chailease holding
TRANSCRIPT
Chailease Holding
First Quarter 2021
Investor Conference
May 13th, 2021
TWSE Code 5871
Disclaimer
2
TWSE Code 5871
Agenda
Management Highlights
Segment Review
Q&A
Appendix
3
1Q 2021 Performance Review
TWSE Code 5871
Management Highlights
Steady portfolio growth with stable asset quality.
The BOD proposed a dividend of NT$5.5 per share (NT$5.0 cash and NT$0.5 stock) for AGM’s approval.
Chailease MSCI ESG Ratings upgraded to A from BBB in March 2021.
4
1Q2021 YOY QOQ
Consolidated 18% 2%
Taiwan 17% 5%
China 23% -2%
ASEAN 11% 2%
TWSE Code 5871
Agenda
Management Highlights
Segment Review
Q&A
Appendix
5
1Q 2021 Performance Review
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Total PortfolioConsolidated
Unit: NT$ million
6Source: unaudited financial statements
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Loan Yield & COFConsolidated
7Exclude sales revenue and service fee from securitizationSource: unaudited financial statements
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RevenueConsolidated
8Source: unaudited financial statements
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Net Profit & EPSConsolidated
9Source: unaudited financial statements
EPS has been retroactively adjusted
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Contribution MixConsolidated
10
Source: unaudited financial statements
Loan Portfolio Net Profit(Owners of the Company)
Note: Net profit excludes Holding Company
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Cost to Income & Asset to EquityConsolidated
11Cost to Income Ratio=Opex excludes impairment losses on receivables / Gross profit from operationSource: unaudited financial statements
Cost to Income Asset to Equity
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ROA & ROEConsolidated
Annualized ROA Annualized ROE
12
Source: unaudited financial statements
Note: ROE calculation excludes preferred shares
Asset QualityConsolidated
Delinquency Allowance
13Definitions of delinquencies:
• Check payments: overdue more than 7 days
• Non-check payments: overdue more than 30 days
• Consumer loans and leases: overdue more than 90 daysSource: unaudited financial statements
TWSE Code 5871
Agenda
Management Highlights
Segment Review
Q&A
Appendix
14
1Q 2021 Performance Review
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Total PortfolioTaiwan Unit: NT$ million
15Source: unaudited financial statements
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Taiwan Solar AssetUnit: NT$ million
16Source: unaudited financial statements
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Loan Yield & COFTaiwan
17Source: unaudited financial statements
Excludes sales revenue and service fee from securitization
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RevenueTaiwan
Unit: NT$ million
18Source: unaudited financial statements
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Net ProfitTaiwan
Unit: NT$ million
19Source: unaudited financial statements
Asset QualityTaiwan
Delinquency Recovery & Write-Offs
20Definitions of delinquencies
• Check payments: overdue more than 7 days
• Non-check payments: overdue more than 30 days
• Consumer loans overdue more than 90 daysSource: unaudited financial statements
Asset Quality-AllowanceTaiwan
21Note: Definitions of delinquencies
• Check payments: overdue more than 7 days
• Equipment leasing with non-check payments: overdue more than 30 days Source: unaudited financial statements
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Total PortfolioChina Unit: NT$ million
22Source: unaudited financial statements
QOQ -2% (RMB -1%)
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Loan Yield & COFChina
23Source: unaudited financial statements
Loan yield excludes sales revenue
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RevenueChina
Unit: NT$ million
24Source: unaudited financial statements
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Net ProfitChina
Unit: NT$ million
25Source: unaudited financial statements
Asset QualityChina
Delinquency Recovery & Write-Offs
26Definition of delinquencies：overdue more than 30 days Source: unaudited financial statements
Asset Quality-AllowanceChina
27Definitions of delinquencies
• Check payments: overdue more than 7 days
• Equipment leasing with non-check payments: overdue more than 30 days
Source: unaudited financial statements
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Total PortfolioASEAN (Thailand, Vietnam, Malaysia, Cambodia and the Philippines)
Unit: NT$ Million
28Source: unaudited financial statements
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RevenueASEAN (Thailand, Vietnam, Malaysia, Cambodia and the Philippines)
Unit: NT$ million
