- E.SUN Financial Holding Earns 12th Consecutive Inclusion in Dow Jones Best-in-Class Indices
May 6, 2026
E.SUN FHC has been selected for inclusion in the Dow Jones Best-in-Class World Index for the 12th consecutive year, ranking among the top 1% of global banks and setting a new record for Taiwan’s financial industry.
TAIPEI, Taiwan, May 06, 2026--(BUSINESS WIRE)--E.SUN Financial Holding has been selected for the Dow Jones Best-in-Class Indices (DJBIC) for the 12th consecutive year, setting a new benchmark for Taiwan’s financial sector. The latest results, released by S&P Global, are based on companies’ performance in the Corporate Sustainability Assessment. E.SUN achieved its highest-ever CSA score, ranking among the top 1% of global banks, and was included in both the DJBIC World Index and the DJBIC Emerging Markets Index.
Widely regarded as a key global ESG benchmark, the DJBIC draws from over 12,000 invited companies annually, with only around 3,500 qualifying for inclusion. This year, just 25 banking institutions were selected for the World Index, underscoring E.SUN’s sustained competitiveness and strong integration of sustainability into its core operations.
In the latest CSA, E.SUN received high recognition across critical areas including financial inclusion, human rights, customer relations, transparency and disclosure, materiality analysis, and policy influence. Notably, it achieved the highest score in the banking sector for decarbonization strategy. Beyond traditional financing, E.SUN positions itself as a "transition enabler," supporting clients from carbon management to transformation planning. Over the past five years, it has led ESG initiatives, conducted more than 300 in-depth corporate consultations, and developed a Sustainability Transformation Platform connecting 21 professional partners across areas such as supply chain management, green manufacturing, renewable energy, net-zero technologies, and third-party verification.
E.SUN continues to align with international standards. In the Carbon Disclosure Project 2025 ratings, it achieved leadership-level scores across climate, forests, and water, earning A ratings in climate and forests and an A- in water in its first assessment. This reflects not only strong climate risk management but also the establishment of robust nature-related risk frameworks.
Chairman Huang Nan-chou said, "A strong ESG strategy is a strong banking strategy." He noted that 12 consecutive inclusions reflect both global recognition and a long-term commitment. Going forward, E.SUN will continue leveraging finance to support corporate transition and drive decarbonization and innovation.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260505243116/en/
Contacts
Public Relations, E.SUN FHC
Virginia Lin
pr@esunfhc.com
(+8862)2175-1335
Public Relations, E.SUN FHC
Alice Chen
pr@esunfhc.com
(+8862)2175-1313 #8190
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- E.SUN Financial Holding Named to S&P Global Sustainability Yearbook for 12 Consecutive Years
Mar 10, 2026
E.SUN FHC has been recognized in the S&P Global Sustainability Yearbook for the 12th consecutive year and ranked among the Top 1% in the global banking industry for the second year, setting a new record for the financial industry in Taiwan.
TAIPEI, Taiwan, March 10, 2026--(BUSINESS WIRE)--E.SUN Financial Holding Company has been recognized in the 2026 S&P Global Sustainability Yearbook for the 12th consecutive year, reaffirming its long-standing commitment to sustainability. E.SUN also ranked among the top 1% of global banking institutions for the second time, setting a new benchmark for Taiwan’s financial sector.
The Sustainability Yearbook is based on results from S&P Global’s Corporate Sustainability Assessment (CSA), which evaluates companies worldwide across environmental, social, and governance (ESG) dimensions. Each year, only the top-performing companies in each industry are selected. In the 2025 assessment cycle, evaluation standards for the banking sector were further strengthened, with increased focus on sustainability governance, cybersecurity risk management, internal carbon pricing, and labor rights protection. E.SUN continued to excel under these heightened requirements, demonstrating that sustainability is deeply embedded in its corporate strategy and core operations.
In the 2026 assessment, E.SUN received full scores across several key areas, including financial inclusion, human rights, customer relations, transparency and reporting, materiality, and policy influence. Notably, E.SUN achieved the highest score in the banking industry for decarbonization strategy-related criteria, highlighting its ability to translate sustainability commitments into tangible financial impact and support clients’ low-carbon transition efforts.
E.SUN has consistently aligned with international sustainability trends, using global assessments to strengthen governance and convert ESG principles into actionable financial solutions. For five consecutive years, the Group has advanced ESG initiatives covering climate awareness, support for science-based emissions targets, and the development of sustainability transition platforms that integrate financial and non-financial services. In 2025, E.SUN further launched its Low-Carbon Transition Program, anchored in the goal of achieving net-zero emissions by 2050. Moving beyond traditional approaches focused solely on emissions volume or intensity, the program prioritizes asset quality and transition readiness, supporting companies with credible and actionable transition potential and shifting low-carbon finance toward long-term value creation.
Joseph Huang, Chairman of E.SUN Financial Holding Company, stated: "A strong ESG strategy is fundamentally a strong banking strategy. Continuous recognition by S&P Global represents both international affirmation and long-term responsibility."
Story Continues
View source version on businesswire.com: https://www.businesswire.com/news/home/20260309398068/en/
Contacts
Public Relations, E.SUN FHC
Virginia Lin
pr@esunfhc.com
(+8862)2175-1335
Public Relations, E.SUN FHC
Alice Chen
pr@esunfhc.com
(+8862)2175-1313 #8190
View Comments
- Yoshimura Food Holdings (TSE:2884) Margin Improvement Reinforces Bullish Narrative on Earnings Quality
Oct 16, 2025
Yoshimura Food Holdings K.K. (TSE:2884) reported a net profit margin of 2.7%, a notable improvement from the previous 1.9%, highlighting a stronger bottom line this year. Earnings grew by 53.4% over the past twelve months, outpacing both its five-year average of 36.5% per year and the broader sector’s rate, with overall earnings increasing at a 36.5% annual rate over the last five years. With a growing reputation for high-quality earnings, the market is taking notice of the company's ability to continue generating strong results and improving profitability.
See our full analysis for Yoshimura Food Holdings K.K.
