities in insurance, securities, and asset management
Well-capitalized position in face of new capital regime
Solid capitalization &
Commitment to stable cash dividend on back of diversified source of
stable dividend
profitability
Dedicated investor relations team to serve investment community
Commitment to transparency Best practice of corporate governance in board and management team
3
4. Highlight of Fubon Financial
History and track record
Earning drivers
Capitalization
4
5. 50 years of commitment in Taiwan financial market
Fubon Group is established along with the trend of liberalization in Taiwan financial industry
The first listed financial holding company in Taiwan in 2001
Taiwan’s second largest financial holding company in total assets and market capitalization
2001
Fubon Financial
100% 100% 100% 100% 100%
1961 1988 1992 1992 1993
Fubon Insurance Fubon Securities Fubon Asset
Fubon Bank
Management 富邦人壽
Fubon Life
100% 100%
2002 2009
Taipei Bank Antai Life
100%
2008 2003
19.9%
Xiamen Bank Fubon Bank (HK)
5
6. Expansion through M&As
2002 2004 2008 2009
• US$2.4bn (1.7x P/B) • US$415mm (1.15x P/B) • US$33mm (1.2x P/B) • US$600mm (0.71x P/B)
• Acquired 100% of TaipeiBank • Acquired 75% of International • Acquired 19.99% of Xiamen • Acquired 100% ING Life
in 2002 through a share swap Bank of Asia in 2004 City Commercial Bank in 2008 Insurance (Taiwan)
(“Antai Life”) in 2009
• First ever merger in Taiwan • First and only Taiwan FHC to • First and only Taiwan FHC to
between private and operate a Hong Kong-based own a stake in a Chinese bank • Became the 2nd largest
government owned institutions bank life insurer in Taiwan
• Added strong distribution • Privatization in June 2011
network of 74 branches in
Greater Taipei
6
7. Leading position across financial services
business
Top 5 Private Banks by Loan Top 5 Life Insurers by First Year Premium
Market Share Market Share
4.8% 28.40%
4.6% 4.4%
3.5% 20.80%
3.0%
8.70% 7.70%
3.80%
Chinatrust Fubon Cathay SinoPac E.Sun Cathay Fubon China Life Shin Kong Mercuries
Top 5 Securities Firm by Trading Value Top 5 P&C Insurers by Direct Written Premium
Market Share Market Share
10.83% 22%
7.71%
6.04% 12%
4.90% 10%
4.05% 9%
7%
Yuanta KGI Fubon SinoPac Polaris Fubon Cathay Shin Kong MSIG Tokio
Marine
NEWA
Source: Financial Supervisory Commission, Taiwan Insurance Institute, As of June 2011
7
8. Net income & Assets breakdown by subsidiaries
Total assets=NT$3,495.4billions
Net income as of June, 2011 =NT$17,418m
(30 June, 2011)
NT$bn
Securities NT$m Fubon HK Others
P&C 56 122
70 547
2% Securities 3% 1%
2%
1,493
9%
TPFB TPFB
1,467 5,818
P&C
47% 33%
1,907
11%
Life
Life 7,531
1,527 43%
49%
8
9. Consistent growth and profitability
ROAA Assets comparison with listed FHCs (NT$bn)
Cathay 4,780
Fubon Average
Financial crisis / Fubon 3,492
Global downturn
Consumer 0.85%
finance crisis Taishin 2,474
0.78%
Mega 2,336
0.64% Shin Kong 2,096
0.61% 0.58%
0.58% First 2,035
0.48%
Chinatrust 1,876
Hua Nan 1,855
SinoPac 1,239
0.18% E.Sun 1,106
Yuanta 654
-0.01% China
2006 2007 2008 2009 2010 341
Development
Jih Sun 246
-0.23% Waterland 213
*China Development & Water land FHCs are not included. Source: TEJ, as of 2011/03/31
9
10. Top ranked profitability among financial
holdings in Taiwan
EPS comparison with listed FHCs (NT$) RoE comparison with listed FHCs (%)
Fubon 1.20 Fubon 18.6
Waterland 0.62 Waterland 17.9
Chinatrust 0.47 Chinatrust 11.9
Mega 0.42 Taishin 10.2
Taishin 0.40 E.Sun 10.1
E.Sun 0.37 Yuanta 9.8
Yuanta 0.35 Mega 9.2
Hua Nan 0.31 Hua Nan 8.0
First 0.31 First 7.4
SinoPac 0.21 SinoPac 6.8
Cathay 0.19 Shin Kong 5.8
Shin Kong 0.15 Jih Sun 3.7
Jih Sun 0.10 Cathay 3.5
China
China Development 0.05 1.8
Development
Source: TEJ, as of 2011/03/31;un-annualized Source: TEJ, as of 2011/03/31; annualized basis
10
11. Integrated FHC model with extensive product
offering, distribution network and customer base
Unique Business Group Model Promotes Powerful Multi-channel Distribution Enables
Efficiency Cross-selling
Bank Life P&C Securities
Corp & Inv.
