2015年第一季法人說明會 - · pdf file11%，穩居市場第二大...
TRANSCRIPT
2015
20155
2
2015
(EV)(AV)
3
2015
4
11%
1Q1555%
5% 28%
AUM4,408
1Q15EPS
92%FYPE 50.9%4.5%
1.34
3.123.94
FY12 FY13 FY14
12.3
18.1
1Q14 1Q15
0.981.43
1Q14 1Q15
16.2
38.049.8
FY12 FY13 FY14
5
(NT$BN) (NT$)
(1) 20152010IFRS2013IFRS1Q1448 (2) 2014/1/1FY13FY13NT$9.0BNNT$0.74
(3)
29.0 2.38 135%
31% (2)
47%
(1) (1)
(2)
14.8
27.6
0.3 0.3 0.2
17.8
31.9
0.7 0.3 0.4
CUB CathayLife
CathayCentury
CathaySITE
CathaySecurities
10.8% 12.3% 10.9%
6.4%
13.4%12.2% 12.7% 10.7% 10.6%
16.5%
Cathay FHC
CUB Cathay Life Cathay Century
Cathay SITE
5.5 6.50.2 0.1 0.1
5.512.5
0.2 0.1 0.2
CUB CathayLife
CathayCentury
CathaySITE
CathaySecurities
6
(NT$BN) ROE
FY13(2) FY14 FY13(2) FY14
(1) 20152010IFRS2013IFRS1Q1448 (2) FY13FY13 ROE -0.1%,
-0.1%0.1%
1Q14(1) 1Q15 1Q14(1) 1Q15
12.7%16.1%
9.4%
14.4%
19.3%16.1%
14.7% 14.9% 13.8%
20.8%
Cathay FHC
CUB Cathay Life
Cathay Century
Cathay SITE
22.5
31.434.5 36.1
FY12 FY13 FY14 1Q15
248.1
379.5439.1 459.3
FY12 FY13 FY14 1Q15
7
(1) 2014/1/1FY13 (2) 2012IFRS20152010IFRS
2013IFRSFY1448
(NT$BN) (NT$)
94.3
285.3
(1)
7.9
23.5
(1)
2015
(EV)(AV)
8
678.0 716.5
956.0 1,043.4
1Q14 1Q15
608.9 601.0
416.4 459.5
54.6 76.6 14.5 14.0
1Q14 1Q15
9
(NT$BN)
(NT$BN)
52.2%
1,634.1 1,759.9
58.5%
41.5%
59.3%
40.7%
6.7% 5.0%
38.1%
55.6%
5%
39.9%
1,094.4 1,151.0 1.2%
1.3%
10
1.61%
1.81%1.95% 1.96%
2.15% 2.13% 2.10% 2.08% 2.06%
1.51%1.67% 1.70%
1.79% 1.79% 1.79% 1.81% 1.84% 1.84%
1.07%1.17%
1.26% 1.26%1.42% 1.39% 1.36% 1.33%
1.24%
FY10 FY11 FY12 FY13 1Q14 1H14 9M14 FY14 1Q15
Avg. rate of interest-earning assets Interest spread Net interest margin
SME
11
SME (NT$BN) (NT$BN)
10.5% 10.2% 10.5% 11.5% 16.1% 16.6% 15.1% 15.2%
107.3 107.6116.5 116.5
FY12 FY13 FY14 1Q15
141.5165.4
185.0173.1
FY12 FY13 FY14 1Q15
2.9
5.36.9
9.4
FY11 FY12 FY13 FY14
12
(NT$BN)
30%
84%
36%
3.12.1
1Q14 1Q15
50.0%33.4%
1Q14 1Q15
-31%
22.8%
36.7%42.4% 46.1%
FY11 FY12 FY13 FY14
3.2 3.54.4
3.95.2
6.70.2
0.3
0.4
0.5
0.9
1.1
0.9
1.1