Next, we will examine how these headline figures compare with some of the most widely followed narratives around Yoshimura Food Holdings and whether consensus expectations are being met in light of these results.
Curious how numbers become stories that shape markets? Explore Community NarrativesTSE:2884 Earnings & Revenue History as at Oct 2025
Profit Margin Expansion Points to Operating Leverage
Net profit margin rose to 2.7%, up from 1.9% previously, showing stronger profitability as a proportion of revenue. The company is capturing operational efficiencies even as sector-wide cost inflation looms. Stronger margins likely benefit from cost controls and effective management of input prices.
Despite persistent pressures on food producers, the company's margin increase signals successful efforts to offset rising costs. Defensive food sector traits and a focus on high-quality and convenience foods help sustain this profit momentum amid a stable but cautious market climate.
P/E Tension: Cheap vs Peers, Not Sector
The price-to-earnings (P/E) ratio stands at 11.1x, undercutting the broader Japanese food industry average of 16.1x but trading above closest peer companies with 7x P/E. The prevailing view urges investors to weigh this mixed valuation signal carefully. While the company is attractively valued versus the overall sector, it comes at a premium compared to direct rivals.
High profit growth justifies some premium, but upside may be limited if peers remain considerably cheaper. Positive sector momentum tends to favor resilient earnings stories, yet valuation gaps can influence longer-term total returns.
Financial Strength Not Keeping Pace With Growth
Risks and rewards data highlights the company’s weaker financial position, despite solid historical profit growth and margin improvement over the last five years. Prevailing analysis calls out a core tension: even with strong earnings durability, balance sheet vulnerabilities could matter if market sentiment shifts.
Profit expansion and an improving margin profile fuel optimism, but questions about financial resilience persist given sector volatility. Investors may want to see further evidence of financial robustness to fully embrace the growth story.
Story Continues
Next Steps
Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Yoshimura Food Holdings K.K's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.
See What Else Is Out There
Despite robust earnings and margin progress, Yoshimura Food Holdings’ financial strength has not kept pace. This raises concerns about its resilience in uncertain markets.
If financial stability is your top priority, use solid balance sheet and fundamentals stocks screener (1985 results) to discover companies with stronger balance sheets and the fundamentals to withstand market shifts.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include 2884.
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- ThreeD Completes US$400,000 Investment into XREX Inc.
Aug 24, 2021
TORONTO, Aug. 24, 2021 (GLOBE NEWSWIRE) -- ThreeD Capital Inc. (“ThreeD” or the “Company”) (CSE:IDK) (OTCQX:IDKFF), a Canadian-based venture capital firm focused on opportunistic investments in companies in the junior resources and disruptive technologies sectors, is pleased to announce XREX Inc. (“XREX”), a Taiwan-based blockchain TradeTech company closed its US$17 million Pre-A round of financing.
ThreeD participated in this investment round by providing US$400,000 to acquire 282,386 Series Pre-A Preferred Shares of XREX.
“We are very excited about our investment in XREX and its commitment to financial inclusion,” said Sheldon Inwentash, Chairman and CEO of ThreeD. “The cryptocurrency space can be intimidating and complicated, especially for those in emerging economies, where access to resources and financial markets is not easily accessible. XREX is accelerating international trade for emerging economies using blockchain technology in a secure, compliant, and easy-to-use manner. With the company's technology, international focus, and expert management team, we believe XREX has strong growth potential and is solving a critical issue faced by cross-border merchants in today's economy.”
“We've known ThreeD Capital for three years and are thrilled to have them participate in our Pre-A round. ThreeD Capital brings a rare combination of broad management experience and a deep understanding of the blockchain industry. We look forward to receiving their guidance and leveraging their network in both traditional and blockchain-focused financial industries,“ said Wayne Huang, co-founder and CEO of XREX.
More information on this subject can be found in XREX’s press release below:
Taipei, Taiwan, Aug 22, 2021--XREX, a crypto-fiat fintech company driving financial inclusion via blockchain, closed its $17 million Pre-A round, which was oversubscribed by 200%. XREX will use the funding to expand its fiat currency portfolio, acquire additional licenses, and forge partnerships with more financial institutions and digital wallets.
Story continues
Led by CDIB Capital Group (TWSE: 2883), the consortium of global investors includes publicly-listed companies, major banks, venture capital firms, and top fintech investors from the US, Canada, Germany, Estonia, Singapore, Japan, Hong Kong, and Taiwan. The strong participation by publicly-listed companies underscores XREX’s commitment to compliance with regulatory bodies.
Other investors in this Pre-A round also include SBI Investment (subsidiary of SBI Holdings, TYO: 8473), Global Founders Capital, ThreeD Capital (CSE: IDK), E.Sun Venture Capital (TWSE: 2884), Systex Corporation (TWSE: 6214), Metaplanet Holdings, AppWorks, Black Marble, New Economy Ventures, and Seraph Group. XREX closed its $7 million seed round in 2019. The investors in that round included AppWorks (lead), Skype’s late-cofounder Toivo Annus, Metaplanet Holdings, Black Marble, CDIB, WI Harper, BitoEx, and the Taiwan government’s National Development Fund.
“CDIB was an early investor in XREX,” said Ryan Kuo, Head of CDIB Capital Innovation Fund. “After witnessing the company’s fast revenue growth and their commitment to compliance, we were determined to double our investment and lead this strategic round.”
“Our mission is to foster global financial inclusion by leveraging blockchain,” said XREX CEO and cofounder Wayne Huang, an internationally-recognized cybersecurity expert. “Many of our team members are from or have lived in the markets where we serve. We keenly understand the struggles faced by many cross-border merchants who lack safe access to US dollar liquidity.”
By working with local regulators and financial institutions, XREX has pioneered tools such as BitCheck and MyXchange to help merchants and SMEs in emerging markets reduce forex loss, gain access to US dollars and seamlessly cross over from informal to formal economy.
Capitalizing on a successful series of new features including their mandatory User Public Profile as well as their Risk Level Detector features, XREX will roll out a user Reputation Index next year to bolster safety, transparency and accountability while encouraging social networking.
