Price target NT$28.00
Shr price, close (Oct 17, 2006) NT$26.00
Mkt cap, curr (mn) NT$184,161
52-Week Range NT$27.00-20.13
ROE (06e) (%) (6.4)
Sh out, basic, per-end (06e) (mn) 7,960
S'hldr eqty (06e) (mn) NT$96,339
What's New: The Taipei prosecutor’s office has detained Chinatrust’s
ex-CFO, Perry Chang, and has barred Chang, Vice-Chairman Jeffrey Koo, Jr.
, General Counsel and Compliance Officer Y.D. Deng, and Financial
Investment Division Vice President Sean Lin from leaving Taiwan,
according to local press reports. Jeffrey Koo, Jr. is currently abroad.
The prosecutor’s office’s actions are related to Chinatrust’s purchase
of Mega Financial shares using offshore entities in the form of structured
products. This purchase has already been investigated by Taiwan’s
Financial Supervisory Commission, which penalized Chinatrust in July.
At that time, Jeffrey Koo, Jr. agreed to step down as Chairman of
Chinatrust Bank, and Perry Chang agreed to step down from the CFO
position. In this sense, the prosecutors’ recent actions can be said
to be tied to actions that are not new news. Please see our July
21, 2006, note entitled “Chinatrust Needs to Reduce Mega Shareholdings”
for more details regarding our analyses of the FSC’s actions in July.
Implications: Fundamentally, we do not see a material
negative impact on the operations of Chinatrust due to
the Taipei prosecutor’s actions. There could be
substantial negative impact on a personal basis for the
individual executives identified by the prosecutor’s
office, and the prosecutor’s actions may cause volatility
in Chinatrust’s shares from a sentiment perspective.
However, we remain positive on the outlook for
Chinatrust shares and retain our Overweight rating.
We would use any material negative impact on
Chinatrust’s share price to accumulate shares.
中國信託沒有實質的負面消息，只有管理階層的問題，
股價也許會因此而波動，但基於穩健的基本面，
MorganStanley認為逢低買進。
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◆ From: 124.8.77.64
※ 編輯: magnccu 來自: 124.8.77.64 (10/22 13:13)
※ 編輯: magnccu 來自: 124.8.77.64 (10/22 13:15)
※ 編輯: magnccu 來自: 124.8.77.64 (10/22 13:17)