Taiwan Financials Who can deliver more than 50% DPS growth in FY26?

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Taiwan Financials Who can deliver more than 50% DPS growth in FY26?

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

25 June 2026

Taiwan Financials

Who can deliver more than 50% DPS growth in FY26?

A favorable macro backdrop and equity market conditions have led to decent upside Asia Financials

ACin operating performance for Taiwan financials across banking, insurance, and Jemmy S Huang

securities operations. While the sector may continue to underperform the TAIEX, (886-2) 2725-9870

consensus EPS/DPS upgrades and our expectation of a sustainable 4-5% dividend jemmy.s.huang@jpmorgan.com

yield should support further valuation upside. We upgrade Fubon and Cathay to OW; J.P.MorganMorganSecuritiesSecurities(Asia(Taiwan)Pacific) Limited/Limited/ J.P.J.P.

our top picks are KGI, Sinopac, and Fubon, where we see superior DPS growth/yields Morgan Broking (Hong Kong) Limited

for FY26E and more reasonable valuations. Amanda Chang

(886-2) 2725-9861

• Earnings upside across banking, insurance, and securities operations. amanda.chang@jpmorgan.com

Earnings growth momentum in Taiwan financials has accelerated into 2Q26 J.P. Morgan Securities (Taiwan) Limited

given 2Q25’s low base and continued operational tailwinds via stronger loan Haomin Chen

growth and WM fees at banks, better FYP sales and investment performance (86-21) 6106 6347

at life insurers, and robust brokerage revenue at brokers. Moreover, book value haomin.chen@jpmorgan.com

migration has beaten expectations, mainly at life insurers, boosted by FVOCI SAC Registration Number: S1730524080002

J.P. Morgan Securities (China) Company Limited

equity realized gains and IFIE OCI gains due to the equity market rally and

Katherine Lei

rising TWD yields, leading to better dividend payout capability.

(852) 2800-8552