In the last eight months, XREX successfully detected and prevented fraud rings from Russia and Nigeria from using the platform, attesting to XREX as one of the safest crypto-fiat currency platforms in the world.
“Helping entrepreneurs to succeed is a priority for us,” said Yoshitaka Kitao, Representative Director & Chairman of SBI Investment. “We believe XREX solutions open the door for underserved merchants to participate in global commerce on an even playing field.”
Jerry Horng, President of Black Marble Capital Management who serves on XREX’s board, said, “We were an early investor of XREX and we’re excited to continue our support in this round. XREX is uniquely positioned to connect Taiwan’s mature banking industry with the booming cross-border commerce currently seen in emerging markets.”
Recognizing compliance is core to digital currency adoption, XREX partners with several leading compliance and anti-money laundering providers such as CipherTrace, Sum&Substance, and TRISA.
“XREX has shown above-expectation growth since their graduation from our AW#17 accelerator batch in 2018. We are thrilled to back them again,” said Joseph Chan, a Partner at AppWorks who serves on XREX's board. “This round will accelerate XREX’s capability of combining their unmatched cybersecurity expertise with leading compliance technologies to create a safer and cleaner ecosystem for crypto-enabled merchants, digital asset owners, and entrepreneurs.”
ABOUT XREX
Founded in Aug 2018 and headquartered in Taipei, XREX Inc. is a crypto-fiat fintech company with a mission of driving financial inclusion by solving the dollar liquidity shortage issue in emerging economies. Armed with a team of world-leading experts in compliance, cryptocurrency, blockchain, fintech and cross-border payments, XREX offers innovative solutions to help cross-border SMEs compete on an even playing field. Follow XREX on Twitter, Facebook, Medium, and LinkedIn.
ABOUT THE COFOUNDERS
Chief Executive Officer
Wayne Huang is an internationally-recognized cybersecurity expert instrumental in developing innovative blockchain-based solutions currently used in several emerging markets. He founded Amorize Technologies in 2006, a leading developer of cloud-based (SaaS) anti-malware products which was later acquired by ProofPoint (NASDAQ: PFPT), where he served as the VP of Engineering for five years before founding XREX Inc. Huang is a highly sought after speaker and presenter at cybersecurity and blockchain-focused conferences around the world.
Chief Revenue Officer
Winston Hsiao is an economist, serial entrepreneur, active crypto trader, and angel investor in a number of start-ups in Asia. He founded Taiwan’s first Bitcoin exchange BTCEx-TW in 2013. He is also the founder and CEO of Verico International. After having grown up in India, Hsiao has an acute understanding of the challenges faced by SMEs and merchants in emerging markets. His role in XREX combines his passion for financial inclusion and his expertise in blockchain and cross-border payment. Winston divides his time between Taipei and India.
Media Contact and Interview Requests:
Yoyo Yu
XREX Inc.
yoyoyu@xrex.io
https://xrex.io
About ThreeD Capital Inc.
ThreeD is a publicly-traded Canadian-based venture capital firm focused on opportunistic investments in companies in the junior resources and disruptive technologies sectors. ThreeD’s investment strategy is to invest in multiple private and public companies across a variety of sectors globally. ThreeD seeks to invest in early stage, promising companies where it may be the lead investor and can additionally provide investees with advisory services and access to the Company’s ecosystem.
For further information:
Jakson Inwentash
Vice President Investments
jinwentash@threedcap.comPhone: 416-941-8900 ext 107
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
Forward-Looking Statements
This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of Canadian securities laws including, without limitation, statements with respect to the future investments by the Company. All statements other than statements of historical fact are forward-looking statements. Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur. Although the Company believes that the expectations reflected in the forward looking statements contained in this press release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause the Company’s actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
- Hennessy Japan Small Cap Fund Buys 5 Stocks in 4th Quarter
Jan 5, 2021
- By Margaret Moran
The Hennessy Japan Small Cap Fund (Trades, Portfolio) recently disclosed the portfolio updates for its fourth quarter of fiscal 2020, which ended on Oct. 31.
Warning! GuruFocus has detected 4 Warning Sign with CRL. Click here to check it out. TSE:2001 15-Year Financial Data The intrinsic value of TSE:2001 Peter Lynch Chart of TSE:2001
Run by fund managers Tadahiro Fujimura and Takenari Okumura, the fund seeks long-term capital appreciation through equity investments in the Japanese companies that rank in the bottom 15% in terms of market cap. Some of the main things the fund considers when choosing investments include good management quality, earnings quality, balance sheet strength and attractive price for the value.
Based on the above criteria, the fund established five new positions during its fiscal fourth quarter: Nippon Flour Mills Co. Ltd. (TSE:2001), Poletowin Pitcrew Holdings Inc. (TSE:3657), Yoshimura Food Holdings KK (TSE:2884), NGK Spark Plug Co. Ltd. (TSE:5334) and Nichiha Corp. (TSE:7943).
Nippon Flour Mills
The fund took a new stake of 50,300 shares in Nippon Flour Mills, impacting the equity portfolio by 1.02%. During the quarter, shares traded for an average price of 1,703.11 Japanese yen ($16.58).
Founded in 1896, Nippon Flour Mills, also known as Nippn Corp., is a Japanese flour milling company. The vast majority of its revenue comes from milling flour and manufacturing simple products made with flour (such as noodles and frozen dough).
On Jan. 5, shares of Nippn traded around 1,615 yen for a market cap of 124.58 billion yen and a price-earnings ratio of 16.96. According to the GuruFocus Value chart, the stock is fairly valued. Hennessy Japan Small Cap Fund Buys 5 Stocks in 4th Quarter
The company has a financial strength rating of 7 out of 10 and a profitability rating of 6 out of 10. The interest coverage ratio of 53.36 is higher than 77% of other companies in the industry, while the Altman Z-Score of 2.58 indicates the company is not likely in danger of bankruptcy. The return on invested capital is consistently higher than the weighted average cost of capital, meaning the company is creating value.
Story continues Hennessy Japan Small Cap Fund Buys 5 Stocks in 4th Quarter
Poletowin Pitcrew Holdings
The fund also invested in 89,900 shares of Poletowin Pitcrew Holdings, impacting the equity portfolio by 0.99%. Shares traded for an average price of 956.22 yen during the quarter.
