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China Bills Finance Corporation (2820) AI Stock Analysis

TW:2820

China Bills Finance Corporation

(TWSE:2820)

Select Model
Rating:51Neutral
Price Target:TWD 16.50â–²(0.92% Upside)
Action:initiatedcoverage
Date:11/10/26

The score is constrained primarily by substantial leverage, weak debt coverage, and volatile cash flow. Attractive profitability and valuation provide support, while technical momentum remains weak despite oversold readings.

Positive Factors
Strong ProfitabilityStrong 2025 profitability indicates the company can generate substantial earnings from its bills-finance and short-term funding activities. High operating and net margins provide internal resources for dividends, capital support, and continued service to institutional and corporate clients.
Negative Factors
Sharp Leverage IncreaseThe sharp 2025 leverage increase is a durable balance-sheet concern because it heightens sensitivity to refinancing conditions and liquidity needs. Very high debt relative to equity can constrain financial flexibility, increase funding pressure, and amplify the impact of weaker market or operating conditions.

China Bills Finance Corporation (2820) vs. SPDR S&P 500 ETF (SPY)

-10%-5%0%5%10%15%20%TW:2820+5.35%SPY+14.30%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
Market Cap
TWD 22.16B
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

Strong profitability is outweighed by severe balance-sheet leverage and volatile cash flow. The income statement scored 82, while balance sheet and cash flow scored 20 and 45, respectively.

Income Statement

82Very Positive

Balance Sheet

20Very Negative

Cash Flow

45Neutral
Financial statement breakdown
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue7.71B6.96B6.10B4.91B2.83B3.30B
Gross Profit6.69B6.89B2.24B2.02B1.62B2.84B
EBITDA5.71B6.24B1.68B1.55B1.23B2.34B
Net Income2.26B1.80B1.37B1.29B1.04B1.86B
Balance Sheet
Total Assets273.03B265.12B252.73B222.36B207.66B228.73B
Cash, Cash Equivalents and Short-Term Investments346.99M368.64M877.60M267.74M557.56M554.60M
Total Debt241.08B234.30B2.89M17.34M32.62M4.50B
Total Liabilities245.16B237.29B227.50B197.42B185.68B203.18B
Stockholders Equity27.87B27.83B25.22B24.93B21.98B25.56B
Cash Flow
Free Cash Flow-10.34B2.09B-1.60B-5.99B3.32B-1.54B
Operating Cash Flow-10.33B2.10B-1.58B-5.99B3.32B-1.54B
Investing Cash Flow-989.94M-10.40B-19.77M-12.49M-6.68M41.74M
Financing Cash Flow11.34B7.80B2.21B5.71B-3.31B1.78B

China Bills Finance Corporation Peers Comparison

Overall Rating

UnderperformOutperform
Sector (55)

Financial Indicators

TW:2820 against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
TW:2905TW:290558NeutralTWD 18.69B5.97―1.80%-5.93%―
TW:2836TW:283657NeutralTWD 21.46B15.26―3.43%2.92%26.83%
TW:3703TW:370356NeutralTWD 19.72B8.71―4.40%17.98%267.52%
Sector *55Neutral$6.65B3.83-15.92%6.20%10.91%7.18%
TW:2820TW:282051NeutralTWD 21.82B9.19―5.50%16.26%40.64%

* General Sector Average

Performance Comparison

-10%0%10%20%30%TW:2820TW:01002TTW:2836TW:2905TW:3703TW:5859Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
TW:2820 and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
TW:2820China Bills Finance Corporation16.350.644.07%
TW:01002TCathay No. 1 Real Estate Investment Trust12.50-1.59-11.26%
TW:2836Bank of Kaohsiung Co., Ltd.11.650.090.75%
TW:2905Mercuries & Associates, Holding Ltd.16.702.4517.19%
TW:3703Continental Holdings Corp.23.853.0214.51%
TW:5859Farglory Life Insurance Co. Ltd.14.35-0.37-2.51%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

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