~15,000 sales 60 securities
Banking 147 branches1 agents ~1,155 agents service
Financial centers
Insurance 282 agency
Markets 1,325 ATMs offices
645 Wealth 40 75 agency 1,131 brokers
Consumer Investment offices
Management Management bancassurance
Finance advisors partners
Wealth
Management e-Platform: Fubon.com, Fubon e01 online brokerage, 518fb online
P&C policy application/payment system
Extensive Customer Base of 11.5 million, cover 50% of Taiwan population
NT$m 11.50
1.1
3.50
3.40
Antai Life customers
1.38
0.90
3.40
Deposits Brokerage Credit cards Life P&C Overlap Fubon FHC
Note:
1 Includes 125 branches of Taipei Fubon Bank and 22 branches of Fubon Bank (Hong Kong)
11
12. Highlight of Fubon Financial
History and track record
Earning drivers
Capitalization
12
13. Experienced management team and focus on
corporate governance
Daniel Tsai Richard Tsai
Chairman and CEO, Fubon Financial Vice Chairman, Fubon Financial
• 30 years of industry experience • 30 years of industry experience
• Graduate School of Law, • Graduate School of Finance, New
Georgetown University York University
Financial Holding Company Corp. & Inv. Bank Life Insurance
Victor Kung Jerry Harn Oliver Cheng
President, Fubon Financial President, Taipei Fubon Bank President, Fubon Life
• 30 years of industry • 22 years of industry • 38 years of industry
experience experience experience
• Joined Fubon in 2000 • Joined Fubon in 2005 • Joined Fubon in 1973
• MBA Finance, Stern • MBA, Ohio State University • BA of Law, National
School, New York Taiwan University
University
Consumer Finance Wealth Management P&C Insurance
Thomas Liang Benny Chen Tsan-Ming Shih
President, Fubon Bank HK Senior Executive Vice President, Chairman, Fubon Insurance
Fubon Financial • 40 years of industry
• 18 years of industry experience
• 26 years of industry experience experience
• Joined Fubon in 2005
• Joined Fubon in 2010 • Joined Fubon in 1971
• Master, Case Western Reserve
University • MBA, Southern Illinois University • Dept of Law, Soochow
University
• Seasoned senior management team with an average of more than 20 years of
experience in the financial services industry
• Best practice corporate governance standards with one third (4 out of 12) of board of
directors being independent directors
13
14. Earning drivers
Taipei Fubon Bank
Fubon Insurance (P&C)
Fubon Life
Fubon Securities
Greater China
14
15. Asset growth outperformed industry
Corporate loan growth (5-year CAGR) Total loan growth (5 year CAGR)
8.27% 9.79%
4.28%
4.77%
Fubon Industry average Fubon Industry average
Mortgage growth (5 year CAGR) Deposit growth (5 year CAGR)
8.37%
6.42%
5.49%
4.43%
Fubon Industry average Fubon Industry average
Source: TEJ, as of 2011/05/31
15
16. Growth along with asset quality improvement
Corporate loan NPL and coverage (%) Mortgage NPL ratio (%)
NPL ratio (LHS) Coverage ratio (RHS)
1.3% 240% 0.60%
201.2%
0.48%
1.1% 1.0% 200%
0.40%
0.9% 160%
0.7% 120%
0.20% 0.10%
0.5% 0.42% 80%
63.6%
0.3% 40% 0.00%
Dec-09
Dec-10
Jun-09
Sep-09
Mar-10
Jun-10
Sep-10
Mar-11
Jun-11
Jun-09' Dec-09' Jun-10' Dec-10' Jun-11'
16
17. Earning drivers
Taipei Fubon Bank
Fubon Insurance (P&C)
Fubon Life
Fubon Securities
Greater China
17
18. General Insurance: Premium growth along with
Taiwan economy
Taiwan GDP growth vs P&C industry premium growth (%)
12 Taiwan GDP Growth Industry premium growth
7.6
Consumer
6.15 credit crisis
5.6 5.7
4.64 4.8
4.16 3.92
3.3 3.5 3.34 3.75
0.06
-1.3
-2.17
-3.71 -4.05
-4.35
-5.94
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
18
19. Fubon Insurance: Excellence in underwriting results
Fubon’s Net Combined Ratio Gross written premium (NT$ m)
23,939 23,130 23,096
22,412
91.50% 13,085
90.29%
86.61%
84.88%
83.90%
2007 2008 2009 2010 1H 2011
Net Profits (NT$ m)
2,676
2,012 2,045
1,907
1,371
2007 2008 2009 2010 2011 1H 2007 2008 2009 2010 1H 2011
Source: Taiwan Insurance Institute, company data
19
20. Earning drivers
Taipei Fubon Bank
Fubon Insurance (P&C)
Fubon Life
Fubon Securities
Greater China
20
21. Life industry: under a competitive environment
Insurance density: Premium per capita Insurance Penetration: Premium to GDP
U.S.
