E.SUN Financial Holding Co., Ltd. (2884) AI Stock Analysis

E.SUN Financial Holding Co., Ltd.

(TWSE:2884)

Select Model

Rating:71Outperform

Price Target:TWD 52.00▲(9.24% Upside)

Action:initiatedcoverage

Date:11/09/26

E.SUN Financial scores above average, driven primarily by improving fundamentals — double-digit profit growth, ROE climbing to 12.6%, and a steadily compounding asset and equity base. Technicals reinforce the case, with price trading firmly above its 50-, 100- and 200-day averages and positive MACD, while neutral RSI and stochastic readings suggest a healthy consolidation. Offsetting these strengths are the structurally thin equity cushion (~6% of a NT$4.5tn asset base), elevated leverage versus earlier years, and volatile operating cash flow including a negative 2023. Valuation is the main drag: a 19.5x P/E is rich for a regional bank, only partly compensated by a 2.98% dividend yield.

Positive Factors

Improving profitability and scaleRising ROE indicates that E.SUN has been generating stronger returns on shareholder capital, while steady asset growth supports greater operating scale. Together, these trends suggest improving franchise productivity and a broader base from which future banking earnings can develop.

Negative Factors

Severe revenue volatilityThe sharp 2025 revenue contraction weakens confidence in the durability of the latest earnings run-rate, even though net income increased. Such a wide divergence from prior performance makes forecasting more difficult and raises the risk that recent profitability reflects unusual or nonrecurring factors.

E.SUN Financial Holding Co., Ltd. (2884) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 833.89B
Dividend Yield: 2.94%
Average Volume (3M): 38.39M
Price to Earnings (P/E): 19.8
Beta (1Y): 0.12
Revenue Growth: 36.49%
EPS Growth: 29.38%
Country: TW
Employees: 11,167
Sector: General
Sector Strength: 55
Industry: Banks - Regional

E.SUN Financial Holding Co., Ltd. Business Overview & Revenue Model

Company Description

E.SUN Financial Holding Company Ltd., along with its various subsidiaries, delivers a comprehensive array of financial products and services. Its banking operations encompass a wide range of offerings, including traditional deposits and diverse loan...

E.SUN Financial Holding Co., Ltd. Financial Statement Overview

Summary

Earnings momentum is the standout: net profit compounded roughly 14% annually since 2020 to NT$34.4bn, including a ~32% jump in the latest year, while return on equity improved from about 8.0% in 2022 to 12.6% most recently (Income Statement 79). The balance sheet is expanding in a controlled way, with assets up to NT$4.52tn and equity rising every year to NT$273bn, though equity is a thin ~6% of assets (about 16x leverage) and debt-to-equity at 0.83x remains well above 2020-21 levels (Balance Sheet 70). Cash flow is the weakest pillar: the latest year delivered NT$36.6bn operating and NT$34.0bn free cash flow covering ~93% of net income, but the trend is lumpy, down from NT$59.3bn in 2024 and negative in 2023 (Cash Flow 63). Reported revenue comparability is also distorted by an apparent shift to net revenue presentation.

Income Statement

79Positive

Balance Sheet

70Positive

Cash Flow

63Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	77.55B	40.93B	141.49B	121.82B	78.88B	67.17B
Gross Profit	60.98B	40.93B	75.27B	66.49B	54.64B	57.67B
EBITDA	49.20B	44.73B	36.02B	30.40B	23.67B	27.55B
Net Income	39.05B	34.37B	26.13B	21.73B	15.76B	20.56B
Balance Sheet
Total Assets	4.87T	4.52T	4.07T	3.64T	3.48T	3.23T
Cash, Cash Equivalents and Short-Term Investments	223.63B	239.17B	328.45B	67.58B	229.13B	210.61B
Total Debt	340.21B	227.04B	237.24B	174.84B	53.39B	51.12B
Total Liabilities	4.59T	4.24T	3.81T	3.40T	3.28T	3.04T
Stockholders Equity	281.79B	272.74B	253.29B	236.25B	196.93B	194.23B
Cash Flow
Free Cash Flow	24.01B	34.01B	57.24B	-5.19B	45.04B	32.75B
Operating Cash Flow	25.52B	36.56B	59.29B	-2.46B	48.11B	38.96B
Investing Cash Flow	-263.59B	-6.06B	-7.13B	-6.43B	-10.34B	-4.61B
Financing Cash Flow	243.08B	-18.99B	-4.33B	17.35B	-17.06B	-3.39B

E.SUN Financial Holding Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2884 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2884	71Outperform	TWD 832.12B	19.75	―	2.94%	36.49%	29.38%
TW:2882	68Neutral	TWD 1.61T	12.35	―	3.10%	-15.82%	65.25%
TW:2890	66Neutral	TWD 644.31B	16.12	―	2.53%	30.53%	55.89%
TW:5880	66Neutral	TWD 445.22B	18.61	―	2.85%	-2.59%	24.94%
TW:2885	63Neutral	TWD 958.03B	17.32	―	2.43%	77.76%	64.03%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2883	52Neutral	TWD 597.51B	11.62	―	2.79%	31.98%	143.59%

* General Sector Average

Performance Comparison

TW:2884 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2884	E.SUN Financial Holding Co., Ltd.	47.60	18.72	64.84%
TW:2882	Cathay Financial Holdings Co., Ltd.	113.00	49.37	77.60%
TW:2883	KGI Financial Holding Co., Ltd.	35.90	20.29	130.05%
TW:2885	Yuanta Financial Holding Co. Ltd.	71.20	38.18	115.65%
TW:2890	SinoPac Financial Holdings Co., Ltd.	42.80	17.43	68.73%
TW:5880	Taiwan Cooperative Financial Holding Co., Ltd.	28.10	5.36	23.55%

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

E.SUN Financial Holding Co., Ltd. AI Stock Analysis