1.3
FY12 FY13 FY14
1.0 1.0
1.41.9
0.1
0.10.4
0.60.3
0.4
1Q14 1Q15
8.8
11.0 25%
26% 13.9
13
()
(NT$BN)
(NT$BN)
3.2
4.1 28% 10.3%
24.7%
45.9%
15.4%
3.7% 10.8%
30.4%
44.1%
11.2% 3.5%
1,226
226 329
2,106 2,038
175 394
2,532 2,386
46 332
3,862
Mutual Funds Structuredproducts &Securities
Trust &Custody
Insurance
525
13 106
752 644
23 68
1,122
Mutual FundsStructured products & SecuritiesTrust & CustodyInsurance
FY13 FY14 FY12
(NT$MN) 1Q14 1Q15 FY12 FY13 FY14
* 1,399 1,862 3,894 5,163 6,673
24.4% 33.1% 17.7% 32.6% 29.2%
DCISI 413 97 141 1,159 1,934
14
DCISI
*DCISI
1Q14 1Q15
0.30% 0.23%
4.51%
6.46%
1Q14 1Q15
15
(NT$BN)
0.04% 0.07%
451%
646% 0.5
0.6 0.7
0.5
1Q14 1Q15
2015
(EV)(AV)
16
292.1366.1 335.6
382.5
73.5
84.987.5
89.730.3
26.023.3
19.7
24.0
70.5 90.8
143.4
141.5
13.8 10.8
0.9
FY10 FY12 FY13 FY14
74.387.6
17.119.64.6
4.540.934.2
0.70.0
1Q14 1Q15
17
()
13.1%
561.3 548.0
636.2 16%
561.4
14.1%
0.1%
22.5%
3.1%
60.1%
25.2%
4.3% 5.4%
52.0%
137.6 145.8 6%
13.4%
0.0%
23.4%
3.1%
60.1%
12.4%
0.5%
29.7%
3.3%
54.0%
(NT$BN)
(VUL)
(VUL)
10.7 10.2
2.3 2.1
0.1 0.1
4.1 3.8
0.10.0
1Q14 1Q15
15.8 14.9
1.3 1.4 2.3 2.1 0.2 0.1
40.8 33.8
0.7
0.0
1Q14 1Q15
&
18
(NT$BN)
(FYP) (NT$BN)
(FYPE)
(VUL) (VUL)
(VUL) (VUL)
2.1%
17.3 16.2
0.0%
63.3%
0.4%
13.2%
62.1%
23.4% 0.7%
23.6%
0.3% 12.9%
-6%
4.0%
0.0%
61.0
52.3
28.5%
1.1%
66.8%
0.3%
25.9%
64.7%
0.1%
2.6%
3.8%
-14%
19
(NT$BN) 2 3
20141Q15 VNB2014
Profit Margin FY12 FY13 FY14
VNB/FYP 19% 26% 23% VNB/FYPE 54% 70% 75%
34.4%51.1%
83.0% 83.8%5.0%
42.8%
13.4% 7.9%
60.6%
6.1% 3.6% 8.4%
FY12 FY13 FY14 1Q15
12.7 12.0
1Q14 1Q15
Profit Margin 1Q14 1Q15 VNB/FYP 21% 23% VNB/FYPE 73% 74%
-6%
50.0 51.453.5
FY12 FY13 FY14
4% 3%
20
(reservebased)
()
4.78%
4.63%
4.54%4.51% 4.51%
4.47%4.43%4.41%
FY11 FY12 FY13 1Q14 1H14 9M14 FY14 1Q15
5.40%
5.07%
4.83%4.78%
4.63%4.54%
4.43%
FY08 FY09 FY10 FY11 FY12 FY13 FY14
21
(1) (2) 2013/1/1IFRSNT$71.3BN2014/1/1
NT$133.1BN2014NT$16.6BN
(NT$BN) 4Q12 4Q13 4Q14 1Q15
(1) 3,283.7 3,785.1 4,169.1 4,239.6
