Chailease Holding 1Q26 results in-line, earnings back to positive growth on lower credit costs

研报英文原文证据摘录

Chailease Holding 1Q26 results in-line, earnings back to positive growth on lower credit costs

J P M O R G A N Asia Pacific Equity Research

12 May 2026

Chailease Holding Overweight

5871.TW, 5871 TT

1Q26 results in-line, earnings back to positive growth Price (12 May 26):NT$109.50

on lower credit costs Price Target (Dec-26):NT$130.00

Chailease’s 1Q26 results were largely in-line with our expectations and Bloomberg Asia Financials

ACconsensus, with earnings back to positive growth on declining credit costs. We Jemmy S Huang

retain our OW rating and see the recent share price pullback on noise related to one (886-2) 2725-9870

BNPL case as a good buying opportunity given the potential positive impact of jemmy.s.huang@jpmorgan.com

high-dividend-yield ETF rebalancing flows in the near-term and improving J.P.MorganMorganSecuritiesSecurities(Asia(Taiwan)Pacific) Limited/Limited/ J.P.J.P.

earnings growth momentum in the coming 6-12 months. Morgan Broking (Hong Kong) Limited

Amanda Chang

• Group 1Q26 profits of NT$5.6bn were up 1% YoY and implied an (886-2) 2725-9861

annualized ROE of 13%; excluding the China tax rebate of RMB204m and amanda.chang@jpmorgan.com

RMB205m in 1Q25 and 1Q26 respectively, underlying profit growth would be J.P. Morgan Securities (Taiwan) Limited

5% YoY, supported by a 9% decline in ECL despite flattish PPOP. Katherine Lei

• What was positive: improving asset quality conditions in China and (852)katherine.lei@jpmorgan.com2800-8552

ASEAN. Both gross and net new delinquency formation in China showed YoY J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

and QoQ improvement in 1Q26, in line with management guidance of Morgan Broking (Hong Kong) Limited

stabilizing asset quality conditions in China, hence management reaffirmed