Yongfeng Financial held its second quarter legal meeting today. General Manager Zhu Shiting said that the three major mergers are about to be included, so the urgent task is to do a good job of merging. The next step is to study the financial transaction and evaluate the important role of the financial-controlled version. Chief economic scholar Huang Zhiji is optimistic that the Taiwan stock market will reach a maximum of 26,180 points, but the 232 clause will trigger a major rebound in the Taiwan stock market because Trump will not let anyone go.
Yongfeng Gold's net profit after the first half of the year reached a new high in the same period
Zhu Shiting said that Yongfeng earned net profit after tax in the first half of the year was RMB 12.6 billion, an annual increase of 3.4%, with earnings per share (EPS) of RMB 0.99, a record high in the same period, with a growth rate significantly better than -23.1% of the same industry; the annual return on equity (ROE) reached 12.35%, with a net value of RMB 16.24, and the annual composite growth rate (CAGR) in the past five years reached 17.4%, which is better than the 8.6% of the same industry.
Zhu Shiting pointed out that Yongfeng Gold's overall net income in the first half of the year was 35.54 billion yuan, a record high in the same period, mainly from the stable growth of its bank's subsidiaries, with net interest income of 17.31 billion yuan, an increase of 46% year-on-year, benefiting from the reduction in US dollar fund costs, and 80% of the shares of Amret Plc., a micro-deposit financial institution leading in Cambodia since January 15, and recognized the income.
Zhu Shiting shared that the three major mergers of Yongfeng Financial will be included in the group, so the urgent task is to do a good job of integration. The next step is to study the merger of compensation. At present, research on possible standards has been conducted, mainly to evaluate whether it is interrelated with financial holdings. It is expected that it will be helpful to operations in the future, because financial holdings are an important role in the financial holding version.
After taxes in the first half of the year, the net profit reached 1.114 billion yuan, an increase of 14.6%. General Manager Zhuang Fengfu said that due to the significant growth promotion of net interest income and continuous net expenses, the annualized ROE in the first half of the year reached 12.03%, which has increased significantly compared with the past few years. Amret's addition further improved Yongfeng's deposit spread (Spread) and net spread (NIM), and strengthened overseas growth dynamics.
The net profit after tax in the first half of the year was 2.1 billion yuan, a year-on-year decrease of 27.6%. General Manager Su Weijia said that the average daily volume of Taiwan stocks fell by 17% in the first half of the year, resulting in a decline in securities trading fee revenue. Despite the challenges, it is still actively expanding its diversified sources of revenue. The continuous fee revenue of Pan-Financial Management still increased by 2.3% year-on-year, accounting for 37.4%.
Yongfeng Financial acquired 100% of the shares of Jingcheng Silver through cash and shares. On October 1, it officially became a subsidiary of Yongfeng Financial Holdings. It is expected to complete the merger with Yongfeng Bank in the fourth quarter next year. Yongfeng Financial Securities absorbs and merges Taiwan Securities. The merger base date is October 20. Yongfeng Financial will begin to recognize Jingcheng Silver and Exchange Certificate from October.
Regarding Trump's tax closure issues, Zhu Shiting said that Trump actually made the businessman's essence fully realize, so he regarded governing the country as a transaction, but the tax closure seems to have a next step, because the whole pace has not stopped now because he has invested in Intel, so he is still more cautious in the second half of the year. Although the expected joint interest rate will be lowered, the overall situation must be cautious.
Su Weijia said that tax levies were gradually more determined last month, but Taiwan's export figures in July were still high, which is expected to affect the export figures in August, and it will remain flat in the second half of the year. The interest rate cut is in line with expectations. At present, it is a 1-2 interest rate cut in September, and 3 codes for the whole year. Unless it exceeds 3 codes, the overall rate cut has entered the interest rate cut.
Huang Zhiji said that global stock markets are paying attention to Trump's movements. This time, from the two most economic warnings and financial markets, the main focus is on the overall adjustment of Taiwan's GDP this year to 4.45%, and it is estimated that it will reach 2.81% in 2026. The whole world is hurt by tax liability, and Taiwan is affected by 0.6%. Overall, the situation in various countries continues to expand, but it has a trend.
Huang Zhiki pointed out that again is the financial market. In early April this year, the Taiwan Stock Exchange fell sharply to 17391.76 points on tax liberation day, and then rose to 19872.73 points. At that time, he said he had not bought it and would still hit the second shot. As a result, he went up and did not turn back. He has risen all the way to 24482.52 points, which has exceeded 7,000 points in total. The Taiwan Stock Exchange 2.0 has become a "three-wave road", including uphill, downhill and unexpected.
Huang Zhiki shared that the current positive for the Taiwan Stock Exchange is AI and interest rate cuts, and negative for the tax and the terms 232. The two forces are pulled. Based on the estimated earnings per share (EPS) of all enterprises in the Taiwan Stock Exchange next year, the highest positive for the Taiwan Stock Exchange is expected to reach 26,180 points, but the terms 232 are still under investigation and the tax rate has not been truly announced yet.
Huang Zhiqi believes that Trump clearly informed that Term 232 must go to the U.S. factory, covering not only chips, but also servers, display cards, and online exchangers, which will inevitably increase corporate operation costs. The scope of Term 232 is announced at the time, and it is expected to trigger a major rebound in the Taiwan Stock Exchange, because 77% of Taiwan's US imports are in the electronic field. No one knows the announcement time now. It was originally said that the end of August or early September..
Huang Zhiji analyzed that the exchange rate of the new Taiwan dollar is below 30.7 yuan, which is currently a quota, but we must pay attention to Trump’s important Milan report. Among the five major issues, there are only a century-old debt left, and the others have not yet been realized. Therefore, it is important to note that the Taiwan dollar may return to 29 yuan, or 28.5 yuan, because there will be a exchange rate manipulation report in November.
Huang Zhiji emphasized that the Taiwan Stock Exchange is currently optimistic about the Mid-Autumn Festival market, but the Christmas market is more conservative. It seems that the market will go all the way up. As for whether it will reach 26180 points and go all the way, because it is very likely that a policy will change. It can only be said that the 232 clause will be a big harm to Taiwan, because Trump will not be polite to anyone, and will repair it as usual regardless of which country.
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