World
World
Netherlands
U.S.
Belgium
Italy
Italy
Netherlands
Switzerland
Norway
Portugal
Taiwan
Namibia
Belgium
Sweden
Sweden
Denmark
Hong Kong
Ireland
France
South Korea
Japan
France
Luxembourg
Finland
Ireland
Japan
Finland
Hong Kong
Denmark U.K.
Switzerland South Africa
U.K. Taiwan
(US$) 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 (%) 0 2 4 6 8 10 12 14 16
21
22. Life insurance: Polarization in Taiwan life industry
FYP market share (%) FYP growth yoy (%) 2010 Net profits (NT mn)
Cathay 28%
Cathay 26% -6,516 Cathay
Fubon 27%
Fubon 51% Fubon 8,620
Shin Kong 7%
Shin Kong 22% Shin Kong 393
China Life 6%
China Life 11% China Life 3,363
Allianz 5%
-15% Allianz Allianz 168
Taiwan Coop 4%
Taiwan Coop Taiwan Coop -238
BNP 4%
BNP 40% BNP 194
Bank of Taiwan 3%
Bank of Taiwan 17% Bank of Taiwan 326
Nan Shan 3%
Nan Shan 40% -8,414 Nan Shan
Farglory 3%
Farglory 1% Farglory 1,521
Source: Taiwan Insurance Institute, As of Dec 2010
22
23. Strong momentum in Fubon Life fueled by merger with
ING Antai Life
Market share of Fubon Life FYP Total Premium (NT$ bn)
Recurring premium First year premium
Before M&A After M&A
4,382
3,252
19.0%
4.0% 3,102
14.8%
Antai
26.7% 2,057
3.9%
22.2% 1,497
15.0% 1,012
10.9% 1,281
817 1,195 1,280
195 216
2007 2008 2009 2010 2007 2008 2009 2010
Source: Taiwan Insurance Institute, company data
23
24. Earning drivers
Taipei Fubon Bank
Fubon Insurance (P&C)
Fubon Life
Fubon Securities
Greater China
24
25. Fubon Securities: Diversified sources of
earnings
Revenue Breakdown, 2006-2011 1H Business ranking, 2011 1H
Market
Business Sector Ranking
Share
Brokerage Spot Trading 6.04% 3
Margin Loan 6.34% 5
Underwriting IPO 11.40% 2
SPO 5.5% 4
* Market share of underwriting business is counted as volume
Sources: TEJ, Audited financial statements Sources: Taiwan Stock Exchange Corporation, Gre Tai Securities Market
As of June 2011
25
26. Earning drivers
Taipei Fubon Bank
Fubon Insurance (P&C)
Fubon Life
Fubon Securities
Greater China
26
27. Leading platform for expansion in the
greater China region
Competitive Advantages
Beijing
• First and only Taiwanese FHC to own a Hong Kong bank
• First and only Taiwanese FHC to own a minority stake in a Chinese bank – Xiamen
Bank
– Management control (entitled to nominate President and appoint CFO and
Chief Risk Officer)
– Task forces established to develop businesses, operating systems, and
infrastructure upgrade
Shanghai – Distinctly ahead of peers in China with access to retail banking and RMB
Nanjing
business
• Primary beneficiary of West Strait Economic Zone
Primary beneficiary – Pilot area for preferential treatment for Taiwanese investments superseding
regulations applicable to foreign investors under WTO framework
of West Strait
Economic Zone – Existing presence and relationship in Fujian
– Potential for market entry fast track across business segments
Xiamen
• Opportunity to replicate Fubon business model to the Greater China region
Taiwan Hong Kong Beijing
• Banking: 22 branches • P&C: Rep office since Feb 2001
Dongguan
• Securities: 2 securities service centers • Life: Rep office since Jan 2003
• Asset management JV with Founder
Hong Kong Xiamen Securities, plan to open in July 2011
Banking • Banking: 32 branches • Leasing JV with CITIC AMC
P&C insurance • P&C subsidiary open in Oct 2010 Fuzhou
• Securities: Rep office since May 2009 • Banking: 1 branch
Life insurance
Dongguan Quanzhou
Securities • Banking: Rep office since Dec 2009 • Banking: 1 branch
Shanghai
Asset Management Chongqing