Poletowin Pitcrew Holdings is a tech testing and debugging company that operates through two main segments: "Testing/Verification & Evaluation Business," which debugs software and hardware, and "Internet Supporting Business," which detects fraud and provides censorship services.
On Jan. 5, shares of Poletowin traded around 1,157 yen for a market cap of 44.02 billion yen and a price-earnings ratio of 23.84. According to the GuruFocus Value chart, the stock is fairly valued. Hennessy Japan Small Cap Fund Buys 5 Stocks in 4th Quarter
The company has a financial strength rating of 9 out of 10 and a profitability rating of 7 out of 10. The Altman Z-Score of 9.15 indicates the company has a stable balance sheet and the cash-debt ratio of 53.05 is beating 78% of competitors. The operating margin of 14.03% and net margin of 9.28% are outperforming their respective industry medians. Hennessy Japan Small Cap Fund Buys 5 Stocks in 4th Quarter
Yoshimura Food Holdings
The fund picked up 75,100 shares of Yoshimura Food Holdings, impacting the equity portfolio by 0.76%. During the quarter, shares traded for an average price of 935.09 yen.
Through its network of subsidiaries, Yoshimura Food Holdings develops, produces and sells various food products such as noodles, processed ingredients, frozen foods and sake.
On Jan. 5, shares of Yoshimura traded around 775 yen for a market cap of 17.23 billion yen and a price-earnings ratio of 485.13. According to the GuruFocus Value chart, the stock could be a potential value trap as it is trading far below its intrinsic value estimate. Hennessy Japan Small Cap Fund Buys 5 Stocks in 4th Quarter
The company has a financial strength rating of 5 out of 10 and a profitability rating of 6 out of 10. The interest coverage ratio of 11.57 and Altman Z-Score of 2.51 are about average. While the three-year revenue growth rate is 21.3%, the recent earnings history has had its ups and downs, with earnings per share without non-recurring items decreasing an average of 21.4% per year over the past three years. Hennessy Japan Small Cap Fund Buys 5 Stocks in 4th Quarter
NGK Spark Plug
The fund established a holding of 26,900 shares in NGK Spark Plug, impacting the equity portfolio by 0.60%. Shares traded for an average price of 1,847.32 yen during the quarter.
NGK Spark Plug offers two aftermarket brands for internal combustion engines: NGK Spark Plug, which manufactures and sells spark plugs and other ignition parts, and NTK Technical Ceramics, which produces new ceramics.
On Jan. 5, shares of NGK Spark Plug traded around 1,756 yen for a market cap of 355.99 billion yen and a price-earnings ratio of 22.64. According to the GuruFocus Value chart, the stock is modestly undervalued. Hennessy Japan Small Cap Fund Buys 5 Stocks in 4th Quarter
The company has a financial strength rating of 4 out of 10 and a profitability rating of 6 out of 10. The Piotroski F-Score of 4 out of 9 is typical of a financially stable company, as is the Altman Z-Score of 2.06. The ROIC was below the WACC in quite a few of the recent quarters, though it seems the company returned to overall profitability in the most recent quarter. Hennessy Japan Small Cap Fund Buys 5 Stocks in 4th Quarter
Nichiha
The fund took a new stake worth 15,900 shares in Nichiha, impacting the equity portfolio by 0.58%. During the quarter, shares traded for an average price of 2,843.45 yen.
Nichiha operates in the construction industry, producing a range of high-performance fiber cement panels that resemble wood, stone, brick, metal and other materials for commercial and residential projects.
On Jan. 5, shares of Nichiha traded around 3,210 yen for a market cap of 118.99 billion yen and a price-earnings ratio of 12.99. According to the GuruFocus Value chart, the stock is fairly valued. Hennessy Japan Small Cap Fund Buys 5 Stocks in 4th Quarter
The company has a financial strength rating of 8 out of 10 and a profitability rating of 8 out of 10. The cash-debt ratio of 2.09 and interest coverage ratio of 108.5 are stronger than 70% of industry peers. Overall, the operating margin and net margin have been in an uptrend in recent years to their respective present values of 8.84% and 6.30%. Hennessy Japan Small Cap Fund Buys 5 Stocks in 4th Quarter
Portfolio overview
As of the quarter's end, the fund held common shares in 61 stocks valued at a total of $79 million. The turnover rate for the quarter was 5%.
The top holdings were EF-ON Inc. (TSE:9514) with 2.46% of the equity portfolio, HITO-Communications Holdings Inc. (TSE:4433) with 2.35% and Pacific Industrial Co. Ltd. (TSE:7250) with 2.32%. In terms of sector weighting, the fund was most invested in industrials, followed by technology and consumer cyclical. Hennessy Japan Small Cap Fund Buys 5 Stocks in 4th Quarter
Disclosure: Author owns no shares in any of the stocks mentioned. The mention of stocks in this article does not at any point constitute an investment recommendation. Investors should always conduct their own careful research and/or consult registered investment advisors before taking action in the stock market.
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- Hennessy Japan Small Cap Fund Buys 5 Stocks in 4th Quarter
Jan 5, 2021
- By Margaret Moran
The Hennessy Japan Small Cap Fund (Trades, Portfolio) recently disclosed the portfolio updates for its fourth quarter of fiscal 2020, which ended on Oct. 31.
Warning! GuruFocus has detected 4 Warning Sign with CRL. Click here to check it out. TSE:2001 15-Year Financial Data The intrinsic value of TSE:2001 Peter Lynch Chart of TSE:2001
Run by fund managers Tadahiro Fujimura and Takenari Okumura, the fund seeks long-term capital appreciation through equity investments in the Japanese companies that rank in the bottom 15% in terms of market cap. Some of the main things the fund considers when choosing investments include good management quality, earnings quality, balance sheet strength and attractive price for the value.
Based on the above criteria, the fund established five new positions during its fiscal fourth quarter: Nippon Flour Mills Co. Ltd. (TSE:2001), Poletowin Pitcrew Holdings Inc. (TSE:3657), Yoshimura Food Holdings KK (TSE:2884), NGK Spark Plug Co. Ltd. (TSE:5334) and Nichiha Corp. (TSE:7943).