Weight Weight Weight Amount Weight Amount
8.2% 3.7% 3.2% 131.6 3.0% 128.9
8.1% 8.9% 8.4% 350.9 8.2% 346.8
4.3% 4.9% 5.0% 209.4 5.4% 227.7
16.6% 14.4% 11.0% 459.2 10.6% 449.9
(1) 39.6% 38.9% 43.6% 1,816.7 44.9% 1905.6
10.3% 12.2% 12.7% 529.6 12.4% 527.1
5.5% 4.7% 4.0% 166.4 3.8% 162.0
(2) 5.6% 10.6% 10.5% 439.4 10.4% 440.1
1.8% 1.7% 1.6% 65.9 1.2% 51.5
3.3%
3.9%4.1%
4.3%
FY11 FY12 FY13 FY14
22
FY13 (4.4%)
4.4%*
()
4.0%4.5%
1Q14 1Q15
23
(1)
3.6% 3.6% 3.4% 3.2%
FY11 FY12 FY13 FY14
(NT$BN)
3.3%(2)
7.2
12.1 13.715.2
FY11 FY12 FY13 FY14
(1)
(2) FY13 (3.3%)
2.9%2.8%
1Q14 1Q15
24
1Q15 1.40% NT$2.17
70%
30%
49%
5%
22%
23%
Proxy & Open
AFS
NDF
Currency Swap
44% 45% 44% 44%
25% 24% 20% 18%
16% 18% 24% 26%
15% 13% 11% 12%
FY12 FY13 FY14 1Q15
138.2
271.3
328.4 343.0
FY12 FY13 FY14 1Q15
25
(NT$BN)
(1) 2014/1/1FY13 (2) 2012IFRS20152010IFRS2013IFRSFY14
48
(NT$BN)
124.0
147.3
(1)
23.918.2
40.343.5
FY12 FY13 FY14 1Q15
26
(FYP) (FYPE)
86.6% 79.0%
12.3% 19.3%1.0% 1.7%
1Q14 1Q15
87.9%73.6%
11.6%25.5%
0.5% 1.0%
1Q14 1Q15
27
1Q14 1Q15
98.3%
94.6%
97.6%
95.4%
13 months 25 months
11.6%9.9%
1Q14 1Q15
2015
(EV)(AV)
28
2.72.3
0.40.5
0.10.2
0.10.1
0.70.7
1Q14 1Q15
3.5%
10.3%
59.7%
16.6%
3.6% 4.6%
13.9%
3.1% 18.7%
66.0%
3.8 -6% 4.1
29
(NT$BN)
12.1% 11.1% 78.7% 74.1%
65.7% 61.3%
34.2% 38.5%
0.1% 0.2%
1Q14 1Q15
91.5%
50.5%
35.3%
40.6%
1Q14 1Q15
89.0%
51.3%
31.2%
33.9%
1Q14 1Q15
85.2%
120.2%
91.1%
126.8%
30
20142014/1/12014
57.6% 58.2% 63.5%
35.0% 35.8%35.8%
FY13 FY14 FY14
49.8% 54.2%59.6%
30.2%31.1%
31.1%
FY13 FY14 FY14
80.0% 90.7% 85.3% 92.6% 99.3% 94.0%
()
31
2014/1/1FY14
2015
(EV)(AV)
32
33
RCBC20%Mayapada40%
5* 36 16 1 1 1 1 1* 1 1 1*
31 6 21 2 1 1 *
34
Q1356%1Q1550%
201518%
(CCAM) 11.3
()
2015
(EV)(AV)
35
(EV)(AV)
36
(1) (EV/AV)2015.3.23(EV/AV) (2) ( )201311.5bn201412.6bn
201312.6bnEV Per FHC Share50.5AV Per Share87.0 (3)
2013/12/31 2014/12/31
3.94%~20335.07% 4.47%~20336.11% 2.71%~20333.10%
(4.39% rolling over to 20144.54%)
4.01%~20345.05% 4.40%~20