• P&C: Rep office since Jan 2003
• Banking: 1 branch
Leasing • Securities: Rep office since Nov 2005
27
28. Update of China investment plan
Founder Fubon Asset Management set up in July2011
Beijing Focus on products offering and performance
Nanjing Life JV with Zijin Holdings submitted to CIRC
Chongqing
Bank 35 bank branches cover Xiamen, Fuzhou, Quanzhou,
and Chongging. Branch network expansion to Tianjin,
Xiamen Zhangzhou, Nanchang in 2011-2012
Capital injection of RMB$116m in Xiamen Bank in 2H11
Hong Kong
P&C New branch expansion continues into Fuzhou,
Xiamen Bank branch set up Privatization of FBHK Quanzhou, Chongqing, and Dalian in 2011-2012
in May 2011 completion in June 2011 As of 1H11, direct written premium RMB18m, of
which 54% is from retail lines.
28
29. Highlight of Fubon Financial
History and track record
Earning drivers
Capitalization
29
30. Consistent strong capital position & asset quality
Taipei Fubon Bank CAR NPL and coverage ratio
Unit: % Tier1 Tier2 Unit: %
12.99 12.83
11.96 12.00 NPL ratio Coverage ratio
11.22
2.24 3.81
2.84 3.7 0.90 0.79 260.60 300.00
1.76
0.80
250.00
0.70 198
0.60 0.53 200.00
0.50
9.72
112 150.00
9.46 9.18 9.16 9.13 0.40 0.32
0.30 75 0.23 100.00
0.20
50.00
0.10
0.00 0.00
2008 2009 2010 Dec-10 Average
Average 2011 1H
of Domestic 2008 2009 2010 2011 1H
Banks
Fubon FHC CAR vs. selected peers NPL ratio vs. selected peers
Unit: %
Unit: % 0.60
148 145
Industry average = 138 % Industry average = 0.48 %
129 0.38 0.38 0.38 0.37 0.37
123 123 119 118 117
0.23
Fubon
E.Sun
Mega
Taishin
Chinatrust
Cathay
Shin Kong
SinoPac
First
Fubon
SinoPac
Chinatrust
Shin Kong
Yuanta
Cathay
Source: Company disclosure, Financial Supervisory Commission , as of 2011/06/30, FHC CAR number as of 2010/12/31 30
31. Solid capital position across subsidiaries
Capital position is well above statutory and internal requirement level
Basel III implication is of limited impact based on current assessment
Statutory Internal
Year 2011 1H
requirement guideline
CAR of FHC 144.2% ≥ 100% ≥ 105%
Double leverage of FHC 109.8% ≤ 120% ≤ 120%
Debt to equity 17.3% ≤ 30% ≤ 30%
TFB - Tier one 9.13% ≥ 6% ≥ 8%
TFB - CAR 12.83% ≥ 8% ≥ 9%
Fubon Securities 466.5% ≥ 150% ≥ 200%
Fubon Life 200%~300% ≥ 200% ≥ 225%
Fubon P&C >300% ≥ 200% ≥ 250%
Fubon Bank HK - CAR 16.9% ≥ 8% ≥ 12%
Source: Company disclosure, unaudited financial statements, as of 2011/06/30
31
35. Highlight of Fubon Financial
History and track record
Earning drivers
Capitalization
2
36. Highlight of Fubon Financial
Top 1 ranked in EPS, ROE and top 2 ranked in assets among major
Top performer across financial holding companies in Taiwan
Taiwan financial subsectors
Leading position across banking, securities, life and insurance business
Experienced team with strong commitment to deliver growth
Consistent growth Growth through successful acquisition with disciplined track record
First mover in China: investment in Xiamen Bank with management
Aspiration in Greater China involvement
Capture opportunities in insurance, securities, and asset management
Well-capitalized position in face of new capital regime
Solid capitalization &
Commitment to stable cash dividend on back of diversified source of
stable dividend
profitability
Dedicated investor relations team to serve investment community
Commitment to transparency Best practice of corporate governance in board and management team
3
37. Highlight of Fubon Financial
History and track record
Earning drivers
Capitalization
4
38. 50 years of commitment in Taiwan financial market
