United States

Analyst Research Report Snapshot


Fubon FHC (2881 TT): Another Good Year Ahead




MasterLink Securities Corporation


15 Nov 2013





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Recently, Fubon’s stock price has been curbed by the following reasons. (1) The one-off provision had a negative impact on Fubon FHC’s profit. (2) Fubon’s exhibited lackluster performance as acquisition of First Sino Bank is behind schedule. Nonetheless, we are rosy about Fubon’s 2014 profit growth due to: (1) no provisions and additional cost regarding Sport Lottery would be incurred and (2) profit growth story from First Sino Bank. We thus maintain BUY rating on Fubon with a target price of NT$51, based on SOTP valuation.

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