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惠誉: 台新将透过并购大众证劵而加深多角化经营
March 30, 2017 / 6:51 AM / 6 months ago

惠誉: 台新将透过并购大众证劵而加深多角化经营

(The following statement was released by the rating agency) TAIPEI, March 30 (Fitch) 台新金融控股公司(台新金:BBB/A+(twn)/ 展望稳定)计画由其完全持有子公司台新综合证券股份有限公司(台新证:BBB/A+(twn)/展望稳定) 收购大众证券股份有限公司(大众证:BBB+(twn)/ 正向观察)。此举将不会大幅改变集团的信用品质,但象征集团有意分散其各业务所带来之获利以及拓展零售市场的决心。 台新金在2017年3月10日表示其计画以台币42.3亿现金收购大众证。此并购案占集团总资产不到1%。惠誉预估其证券经纪市占率将由0.5%上升至高于1%. 此并购案与惠誉所预期一致,台新金一直以来有意愿透过收购劵商而分散其商业模式。同时,惠誉认为台新金将有可能持续以并购方式拓展其非银行业务,特别是人寿保险,这亦是集 团长期以来的策略性计画。然而,惠誉预期台新金将较不可能在近期内进行大规模的并购,主要因为集团仍有庞大的资本投资于彰化银行。 惠誉认为集团在中长期将受惠于透过台新商业银行(台新银:BBB+/AA-(twn)/ 展望稳定)跨售财富管理及消费金融产品于大众证之客群的机会。台新银占集团总资产高于95% 。此举亦能使集团透过提升手续费收入而扩大低资本使用业务以及更积极发展于消费金融市场。 此购并案本身并不会大幅影响集团杠杆使用以及资本水准。然而,惠誉认为台新金的杠杆胃纳一直以来都偏高。因此,台新金的长期发行人违约评等较台新银低一个评级。惠誉预期, 长期来说,集团将逐步缓和其普通股权益双重杠杆比率从2016年底的约140%至130%。台新金的普通股权益双重杠杆比率于2016年12月显着上升的主要原为其发行特 别股并挹注大部分资金至台新银以增进台新银的资本水准。 此购并案仍待股东表决与主管机关核准通过,交易将预计于2017年下半年完成。台新金将以自有资本做为收购资金。 Related Research <a href="https://www.fitchratings.com/site/re/888051">Taishin Financial Holding Co., Ltd. Credit Update 注:此为中文译本,若与原英文版本有任何出入,请以英文版为准。 Contact: Jenifer Chou, CFA, FRM Director +886 2 8175 7605 Fitch Australia Pty Ltd, Taiwan Branch Suite 1306, 13F, 205, Tun Hwa N. Rd. Taipei, Taiwan Sophia Chen, CFA, CPA Director +886 2 8175 7604 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. Additional information is available on www.fitchratings.com 编辑附注:惠誉国内评等系依该市场需求或于主权评等相对较低的国家中,提供各受评机构相对信用品质指标。该国国内信用风险最低者,其评等为‘AAA’,该国其余受评机构或 债券之评等即以此作为相对衡量基准。国内评等主要提供予该国市场之国内投资人参考使用,并加注受评机构所属国家的专属标记以兹识别,如‘AAA(twn)’即为台湾之国内 评等。因此,不同国家之国内评等无法跨国比较。 Related Research Taishin Financial Holding Co., Ltd. here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEB SITE AT <a href="https://www.fitchratings.com">WWW.FITCHRATINGS.COM.. 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