Fubon Group is established along with the trend of liberalization in Taiwan financial industry
The first listed financial holding company in Taiwan in 2001
Taiwan’s second largest financial holding company in total assets and market capitalization
2001
Fubon Financial
100% 100% 100% 100% 100%
1961 1988 1992 1992 1993
Fubon Insurance Fubon Securities Fubon Asset
Fubon Bank
Management 富邦人壽
Fubon Life
100% 100%
2002 2009
Taipei Bank Antai Life
100%
2008 2003
19.9%
Xiamen Bank Fubon Bank (HK)
5
39. Expansion through M&As
2002 2004 2008 2009
• US$2.4bn (1.7x P/B) • US$415mm (1.15x P/B) • US$33mm (1.2x P/B) • US$600mm (0.71x P/B)
• Acquired 100% of TaipeiBank • Acquired 75% of International • Acquired 19.99% of Xiamen • Acquired 100% ING Life
in 2002 through a share swap Bank of Asia in 2004 City Commercial Bank in 2008 Insurance (Taiwan)
(“Antai Life”) in 2009
• First ever merger in Taiwan • First and only Taiwan FHC to • First and only Taiwan FHC to
between private and operate a Hong Kong-based own a stake in a Chinese bank • Became the 2nd largest
government owned institutions bank life insurer in Taiwan
• Added strong distribution • Privatization in June 2011
network of 74 branches in
Greater Taipei
6
40. Leading position across financial services
business
Top 5 Private Banks by Loan Top 5 Life Insurers by First Year Premium
Market Share Market Share
4.8% 28.40%
4.6% 4.4%
3.5% 20.80%
3.0%
8.70% 7.70%
3.80%
Chinatrust Fubon Cathay SinoPac E.Sun Cathay Fubon China Life Shin Kong Mercuries
Top 5 Securities Firm by Trading Value Top 5 P&C Insurers by Direct Written Premium
Market Share Market Share
10.83% 22%
7.71%
6.04% 12%
4.90% 10%
4.05% 9%
7%
Yuanta KGI Fubon SinoPac Polaris Fubon Cathay Shin Kong MSIG Tokio
Marine
NEWA
Source: Financial Supervisory Commission, Taiwan Insurance Institute, As of June 2011
7
41. Net income & Assets breakdown by subsidiaries
Total assets=NT$3,495.4billions
Net income as of June, 2011 =NT$17,418m
(30 June, 2011)
NT$bn
Securities NT$m Fubon HK Others
P&C 56 122
70 547
2% Securities 3% 1%
2%
1,493
9%
TPFB TPFB
1,467 5,818
P&C
47% 33%
1,907
11%
Life
Life 7,531
1,527 43%
49%
8
42. Consistent growth and profitability
ROAA Assets comparison with listed FHCs (NT$bn)
Cathay 4,780
Fubon Average
Financial crisis / Fubon 3,492
Global downturn
Consumer 0.85%
finance crisis Taishin 2,474
0.78%
Mega 2,336
0.64% Shin Kong 2,096
0.61% 0.58%
0.58% First 2,035
0.48%
Chinatrust 1,876
Hua Nan 1,855
SinoPac 1,239
0.18% E.Sun 1,106
Yuanta 654
-0.01% China
2006 2007 2008 2009 2010 341
Development
Jih Sun 246
-0.23% Waterland 213
*China Development & Water land FHCs are not included. Source: TEJ, as of 2011/03/31
9
43. Top ranked profitability among financial
holdings in Taiwan
EPS comparison with listed FHCs (NT$) RoE comparison with listed FHCs (%)
Fubon 1.20 Fubon 18.6
Waterland 0.62 Waterland 17.9
Chinatrust 0.47 Chinatrust 11.9
Mega 0.42 Taishin 10.2
Taishin 0.40 E.Sun 10.1
E.Sun 0.37 Yuanta 9.8
Yuanta 0.35 Mega 9.2
Hua Nan 0.31 Hua Nan 8.0
First 0.31 First 7.4
SinoPac 0.21 SinoPac 6.8
Cathay 0.19 Shin Kong 5.8
Shin Kong 0.15 Jih Sun 3.7
Jih Sun 0.10 Cathay 3.5
China
China Development 0.05 1.8
Development
Source: TEJ, as of 2011/03/31;un-annualized Source: TEJ, as of 2011/03/31; annualized basis
10
44. Integrated FHC model with extensive product
offering, distribution network and customer base
Unique Business Group Model Promotes Powerful Multi-channel Distribution Enables
Efficiency Cross-selling
Bank Life P&C Securities
Corp & Inv.
