CTBC Financial Holdings (2891.TW): Asia Financials Corporate Day Takeaways

研报英文原文证据摘录

CTBC Financial Holdings (2891.TW): Asia Financials Corporate Day Takeaways

Equity Research

16 June 2026 | 9:08PM HKT

CTBC Financial Holdings (2891.TW): Asia Financials Corporate Day

Takeaways

Thomas Wang

+852-2978-1697 |

thomas.wang@gs.com

Goldman Sachs (Asia) L.L.C.

Simone Chen

+852-2978-0619 |

simone.chen@gs.com

Bottom line: We hosted CTBC IR team at our Asia Financials Corporate Day. Investor

questions focused on 1) credit demand and growth outlook, 2) NIM trajectory, 3) key

driver of wealth management fees, and 4) M&A. Management notes that the upgrade

to loan growth guidance reflects better-than-expected market demand driven by a

supportive macroeconomic environment, and is now projecting double-digit loan

growth for FY26. NIM held up well YTD, with the company seeing limited impact from

tightening NTD funding. Regarding M&A, the company remains open-minded while

maintaining its strict requirements for synergy delivery and value accretion.

We are Buy rated on CTBC with a 12-m SOTP-based target price of NT$58.0.

Key takeaways:

n The upgrade to loan growth guidance reflects elevated demand supported by a

supportive macroeconomic environment, with the company noting that

double-digit loan growth momentum continued into April. Both retail and

corporate segment (excluding government loans) delivered double-digit growth.

In retail line, CTBC continues to prioritize first mortgage, while noting that higher

demand for home equity is also driving mortgage growth. To manage risk, CTBC

capped LTV ratio for new mortgages to below 70%, and overall LTV ratio for its

existing portfolio remains under 40%. Mgmt remains confident in its mortgage

book asset quality, supported by an NPL ratio of 0.02%.

n NIM is stable vs. 1Q26 level, and well on track to meet its FY26 guidance of