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惠譽對台灣獨立證券公司採取多項評等行動
May 16, 2017 / 6:50 AM / 4 months ago

惠譽對台灣獨立證券公司採取多項評等行動

(The following statement was released by the rating agency) TAIPEI, May 16 (Fitch) 惠譽國際信用評等公司於今日對七家台灣獨立證券公司採取以下評等行動: - 亞東證券(亞東證)之長期外幣發行人違約評等(IDR)由‘BBB-’ 調降至 ‘BB+’ ; - 康和證券(康和證) 之評等展望由‘負向’調整至‘穩定’ ; - 維持大眾證券(大眾證) 之評等於正向評等觀察名單 ; - 確認大慶證券(大慶證) 、大展證券(大展證) 、福邦證券(福邦證)及宏遠證券(宏遠證)之評等。 詳細的評等結果列示於本新聞稿末。 評等考量 發行人違約評等(IDR)與國內評等 亞東證的評等調降主要反映其自營交易核心競爭力的弱化,該公司在過去兩年因自營交易損失而虧損。惠譽預期亞東證在市場波動加劇下,不易顯著改善其風險調整後獲利水準。亞東 證的市場定位與‘BB+’等級相稱,該公司的產品競爭優勢有限,且其經紀業務相關收益僅能支應全公司40%-50%的營業費用。 康和證的評等展望由負向調整為穩定,基於公司降低自營交易的風險胃納、減少槓桿倍數及強化資本水準。 惠譽持續將大眾證的評等置於正向評等觀察名單,因台新證券 (台新證 ; BBB/A+(twn)/穩定)對大眾證的併購尚未完成。惠譽將於2017年下半年待併購案完成後解除其評等觀察。 惠譽確認大慶證、大展證、福邦證及宏遠證的評等,係考量各公司大致穩定的信用體質, 主因其槓桿倍數持續偏低,且惠譽預期這些公司能夠維持強健的資本緩衝與流動性良好的資產,並以品質良好的債券以支應其附買回交易部位。 惠譽預期市場交易量的減少將漸趨緩和,因國內經濟逐步溫合改善且散戶交易量回流,主管機關亦逐漸放寬證券公司能承作之產品種類,此兩項因素促使惠譽將證券業的營運環境要素 評等由‘a-/負向’調至 ‘a-/穩定’。 儘管如此,前述所提及券商的評等主要仍由其個別公司的評等要素所驅動,包含其有限的市場規模、集中的營運模式與其產品的同質性。 此七家券商皆為台灣的中小型券商。惠譽預期其獲利表現可能持續偏弱,因其有限的經紀業務相關收益、高度倚賴證券交易的獲利模式、以及產品與市場定位上有限的競爭優勢。然而 ,其健全的資本緩衝,低槓桿倍數與流動性佳的財務體質將持續支撐其評等於’BB’的級別中。 亞東證與康和證的評等較高為'BB+',前者考量其市場地位受惠於身為遠東集團的成員之一以及少量的借貸,後者反映其相較於國內相近規模同業較分散的經營模式及所衍生較多 的商機。宏遠證的評等較低為'BB-',考量其偏弱且波動度較高的獲利表現,以及該公司較高的市場風險偏好。 評等敏感性 發行人違約評等與國內評等 惠譽認為基於有限的市場地位且受限於依賴證券交易以維持獲利的經營模式,亞東證、康和證、大慶證、大展證、福邦證與宏遠證的評等不太可能被調升。康和證相較評等相近同業有 較為廣泛的營業範疇,但若該公司未能藉此改善其盈餘品質,其評等可能被調降。福邦證若不能在風險胃納急遽增加時,相對應的提升資本水準,其評等將可能被調降。宏遠證若因風 險胃納增加或持續買回庫藏股導致資本水準弱化,其評等可能被調降。亞東證、大慶證及大展證基於低槓桿、良好的流動性以及其強健的財務體質,評等不太可能被調降。 惠譽預計在購併完成後調升大眾證之國內長期評等至A+(twn),與台新證評等一致,同時並撤銷其評等。然若此購併案未能如期進行,惠譽將可能確認大眾證現有評等,有鑑於 該公司維持平穩信用體質的能力。 評等結果如下: 亞東證: 長期外幣發行人違約評等(IDR)由 'BBB-' 調降為 'BB+';評等展望 '穩定' 短期外幣IDR由 'F3' 調降為 'B' 國內長期評等由 'A(twn)' 調降為 'A-(twn)';評等展望 '穩定' 國內短期評等由 'F1(twn)' 調降為 'F2(twn)' 康和證: 長期外幣發行人違約評等(IDR) 確認為 'BB+';評等展望由'負向'調整為'穩定' 短期外幣IDR確認為 'B' 國內長期評等確認為 'A-(twn)';評等展望由'負向'調整為'穩定' 國內短期評等確認為 'F2(twn)' 大眾證: 國內長期評等為 'BBB+(twn)';維持 '正向評等觀察' 國內短期評等為 'F2(twn)';維持 '正向評等觀察' 大慶證: 國內長期評等確認為 'BBB+(twn)';評等展望 '穩定' 國內短期評等確認為 'F2(twn)' 大展證: 長期外幣發行人違約評等(IDR) 確認為 'BB';評等展望 '穩定' 短期外幣IDR確認為 'B' 國內長期評等確認為 'BBB+ (twn)';評等展望 '穩定' 國內短期評等確認為 'F2(twn)' 福邦證: 國內長期評等確認為 'BBB+(twn)';評等展望 '穩定' 國內短期評等確認為 'F2(twn)' 宏遠證: 國內長期評等確認 'BBB(twn)'; 評等展望 '穩定' 國內短期評等確認為 'F3(twn)' 註:此為中文譯本,若與原英文版本有任何出入,請以英文版為準。 Contact: Primary Analysts Sophia Chen, CFA, CPA (Concord, Ta Chong, Tachan and Horizon) Director +886 2 8175 7604 Fitch Australia Pty Ltd, Taiwan Branch Suite 1306, 13F, 205, Tun Hwa N. 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