Nippon Flour Mills
The fund took a new stake of 50,300 shares in Nippon Flour Mills, impacting the equity portfolio by 1.02%. During the quarter, shares traded for an average price of 1,703.11 Japanese yen ($16.58).
Founded in 1896, Nippon Flour Mills, also known as Nippn Corp., is a Japanese flour milling company. The vast majority of its revenue comes from milling flour and manufacturing simple products made with flour (such as noodles and frozen dough).
On Jan. 5, shares of Nippn traded around 1,615 yen for a market cap of 124.58 billion yen and a price-earnings ratio of 16.96. According to the GuruFocus Value chart, the stock is fairly valued. Hennessy Japan Small Cap Fund Buys 5 Stocks in 4th Quarter
The company has a financial strength rating of 7 out of 10 and a profitability rating of 6 out of 10. The interest coverage ratio of 53.36 is higher than 77% of other companies in the industry, while the Altman Z-Score of 2.58 indicates the company is not likely in danger of bankruptcy. The return on invested capital is consistently higher than the weighted average cost of capital, meaning the company is creating value.
Story continues Hennessy Japan Small Cap Fund Buys 5 Stocks in 4th Quarter
Poletowin Pitcrew Holdings
The fund also invested in 89,900 shares of Poletowin Pitcrew Holdings, impacting the equity portfolio by 0.99%. Shares traded for an average price of 956.22 yen during the quarter.
Poletowin Pitcrew Holdings is a tech testing and debugging company that operates through two main segments: "Testing/Verification & Evaluation Business," which debugs software and hardware, and "Internet Supporting Business," which detects fraud and provides censorship services.
On Jan. 5, shares of Poletowin traded around 1,157 yen for a market cap of 44.02 billion yen and a price-earnings ratio of 23.84. According to the GuruFocus Value chart, the stock is fairly valued. Hennessy Japan Small Cap Fund Buys 5 Stocks in 4th Quarter
The company has a financial strength rating of 9 out of 10 and a profitability rating of 7 out of 10. The Altman Z-Score of 9.15 indicates the company has a stable balance sheet and the cash-debt ratio of 53.05 is beating 78% of competitors. The operating margin of 14.03% and net margin of 9.28% are outperforming their respective industry medians. Hennessy Japan Small Cap Fund Buys 5 Stocks in 4th Quarter
Yoshimura Food Holdings
The fund picked up 75,100 shares of Yoshimura Food Holdings, impacting the equity portfolio by 0.76%. During the quarter, shares traded for an average price of 935.09 yen.
Through its network of subsidiaries, Yoshimura Food Holdings develops, produces and sells various food products such as noodles, processed ingredients, frozen foods and sake.
On Jan. 5, shares of Yoshimura traded around 775 yen for a market cap of 17.23 billion yen and a price-earnings ratio of 485.13. According to the GuruFocus Value chart, the stock could be a potential value trap as it is trading far below its intrinsic value estimate. Hennessy Japan Small Cap Fund Buys 5 Stocks in 4th Quarter
The company has a financial strength rating of 5 out of 10 and a profitability rating of 6 out of 10. The interest coverage ratio of 11.57 and Altman Z-Score of 2.51 are about average. While the three-year revenue growth rate is 21.3%, the recent earnings history has had its ups and downs, with earnings per share without non-recurring items decreasing an average of 21.4% per year over the past three years. Hennessy Japan Small Cap Fund Buys 5 Stocks in 4th Quarter
NGK Spark Plug
The fund established a holding of 26,900 shares in NGK Spark Plug, impacting the equity portfolio by 0.60%. Shares traded for an average price of 1,847.32 yen during the quarter.
NGK Spark Plug offers two aftermarket brands for internal combustion engines: NGK Spark Plug, which manufactures and sells spark plugs and other ignition parts, and NTK Technical Ceramics, which produces new ceramics.
On Jan. 5, shares of NGK Spark Plug traded around 1,756 yen for a market cap of 355.99 billion yen and a price-earnings ratio of 22.64. According to the GuruFocus Value chart, the stock is modestly undervalued. Hennessy Japan Small Cap Fund Buys 5 Stocks in 4th Quarter
The company has a financial strength rating of 4 out of 10 and a profitability rating of 6 out of 10. The Piotroski F-Score of 4 out of 9 is typical of a financially stable company, as is the Altman Z-Score of 2.06. The ROIC was below the WACC in quite a few of the recent quarters, though it seems the company returned to overall profitability in the most recent quarter. Hennessy Japan Small Cap Fund Buys 5 Stocks in 4th Quarter
Nichiha
The fund took a new stake worth 15,900 shares in Nichiha, impacting the equity portfolio by 0.58%. During the quarter, shares traded for an average price of 2,843.45 yen.
Nichiha operates in the construction industry, producing a range of high-performance fiber cement panels that resemble wood, stone, brick, metal and other materials for commercial and residential projects.
On Jan. 5, shares of Nichiha traded around 3,210 yen for a market cap of 118.99 billion yen and a price-earnings ratio of 12.99. According to the GuruFocus Value chart, the stock is fairly valued. Hennessy Japan Small Cap Fund Buys 5 Stocks in 4th Quarter
The company has a financial strength rating of 8 out of 10 and a profitability rating of 8 out of 10. The cash-debt ratio of 2.09 and interest coverage ratio of 108.5 are stronger than 70% of industry peers. Overall, the operating margin and net margin have been in an uptrend in recent years to their respective present values of 8.84% and 6.30%. Hennessy Japan Small Cap Fund Buys 5 Stocks in 4th Quarter
Portfolio overview
As of the quarter's end, the fund held common shares in 61 stocks valued at a total of $79 million. The turnover rate for the quarter was 5%.