~15,000 sales 60 securities
Banking 147 branches1 agents ~1,155 agents service
Financial centers
Insurance 282 agency
Markets 1,325 ATMs offices
645 Wealth 40 75 agency 1,131 brokers
Consumer Investment offices
Management Management bancassurance
Finance advisors partners
Wealth
Management e-Platform: Fubon.com, Fubon e01 online brokerage, 518fb online
P&C policy application/payment system
Extensive Customer Base of 11.5 million, cover 50% of Taiwan population
NT$m 11.50
1.1
3.50
3.40
Antai Life customers
1.38
0.90
3.40
Deposits Brokerage Credit cards Life P&C Overlap Fubon FHC
Note:
1 Includes 125 branches of Taipei Fubon Bank and 22 branches of Fubon Bank (Hong Kong)
11
45. Highlight of Fubon Financial
History and track record
Earning drivers
Capitalization
12
46. Experienced management team and focus on
corporate governance
Daniel Tsai Richard Tsai
Chairman and CEO, Fubon Financial Vice Chairman, Fubon Financial
• 30 years of industry experience • 30 years of industry experience
• Graduate School of Law, • Graduate School of Finance, New
Georgetown University York University
Financial Holding Company Corp. & Inv. Bank Life Insurance
Victor Kung Jerry Harn Oliver Cheng
President, Fubon Financial President, Taipei Fubon Bank President, Fubon Life
• 30 years of industry • 22 years of industry • 38 years of industry
experience experience experience
• Joined Fubon in 2000 • Joined Fubon in 2005 • Joined Fubon in 1973
• MBA Finance, Stern • MBA, Ohio State University • BA of Law, National
School, New York Taiwan University
University
Consumer Finance Wealth Management P&C Insurance
Thomas Liang Benny Chen Tsan-Ming Shih
President, Fubon Bank HK Senior Executive Vice President, Chairman, Fubon Insurance
Fubon Financial • 40 years of industry
• 18 years of industry experience
• 26 years of industry experience experience
• Joined Fubon in 2005
• Joined Fubon in 2010 • Joined Fubon in 1971
• Master, Case Western Reserve
University • MBA, Southern Illinois University • Dept of Law, Soochow
University
• Seasoned senior management team with an average of more than 20 years of
experience in the financial services industry
• Best practice corporate governance standards with one third (4 out of 12) of board of
directors being independent directors
13
47. Earning drivers
Taipei Fubon Bank
Fubon Insurance (P&C)
Fubon Life
Fubon Securities
Greater China
14
48. Asset growth outperformed industry
Corporate loan growth (5-year CAGR) Total loan growth (5 year CAGR)
8.27% 9.79%
4.28%
4.77%
Fubon Industry average Fubon Industry average
Mortgage growth (5 year CAGR) Deposit growth (5 year CAGR)
8.37%
6.42%
5.49%
4.43%
Fubon Industry average Fubon Industry average
Source: TEJ, as of 2011/05/31
15
49. Growth along with asset quality improvement
Corporate loan NPL and coverage (%) Mortgage NPL ratio (%)
NPL ratio (LHS) Coverage ratio (RHS)
1.3% 240% 0.60%
201.2%
0.48%
1.1% 1.0% 200%
0.40%
0.9% 160%
0.7% 120%
0.20% 0.10%
0.5% 0.42% 80%
63.6%
0.3% 40% 0.00%
Dec-09
Dec-10
Jun-09
Sep-09
Mar-10
Jun-10
Sep-10
Mar-11
Jun-11
Jun-09' Dec-09' Jun-10' Dec-10' Jun-11'
16
50. Earning drivers
Taipei Fubon Bank
Fubon Insurance (P&C)
Fubon Life
Fubon Securities
Greater China
17
51. General Insurance: Premium growth along with
Taiwan economy
Taiwan GDP growth vs P&C industry premium growth (%)
12 Taiwan GDP Growth Industry premium growth