29Source: unaudited financial statements
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Net ProfitASEAN (Thailand, Vietnam, Malaysia, Cambodia and the Philippines)
Unit: NT$ million
30Source: unaudited financial statements
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Asset QualityASEAN
Delinquency Allowance
31Definition of delinquencies：overdue more than 30 days Source: unaudited financial statements
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Agenda
Management Highlights
Segment Review
Q&A
Appendix
32
1Q 2021 Performance Review
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Agenda
Management Highlights
Segment Review
Q&A
Appendix
34
1Q 2021 Performance Review
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Consolidated Balance Sheet Summary
35Source: unaudited financial statements
(NTD'000) 2021.3.31 2020.3.31 YOY(%) 2020.12.31 QOQ(%)
Cash and cash equivalents 33,258,201 29,939,568 11 32,796,805 1
Total fund and investments 25,276,700 18,716,871 35 22,183,002 14
Gross loans and receivables 537,807,128 454,860,904 18 527,740,919 2
Total unearned charges and interests (46,067,534) (38,637,003) 19 (45,727,418) 1
Total allowance (12,313,203) (10,588,987) 16 (12,147,566) 1
Loans and receivables-net 479,426,391 405,634,914 18 469,865,935 2
Other receivables 6,695,727 8,371,258 (20) 5,524,900 21
Property, plant and equipment 45,584,038 36,387,063 25 44,043,357 3
Other assets 19,513,481 15,852,581 23 18,909,835 3
Total Assets 609,754,538 514,902,255 18 593,323,834 3
Interest bearing loans and borrowings 386,983,928 341,754,168 13 372,531,611 4
Corporate bonds payable 34,167,958 27,428,378 25 35,645,100 (4)
Other Liabilities 83,900,429 69,144,957 21 85,168,253 (1)
Total liabilities 505,052,314 438,327,503 15 493,344,964 2
Ordinary share 13,813,280 13,282,000 4 13,813,280 0
Preferred share 1,500,000 0 - 1,500,000 -
Total equity attributable to owners of the Company
100,159,700 72,430,121 38 95,495,740 5
Non-controlling interests 4,542,523 4,144,631 10 4,483,130 1
Total equity 104,702,223 76,574,752 37 99,978,870 5
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Consolidated Income Statement Summary
36
Source: unaudited financial statements
(NTD'000) 1Q 2021 1Q 2020 YOY(%) 1Q 2021 4Q 2020 QOQ(%)
Sales revenue 1,149,721 800,787 44 1,149,721 939,061 22
Interest income 12,413,259 10,254,876 21 12,413,259 11,593,961 7
Rental revenue 1,070,893 906,840 18 1,070,893 1,036,914 3
Fee and commission income 1,932,066 1,817,581 6 1,932,066 2,131,910 (9)
Other operating revenue 193,083 162,433 19 193,083 176,192 10
Total operating revenue 16,759,022 13,942,517 20 16,759,022 15,878,038 6
Cost of sales 706,846 424,288 67 706,846 532,227 33
Interest expense 2,290,449 2,241,902 2 2,290,449 2,292,961 0
Cost of rental revenue 774,967 634,697 22 774,967 737,565 5
Other operating costs 875,732 687,127 27 875,732 769,640 14
Total operating costs 4,647,994 3,988,014 17 4,647,994 4,332,393 7
Gross profit 12,111,027 9,954,503 22 12,111,027 11,545,645 5
Employee compensation and benefits 2,182,178 1,986,643 10 2,182,178 2,305,143 (5)
Impairment loss on loans, notes and receivables
1,559,984 1,661,421 (6) 1,559,984 1,999,457 (22)
Other operating expense 976,692 955,655 2 976,692 1,129,543 (14)
Operating expenses 4,718,854 4,603,719 3 4,718,854 5,434,143 (13)
Other operating gain and loss 137,166 66,768 105 137,166 113,312 21
Total non-operating revenue and expense 475,572 339,380 40 475,572 377,707 26
Profit before taxation 8,004,911 5,756,932 39 8,004,911 6,602,521 21
Income tax expense 2,792,207 1,656,885 69 2,792,207 1,938,358 44
Profit from continuing operations 5,212,704 4,100,047 27 5,212,704 4,664,163 12
Profit attributable to equity holders 4,970,387 3,922,968 27 4,970,387 4,480,523 11
Basic EPS (NTD) 3.60 2.84 27 3.60 3.24 11
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Industry ExposureTaiwan
37
2019 Top 5 2020 Top 5
Real Estate
Wholesale Durables And Industrial Products
Construction Activities
Shipping
Wholesale Living Consumption Goods
Source: Company, by Outstanding Principal
Shipping
Wholesale Living Consumption Goods
Wholesale Durables And Industrial Products
Real Estate
Construction Activities
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Industry ExposureChina
38
2019 Top 5 2020 Top 5
Metalworking Activities And Manufacture of Other
Fabricated Metal Products
Manufacture of Motor Vehicles and Parts
Manufacture of Food Products
Manufacture of Plastics Products
Manufacture of Paper and Paper Products
Source: Company, by Outstanding Principal
Metalworking Activities And Manufacture of Other
Fabricated Metal Products
Manufacture of Plastics Products
Other Manufacturing
Manufacture of Food Products
Construction Activities