The top holdings were EF-ON Inc. (TSE:9514) with 2.46% of the equity portfolio, HITO-Communications Holdings Inc. (TSE:4433) with 2.35% and Pacific Industrial Co. Ltd. (TSE:7250) with 2.32%. In terms of sector weighting, the fund was most invested in industrials, followed by technology and consumer cyclical. Hennessy Japan Small Cap Fund Buys 5 Stocks in 4th Quarter
Disclosure: Author owns no shares in any of the stocks mentioned. The mention of stocks in this article does not at any point constitute an investment recommendation. Investors should always conduct their own careful research and/or consult registered investment advisors before taking action in the stock market.
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- Edited Transcript of 2884.TW earnings conference call or presentation 7-May-20 12:00pm GMT
Jun 7, 2020
Q1 2020 E.SUN Financial Holding Co Ltd Earnings Presentation Taipei Jun 7, 2020 (Thomson StreetEvents) -- Edited Transcript of E.SUN Financial Holding Co Ltd earnings conference call or presentation Thursday, May 7, 2020 at 12:00:00pm GMT TEXT version of Transcript ================================================================================ Corporate Participants ================================================================================ * Chiwei Hsiao E.SUN Financial Holding Company, Ltd. - VP & IR Officer * Harris Lin E.SUN Financial Holding Company, Ltd. - Manager of IR * Nan-Chou Huang E.SUN Financial Holding Company, Ltd. - President & Director ================================================================================ Presentation -------------------------------------------------------------------------------- Harris Lin, E.SUN Financial Holding Company, Ltd. - Manager of IR [1] -------------------------------------------------------------------------------- Dear investor, welcome to E.SUN Financial Holding Company Webcast Investor Conference for the First Quarter of 2020. This conference will be moderated by me. I'm Harris from Investor Relations. Alongside, we have IR team, Chiwei's team and Alex. Also, we are glad to invite CEO of E.SUN Financial Holding Company, Mr. Joseph Huang, to join us. Before entering to the presentation, we would like to invite CEO Joseph to give us an opening note. -------------------------------------------------------------------------------- Nan-Chou Huang, E.SUN Financial Holding Company, Ltd. - President & Director [2] -------------------------------------------------------------------------------- Okay, thank you. Dear investors, thank you for joining our investor conference. For the first quarter of 2020, E.SUN Financial Holding Company's net revenue rose 3.6% to TWD 14 billion while net profit fell 12.9% to TWD 4.5 billion. Return on equity is 10.4%; return on asset, 0.71%; and EPS is TWD 0.39 per share. Despite the headwind prevailing in the first quarter, main subsidiary, E.SUN Bank, maintained a stable net profit at TWD 5.0 billion with a 0.1% growth. By revenue breakdown, net interest income rose 4.7%. We try to achieve a healthy balance sheet growth while maintaining reasonable level of funding cost. Asset quality stayed benign with nonperforming-loan ratio at 0.19%. Net fee income rose 23.3% to TWD 5.0 billion, mainly driven by wealth management and credit card. Wealth management net fee income rose 36% to TWD 2.4 billion and set record high for the first quarter. Besides, credit card continued to gain market share through expanding diverse payment scenario, net increase of active cards and cumulative cards consumption were the highest amongst all banks in the first quarter. Facing external uncertainties in 2020, risk management will be an important focus this year. We will pursue business development and growth. However, risk management and asset quality will still be the bottom that we will not compromise. Finally, I would like to share some good news with you. E.SUN was awarded the Best Bank in Taiwan by Global Finance. It recognized our performance in business and sustainable development. Moreover, E.SUN was also ranked as Most Valuable Banking Brand in Taiwan by The Banker for the second straight year. While in this honor, we'll keep moving forward to create more value for our shareholders. Thank you. -------------------------------------------------------------------------------- Harris Lin, E.SUN Financial Holding Company, Ltd. - Manager of IR [3] -------------------------------------------------------------------------------- Okay. Thanks, Joseph. Now let's move on to our presentation. Please look at Page 1 for E.SUN Financial Holding summary. Total assets of Financial Holding Company reached TWD 2.6 trillion. Total assets of E.SUN Bank, TWD 2.58 trillion. Key financial figures remained healthy. Book value per share was TWD 15.15. Double leverage ratio was 103.98%. Financial Holding Company CAR ratio, 126.1%. Our operation channels remain unchanged. So next page for business and financial review. For the first quarter of 2020, E.SUN Financial Holding Company's net revenue increased by 3.6% year-over-year. Net profit decreased by 12.9% year-over-year. EPS was TWD 0.39; ROE, 10.4%; ROA, 0.71%. The main subsidiary, E.SUN Bank, maintained stable net profit. The net profit was TWD 5 billion, rising by 0.1% year-over-year. For business operation, this quarter's highlight was net fee income. Net fee income increased by 23.3% year-over-year. The main driver was from wealth management and the credit card business. Wealth management fee income increased 33% year-over-year and set a record high and its -- fee income set a record high for the first quarter of E.SUN Financial Holding Company. Credit card fee income grew by 4.1% year-over-year. And besides, E.SUN increase of active cards and card consumption were the highest in the market. On the deposit side, total deposit rose by 9.6% and mainly driven by foreign currency deposits, 26.4%. Meanwhile, loan growth was 9.2%, and our asset quality maintained benign, with NPL ratio at 0.19%, coverage ratio at 615.5%. For the dividend policy, the Board of Directors have approved to pay TWD 1.588 per share, including TWD 0.791 in cash and TWD 0.797 in stock. But the proposal needs to get approved in the Annual General Meeting on June 12. And due to the excellence in overall performance, E.SUN was awarded Best Bank in Taiwan by Global Finance and the Most Valuable Banking Brand in Taiwan by The Banker. Besides, E.SUN was listed in top 5% in Corporate Governance Evaluation by Taiwan Stock Exchange. And this performance are the best in financial -- among all the financial institution. Next page for the financial performance. Net profit was TWD 4.5 billion; EPS, TWD 0.39; ROE, 10.4%; ROA, 0.71%. And moving on to the next page for net income of Financial Holding Company and its subsidiary. E.SUN Financial Holding Company is a bank-centric financial holding company. Most of its net profit came from E.SUN Bank. And for the first quarter, E.SUN Bank and E.SUN Securities maintained stable net fee -- net profit. E.SUN Venture Capital has unrealized losses due to the drop of the market. And turning to next page, Page 5. Net fee income breakdown. Compared to the last year, net revenue rose by 3.6% year-over-year. Operating expenses rose by 17.7%. Net profit decreased by 12.9%. Next page for Financial Holding Company revenue breakdown. Total net revenue reached TWD 1.4 billion Out of the total net revenue, 33.2% came from net interest income and from net fee income and 27.8% came from others net fee -- other income. And for the first quarter, net interest