Yuanta FHC (2885.TW): Asia Financials Corporate Day Takeaways

研报英文原文证据摘录

Yuanta FHC (2885.TW): Asia Financials Corporate Day Takeaways

Equity Research

17 June 2026 | 12:12PM HKT

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 Yuanta IR team at our Asia Financials Corporate Day.

Investor questions focused on 1) securities market share, 2) recent commission rate

change, 3) overseas business expansion, and 4) bank credit growth outlook. Yuanta

has observed sustained market share gains in 2026, supported by its

well-established IT infrastructure, robust capital position, and broad local branch

network. Management has not seen significant changes in commission rates and

attributes the blended rate contraction to a shift in the business mix. Overseas

operations remain a strategic focus for Yuanta Securities. Near-term profit

contribution is tracking in line with its 12-15% target, and the company has an

ambition to grow the contribution to 20% over time. For Yuanta Bank, credit growth

is projected in the low double digits for FY26, driven by FCY book expansion.

We are Neutral-rated on Yuanta FHC with a 12-m SOTP-based target price of

NT$48.0.

Key takeaways:

n Yuanta continues to gain market share in the brokerage business segment,

reaching 15.6% in 1Q26 (from 13.8% in FY25), with sustained momentum

observed in 2Q26 to date. The company attributes this performance to 1)

established IT infrastructure capable to support the significant jump in trading

volumes in 2026, 2) robust capital position that enables financing activities (e.g.

margin trading, non-purpose loans, settlement financing etc.), while peers could

face regulatory capacity limits; 3) broad local branch network that facilitates