China Bills Finance Corporation AI Stock Analysis
China Bills Finance Corporation (2820) AI Stock Analysis
China Bills Finance Corporation
(TWSE:2820)
China Bills Finance scores in the mid-range. The strongest supports are its cheap valuation (9.7x earnings) and high 5.5% dividend yield, paired with improving fundamentals — three straight years of revenue and profit growth, a wider net margin, better ROE and cash-backed earnings. The main drags are structural balance sheet risk, with equity funding only about a tenth of assets, roughly 8.4x debt-to-equity, thin spreads and volatile operating cash flow that leaves profits highly sensitive to interest rates. Near-term technicals add caution, as the shares trade below all key moving averages with a negative MACD, though oversold momentum readings suggest downside may be limited.
China Bills Finance Corporation (2820) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- TWD 21.76B
- Dividend Yield
- 5.50%
- Average Volume (3M)
- 2.91M
- Price to Earnings (P/E)
- 9.2
- Beta (1Y)
- 0.10
- Revenue Growth
- 16.26%
- EPS Growth
- 40.64%
- Country
- TW
- Employees
- 166
- Sector
- General
- Sector Strength
- 55
- Industry
- Investment - Banking & Investment Services
China Bills Finance Corporation Business Overview & Revenue Model
Company Description
China Bills Finance Corporation provides various financial services in Taiwan. The company engages in the certification and underwriting of short-term bills and bank debentures; brokerage and trading of short-term bills, bank debentures, government a...
China Bills Finance Corporation Financial Statement Overview
Summary
Earnings momentum is solid: FY2025 revenue rose ~14% to NT$6.96bn and net income climbed ~31% to NT$1.80bn, a third straight year of growth, with net margin widening to 25.8% and ROE improving to 6.5%. Operating cash flow swung back to a positive NT$2.10bn and free cash flow covered net income roughly 1.0x, indicating good earnings quality. Offsetting this, the balance sheet is thinly capitalized for a bills finance house — equity funds only ~10.5% of NT$265.1bn in assets with debt-to-equity near 8.4x — and reliance on short-term wholesale funding plus highly erratic operating cash flow leaves results closely tied to interest rate cycles.
Income Statement
71PositiveBalance Sheet
59NeutralCash Flow
56Neutral| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.71B | 6.96B | 6.10B | 4.91B | 2.83B | 3.30B |
| Gross Profit | 6.69B | 6.89B | 2.24B | 2.02B | 1.62B | 2.84B |
| EBITDA | 5.71B | 6.24B | 1.68B | 1.55B | 1.23B | 2.34B |
| Net Income | 2.26B | 1.80B | 1.37B | 1.29B | 1.04B | 1.86B |
Balance Sheet | ||||||
| Total Assets | 273.03B | 265.12B | 252.73B | 222.36B | 207.66B | 228.73B |
| Cash, Cash Equivalents and Short-Term Investments | 346.99M | 368.64M | 877.60M | 267.74M | 557.56M | 554.60M |
| Total Debt | 241.08B | 234.30B | 2.89M | 17.34M | 32.62M | 4.50B |
| Total Liabilities | 245.16B | 237.29B | 227.50B | 197.42B | 185.68B | 203.18B |
| Stockholders Equity | 27.87B | 27.83B | 25.22B | 24.93B | 21.98B | 25.56B |
Cash Flow | ||||||
| Free Cash Flow | -10.34B | 2.09B | -1.60B | -5.99B | 3.32B | -1.54B |
| Operating Cash Flow | -10.33B | 2.10B | -1.58B | -5.99B | 3.32B | -1.54B |
| Investing Cash Flow | -989.94M | -10.40B | -19.77M | -12.49M | -6.68M | 41.74M |
| Financing Cash Flow | 11.34B | 7.80B | 2.21B | 5.71B | -3.31B | 1.78B |
China Bills Finance Corporation Peers Comparison
Overall Rating
- TW:282063Neutral
TW:290558Neutral
TW:283657Neutral
TW:370356Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| TW:2820 | 63Neutral | TWD 21.82B | 9.19 | ― | 5.50% | 16.26% | 40.64% |
| TW:2905 | 58Neutral | TWD 18.69B | 5.97 | ― | 1.80% | -5.93% | ― |
| TW:2836 | 57Neutral | TWD 21.46B | 15.26 | ― | 3.43% | 2.92% | 26.83% |
| TW:3703 | 56Neutral | TWD 19.72B | 8.71 | ― | 4.40% | 17.98% | 267.52% |
| Sector * | 55Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TW:2820 | China Bills Finance Corporation | 16.35 | 0.64 | 4.07% | |
| TW:01002T | Cathay No. 1 Real Estate Investment Trust | 12.50 | -1.61 | -11.39% | |
| TW:2836 | Bank of Kaohsiung Co., Ltd. | 11.65 | 0.04 | 0.34% | |
| TW:2905 | Mercuries & Associates, Holding Ltd. | 16.70 | 2.60 | 18.41% | |
| TW:3703 | Continental Holdings Corp. | 23.85 | 2.83 | 13.47% | |
| TW:5859 | Farglory Life Insurance Co. Ltd. | 14.35 | -0.42 | -2.82% |
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.
Date of analysis: Nov 09, 2026