income rose by 4.7%. Net fee income rose by 23.3% year-over-year. Due to E.SUN Venture Capital's unrealized losses caused by dropping of the stock market, other revenue decreased compared to last year. Next page, net fee income breakdown. The majority of the net fee income came from wealth management, 47.9%, and the credit card, 31.2%. For the first quarter, credit card's net fee income rose by 4.1% year-over-year. Wealth management fee income rose by 36% year-over-year. Due to the growth of E.SUN Securities brokerage business, other net fee income increased compared to last year. Next page for credit card business breakdown. E.SUN's credit card was ranked top 3 in the market in terms of market share, and growth momentum is continuing. For the first quarter, net increase of active cards and card consumption were the highest in the market. Therefore, the market share of active cards increased to 13.4%. And the market share of card consumptions rose to 15.4%. And next page deposit and loan structure. Total deposit rose by 9.6% year-over-year, and the main driving -- mainly driving by foreign currency deposits, 26.4%. Total loan rose by 9.2%, with corporate loans rising by 8.0% and consumer loan, 10.3%. And next page for deposit structure. For the first quarter, overall loan -- LDR ratio rose slightly to 70%; NT dollar LDR, 91%; and foreign currency LDR, 33.7%. And the deposit was mainly driven by foreign currency deposits. And next page for loan portfolio breakdown. For the loan breakdown, corporate loans led by SME, 25.3%, and followed by large corporate, 24.1%. On consumer side, mortgage accounts for 22.9%; secured personal loan, 19.1%; and unsecured personal loan, 7.5%. Credit card revolving, 0.8%. And on the right-hand side, you can see each category of the loan maintained stable growth. Turning to next page, NIM and spread. For the first quarter, the NIM stay unchanged, and the interest spread dropped by 2 basis points. And next page for asset quality. E.SUN maintained benign asset quality, with NPL ratio at 0.19% and coverage ratio of 615.5%. And turning to next page, each product lines' asset quality. Corporate NPL ratio was 0.1%; mortgage NPL ratio, 0.14%; and credit card NPL ratio, 0.23%. Turning to next page for NPL comparison with market. Market average NPL ratio was 0.24% for the first quarter. And E.SUN's asset quality has better than the market average for a long time, showing our excellent asset management ability. And moving on to the next page, cost-income ratio. And for the first quarter, cost-income ratio increased slightly to 54.8%. And next page, capital adequacy ratio. E.SUN's capital was adequate, with CAR ratio at 126.1%; BIS ratio, 14.62%. And this is the end of my presentation. And now we are -- let's proceed to Q&A session. Please send your question through the message box, and we are happy -- we are glad to answer your question. Thank you. ================================================================================ Questions and Answers -------------------------------------------------------------------------------- Chiwei Hsiao, E.SUN Financial Holding Company, Ltd. - VP & IR Officer [1] -------------------------------------------------------------------------------- Okay. We have our first question. It's about the fee income guidance and wealth management growth guidance for this year. What's your -- our view on wealth management growth in -- this year? Well, it still remains strong for the rest of the year, and the main driver -- product in wealth management. And of course, in the first quarter, we delivered pretty good results for wealth management, especially we have 23% growth year-on-year on wealth management fee income. Especially our mutual fund demand is quite well. If we break it down into products, 64% of the fee is from mutual fund and 36% is from bancassurance. Especially in January, we had a very good result. February was also okay, even though there was a break of Chinese New Year. However, in March, it declined a little bit because since the second half of March, the global market became very volatile for about 2 weeks. So it also has some impact to investor sentiment. For our product -- so for the first half, we still remain very optimistic about our fee income growth because on a year-on-year basis, we -- in 2019, the fee income was relatively weak in the first half of 2019. For the entire year, I think it pretty much depends on how the COVID-19 is going to evolve. If the situation can be contained, maybe in May or June, if it can be controlled to some extent, then we are quite confident we can deliver good growth in wealth management. But just like I said, it's a lot of uncertainty. As far as product strategy, in the first quarter, we focused on investment-grade bond, mutual fund and also traditional-type insurance policies. However, in the second half, there was a regulation change about the reserve rate of insurance policies, which will make the insurance policy less attractive to our customers. However, we will also adjust our product strategy and move to protection-type or regular pay kind of insurance policies. Yes, so for the full year, we hope to deliver a positive growth for wealth management fee income and the overall fee income. Thank you. Yes. For the second question, it's about credit card. In the first quarter, the E.SUN credit card fee income grew by 4%. However, the consumption amount grew by 22%. Can you explain the difference? And yes, I think E.SUN still performed pretty well in credit card market, especially the overall -- the entire market, the consumption amount fell by -- dropped by 3%. However, E.SUN still maintained a very strong performance in terms of numbers of active cards and the increase of consumption amount. In both category, E.SUN is ranked #1 in the entire market. And our market share in consumption advanced from #3 to #2. The market -- sorry, the market share advanced from 13% to 15%, the market position from #3 to #2. I think the main difference is because we started to initiate series of campaigns since the fourth quarter of 2018. At that time, we released PI credit card, which was a big hit in the market, and we coworked with PChome. And in 2019, we continued to release a series of credit cards, including UBear Card, Only Card and another credit card that we co-branded with the leading department store in Kaohsiung. All of those credit card, the accumulated consumption amount keep piling up. So -- and the associated expenses, which will be recognized as the negative in fee income will also increase. So that explains why the net fee income does not grow as much as the growth of consumption amount. However, we think our strategy is very -- is in a good way, and we also acquired very -- many quality customers through the series of campaigns. And our credit card will still continue to grow, no matter in consumption and net fee income for the months to come. The third question is about expense. In the first quarter, the expense grew by 17%. Can you explain why the growth rate is high and also the CI ratio target and expense growth target for the year? Yes, indeed. We actually have implemented a program to reextend. Reason why we expand so much. And however, we mentioned over and over, we will continue to invest in digital banking and IT so that the expenses associated with, for example, core banking system or digital banking platform will still be the main source of expense for E.SUN. However, for -- we are also studying how to improve the internal processes so that we can save some cost within