7.6
Consumer
6.15 credit crisis
5.6 5.7
4.64 4.8
4.16 3.92
3.3 3.5 3.34 3.75
0.06
-1.3
-2.17
-3.71 -4.05
-4.35
-5.94
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
18
52. Fubon Insurance: Excellence in underwriting results
Fubon’s Net Combined Ratio Gross written premium (NT$ m)
23,939 23,130 23,096
22,412
91.50% 13,085
90.29%
86.61%
84.88%
83.90%
2007 2008 2009 2010 1H 2011
Net Profits (NT$ m)
2,676
2,012 2,045
1,907
1,371
2007 2008 2009 2010 2011 1H 2007 2008 2009 2010 1H 2011
Source: Taiwan Insurance Institute, company data
19
53. Earning drivers
Taipei Fubon Bank
Fubon Insurance (P&C)
Fubon Life
Fubon Securities
Greater China
20
54. Life industry: under a competitive environment
Insurance density: Premium per capita Insurance Penetration: Premium to GDP
U.S.
World
World
Netherlands
U.S.
Belgium
Italy
Italy
Netherlands
Switzerland
Norway
Portugal
Taiwan
Namibia
Belgium
Sweden
Sweden
Denmark
Hong Kong
Ireland
France
South Korea
Japan
France
Luxembourg
Finland
Ireland
Japan
Finland
Hong Kong
Denmark U.K.
Switzerland South Africa
U.K. Taiwan
(US$) 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 (%) 0 2 4 6 8 10 12 14 16
21
55. Life insurance: Polarization in Taiwan life industry
FYP market share (%) FYP growth yoy (%) 2010 Net profits (NT mn)
Cathay 28%
Cathay 26% -6,516 Cathay
Fubon 27%
Fubon 51% Fubon 8,620
Shin Kong 7%
Shin Kong 22% Shin Kong 393
China Life 6%
China Life 11% China Life 3,363
Allianz 5%
-15% Allianz Allianz 168
Taiwan Coop 4%
Taiwan Coop Taiwan Coop -238
BNP 4%
BNP 40% BNP 194
Bank of Taiwan 3%
Bank of Taiwan 17% Bank of Taiwan 326
Nan Shan 3%
Nan Shan 40% -8,414 Nan Shan
Farglory 3%
Farglory 1% Farglory 1,521
Source: Taiwan Insurance Institute, As of Dec 2010
22
56. Strong momentum in Fubon Life fueled by merger with
ING Antai Life
Market share of Fubon Life FYP Total Premium (NT$ bn)
Recurring premium First year premium
Before M&A After M&A
4,382
3,252
19.0%
4.0% 3,102
14.8%
Antai
26.7% 2,057
3.9%
22.2% 1,497
15.0% 1,012
10.9% 1,281
817 1,195 1,280
195 216
2007 2008 2009 2010 2007 2008 2009 2010
Source: Taiwan Insurance Institute, company data
23
57. Earning drivers
Taipei Fubon Bank
Fubon Insurance (P&C)
Fubon Life
Fubon Securities
Greater China
24
58. Fubon Securities: Diversified sources of
earnings
Revenue Breakdown, 2006-2011 1H Business ranking, 2011 1H
Market
Business Sector Ranking
Share
Brokerage Spot Trading 6.04% 3
Margin Loan 6.34% 5
Underwriting IPO 11.40% 2
SPO 5.5% 4
* Market share of underwriting business is counted as volume
Sources: TEJ, Audited financial statements Sources: Taiwan Stock Exchange Corporation, Gre Tai Securities Market
As of June 2011
25
59. Earning drivers
Taipei Fubon Bank
Fubon Insurance (P&C)
Fubon Life
Fubon Securities
Greater China
26
60. Leading platform for expansion in the
greater China region
Competitive Advantages
Beijing
• First and only Taiwanese FHC to own a Hong Kong bank
• First and only Taiwanese FHC to own a minority stake in a Chinese bank – Xiamen
Bank
– Management control (entitled to nominate President and appoint CFO and
Chief Risk Officer)
– Task forces established to develop businesses, operating systems, and
infrastructure upgrade
Shanghai – Distinctly ahead of peers in China with access to retail banking and RMB
Nanjing
business
• Primary beneficiary of West Strait Economic Zone
Primary beneficiary – Pilot area for preferential treatment for Taiwanese investments superseding
regulations applicable to foreign investors under WTO framework
of West Strait
Economic Zone – Existing presence and relationship in Fujian
– Potential for market entry fast track across business segments
Xiamen
• Opportunity to replicate Fubon business model to the Greater China region
Taiwan Hong Kong Beijing
• Banking: 22 branches • P&C: Rep office since Feb 2001
Dongguan
• Securities: 2 securities service centers • Life: Rep office since Jan 2003
• Asset management JV with Founder
Hong Kong Xiamen Securities, plan to open in July 2011
Banking • Banking: 32 branches • Leasing JV with CITIC AMC
P&C insurance • P&C subsidiary open in Oct 2010 Fuzhou
• Securities: Rep office since May 2009 • Banking: 1 branch
Life insurance
Dongguan Quanzhou
Securities • Banking: Rep office since Dec 2009 • Banking: 1 branch
Shanghai
Asset Management Chongqing
• P&C: Rep office since Jan 2003
• Banking: 1 branch
Leasing • Securities: Rep office since Nov 2005
27
61. Update of China investment plan
Founder Fubon Asset Management set up in July2011
Beijing Focus on products offering and performance
Nanjing Life JV with Zijin Holdings submitted to CIRC
Chongqing
Bank 35 bank branches cover Xiamen, Fuzhou, Quanzhou,
and Chongging. Branch network expansion to Tianjin,
Xiamen Zhangzhou, Nanchang in 2011-2012
Capital injection of RMB$116m in Xiamen Bank in 2H11
Hong Kong
P&C New branch expansion continues into Fuzhou,
Xiamen Bank branch set up Privatization of FBHK Quanzhou, Chongqing, and Dalian in 2011-2012
in May 2011 completion in June 2011 As of 1H11, direct written premium RMB18m, of
which 54% is from retail lines.
28
62. Highlight of Fubon Financial
History and track record
Earning drivers
Capitalization
29
63. Consistent strong capital position & asset quality
Taipei Fubon Bank CAR NPL and coverage ratio
Unit: % Tier1 Tier2 Unit: %
12.99 12.83
11.96 12.00 NPL ratio Coverage ratio
11.22
2.24 3.81
2.84 3.7 0.90 0.79 260.60 300.00
1.76
0.80
250.00
0.70 198
0.60 0.53 200.00
0.50
9.72
112 150.00
9.46 9.18 9.16 9.13 0.40 0.32
0.30 75 0.23 100.00
0.20
50.00
0.10
0.00 0.00
2008 2009 2010 Dec-10 Average
Average 2011 1H
of Domestic 2008 2009 2010 2011 1H
Banks
Fubon FHC CAR vs. selected peers NPL ratio vs. selected peers
Unit: %
Unit: % 0.60
148 145
Industry average = 138 % Industry average = 0.48 %
129 0.38 0.38 0.38 0.37 0.37
123 123 119 118 117
0.23
Fubon
E.Sun
Mega
Taishin
Chinatrust
Cathay
Shin Kong
SinoPac
First
Fubon
SinoPac
Chinatrust
Shin Kong
Yuanta
Cathay
Source: Company disclosure, Financial Supervisory Commission , as of 2011/06/30, FHC CAR number as of 2010/12/31 30
64. Solid capital position across subsidiaries
Capital position is well above statutory and internal requirement level
Basel III implication is of limited impact based on current assessment
Statutory Internal
Year 2011 1H
requirement guideline
CAR of FHC 144.2% ≥ 100% ≥ 105%
Double leverage of FHC 109.8% ≤ 120% ≤ 120%
Debt to equity 17.3% ≤ 30% ≤ 30%
TFB - Tier one 9.13% ≥ 6% ≥ 8%
TFB - CAR 12.83% ≥ 8% ≥ 9%
Fubon Securities 466.5% ≥ 150% ≥ 200%
Fubon Life 200%~300% ≥ 200% ≥ 225%
Fubon P&C >300% ≥ 200% ≥ 250%
Fubon Bank HK - CAR 16.9% ≥ 8% ≥ 12%
Source: Company disclosure, unaudited financial statements, as of 2011/06/30
31