our -- internally. And also because of COVID-19, the consumption sentiment is weaker during the month. So that will also -- so we will also consider -- reconsider the marketing expenses. And I think we can also realize some cost savings on marketing. For the year, the expense growth rate, we hope to lower from existing 17% to 10% until year-end. Thank you. Okay. We have the next question about loan and asset quality. With weaker macro growth, which areas of credit risk is the management monitoring? SME and unsecured personal loans. How have the borrowers' cash flow behave in these 3 months? Yes. In the first quarter, there is no sign of asset quality deterioration, which is a good sign. And also, there are a few industries that we will watch closely, including -- hold on -- sorry, including dining or tourism-related, transportation, retail and apparels, clothing or shoewears. There are a total of 14 industry categories that will -- that we will close-watch and monitor. However, as far as what we observed so far, the asset quality -- the overall asset quality is still okay. Because when we selected customers in these industries, we particularly selected those who are strong and sound in terms of their financial structure. And also, we have enough amount of collateral against their exposure. So as far as now, we are close -- we close-watch, and we also perform credit review case by case. So for SME unsecured personal loan, we do not see immediate threat. And borrowers' cash flow, so far, is still quite okay. And there are actually 2 programs supported by the government. One is the bailout program, and one is the relief program. For the bailout program, the borrowers can be extended for their principal repayment for 6 months. And for the relief program, they can borrow additional loans from banks. And however -- as far as what we observed so far, actually, a lot -- actually quite a few number of customers, they are actually still quite healthy, but they just want to borrow some extra -- to apply some extra loan facility from the banks to make sure that they will get through the period of time. However, financial-wise, they are quite healthy and quite strong. So I think there -- in Taiwan, the virus situation is controlled quite well and the asset quality is still okay. And the next question is, how has the virus outbreak changed or speed up E.SUN's digital banking progress? And indeed, during the period of time, there is an increasing amount of transactions coming through our digital banking platform, especially, there are maybe like -- 60% of the transactions are coming from digital banking platform, including foreign currency exchange or application for credit card or online loans, 60% of the transactions are coming from digital platform. Also, in the analysis of the -- of our credit card consumption, of course, because of the travel restriction imposed by every country, so the travel-related or hotel accommodation-related expenses has dropped very severely. On the other hand, the online shopping has been increasing over the past few weeks. So I think E.SUN's strategy, once again, we think it's on the right track because of our -- for our credit card strategy, we mainly focus on acquiring new customers who are willing to use digital payment and digital transactions. So I think the outbreak, the virus outbreak is -- we -- so we once again affirm that we are on the right track, and we will continue to invest in digital banking platform. Yes. The next question is about loan. What is driving strong growth in mortgage loan growth? Are we seeing any slowdown in loan growth momentum? For mortgage loan, I think it's highly related to real estate market. In fact, a lot of people are speculating that the -- how the market will drop during the period of time. However, there is some price correction, but the trend -- but there is no significant drop in terms of real estate price and -- due -- and in fact, for the past week, the transaction and the application for mortgage has actually increased. So that hard demand on properties is still very strong in Taiwan, especially when the interest rate is lower. In a low interest rate environment, for a society like Taiwan, I think the real estate is still -- some products that is the most sought for. We still maintain a very positive outlook in housing market and mortgage, and the mortgage -- so the -- so in short, the mortgage driver is mainly driven by demand on houses. And for now, we do not see too much sign of slowdown in loan growth. Thank you. The next question is about our foreign currency investment portfolio. Yes, the -- actually, we still -- we -- the investment in equity is very, very limited. That explains why we do not have too much -- we have very, very limited loss in stock market in the first quarter, and it is reflected in our revenue. The other income or the trading income does not drop too much. And also on our investment in bond, we still keep our duration short at 1.2 to 1.5 years and 99% are A-rated fixed income product. The overall yield for the investment is roughly 4%. Still the majority is floating rate, but the proportion has dropped from more than 90% to maybe 70%. Thank you. The next question is about foreign currency deposits, the reason behind strong foreign currency deposit growth and the driver behind it. Is it because we acquired new customers or existing customers? I think it can be discussed in 2 ways. First is from the corporate clients. As you know, overseas has been our main strategic focus for the past few years, and we have acquired a lot of cross-border Taiwanese companies. And the -- for the companies who only need NT dollar loan, they are no longer our target customers. And we focus on the cross-border companies who need not only loan in foreign currency, but also a wide range of products, for example, like foreign currency exchange or cash management. And for the corporate RMs, their KPI is no longer loan balance by itself. They will also be evaluated on the growth of their fee income and also the growth of their customers' deposit in foreign currency. And secondly is from the individual, we have a good online personal banking platform. On average, every day, we have many foreign currency exchange transaction take place on it. And also the transaction amount can go up to more than USD 50 million on some particular days when the foreign currency rate are -- is very volatile. So it also helped us to have a very diversified base for our foreign currency deposit because as opposed to a lot of other banks who get their foreign currency deposit mainly from corporate clients. However, E.SUN is more balanced, because through that platform, we get to get exposed to many individual clients, and they are happy to make that foreign currency exchange and keep their deposit at E.SUN, just because that balance break in our foreign currency deposit clients. So we can keep delivering good growth in foreign currency deposits. -------------------------------------------------------------------------------- Harris Lin, E.SUN Financial Holding Company, Ltd. - Manager of IR [2] -------------------------------------------------------------------------------- Okay. Dear investor, we just finished all of the questions from the message box. And thanks for your participation in our online conference. And through this event, we learned a lot of valuable opinion from all of you. So if you have -- for any further question, please feel free to contact IR team for more information. And thank you and have a good day. Bye-bye.
