SinoPac Financial Holdings Co., Ltd. (2890) AI Stock Analysis

SinoPac Financial Holdings Co., Ltd.

(TWSE:2890)

Select Model

Rating:66Neutral

Price Target:TWD 45.00▲(5.14% Upside)

Action:initiatedcoverage

Date:11/09/26

The score is driven primarily by solid financial performance — double-digit revenue growth, 20% earnings growth, improving margins, a stable ~10.4% ROE and a strengthened equity cushion — tempered by elevated leverage (1.57x debt-to-equity) and historically erratic cash flow typical of a bank. Technicals are the main drag: despite holding above its 100- and 200-day averages, the stock has broken below its short-term moving averages with negative MACD and weak RSI/Stochastic readings, signalling an ongoing pullback. Valuation is fair but not cheap, with a 15.7x P/E only partly offset by a 2.6% dividend yield. Overall, a fundamentally healthy regional bank facing near-term price weakness and limited valuation upside.

Positive Factors

Revenue and earnings growthThe sustained rise in revenue and earnings indicates improving operating scale and business momentum across the group. If maintained, stronger growth can support reinvestment in banking, securities, and wealth-management activities while improving the company’s ability to build earnings over the next several quarters.

Negative Factors

Higher leverageThe substantial increase in debt-to-equity reduces balance-sheet flexibility and makes the group more sensitive to credit or market stress. Even with adequate capitalization and stable profitability, higher leverage can constrain future capital allocation and increase the impact of adverse financial conditions.

SinoPac Financial Holdings Co., Ltd. (2890) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 649.41B
Dividend Yield: 2.53%
Average Volume (3M): 26.36M
Price to Earnings (P/E): 16.1
Beta (1Y): 0.46
Revenue Growth: 30.53%
EPS Growth: 55.89%
Country: TW
Employees: 15,448
Sector: General
Sector Strength: 55
Industry: Banks - Regional

SinoPac Financial Holdings Co., Ltd. Business Overview & Revenue Model

Company Description

SinoPac Financial Holdings Company Limited operates as a diversified financial services group, delivering a broad spectrum of offerings globally through its various subsidiaries. The company's operations are strategically organized across key segment...

SinoPac Financial Holdings Co., Ltd. Financial Statement Overview

Summary

SinoPac shows credible fundamental strength: revenue of NT$133.9bn (+10% YoY) and net income of NT$26.6bn (+20% YoY), with margins improving across gross (55.3%), operating (23.9%) and net (19.8%) lines. The balance sheet has scaled to NT$3.69tn in assets while equity grew a faster 24%, lifting the capital cushion to ~6.9% and keeping ROE stable near 10.4%. Offsetting this, debt-to-equity of ~1.57x is well above pre-2023 levels, margins remain below 2021 peaks, and cash flow — though strongly positive at NT$45.7bn operating and NT$44.1bn free cash flow this year — has been highly volatile historically, swinging from a NT$150bn outflow in 2023 to large inflows in other years.

Income Statement

79Positive

Balance Sheet

70Positive

Cash Flow

60Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	95.71B	133.87B	121.74B	103.91B	66.54B	53.80B
Gross Profit	66.21B	74.08B	63.58B	52.82B	46.08B	44.74B
EBITDA	45.56B	34.85B	29.80B	25.46B	21.71B	20.84B
Net Income	38.52B	26.57B	22.23B	19.76B	15.96B	16.21B
Balance Sheet
Total Assets	4.00T	3.69T	3.07T	2.77T	2.59T	2.38T
Cash, Cash Equivalents and Short-Term Investments	163.53B	366.50B	196.36B	30.64B	348.15B	266.14B
Total Debt	461.74B	400.92B	326.46B	328.53B	99.82B	113.47B
Total Liabilities	3.73T	3.44T	2.86T	2.58T	2.43T	2.22T
Stockholders Equity	265.00B	255.49B	205.38B	188.34B	154.02B	162.80B
Cash Flow
Free Cash Flow	1.11B	44.08B	-4.97B	-151.61B	95.65B	80.86B
Operating Cash Flow	2.98B	45.68B	-3.19B	-150.04B	97.03B	82.33B
Investing Cash Flow	-243.83B	-150.12B	-1.66B	-1.34B	-1.29B	-1.44B
Financing Cash Flow	306.01B	174.69B	8.49B	42.98B	-24.00B	6.49B

SinoPac Financial Holdings Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2890 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:5880	66Neutral	TWD 445.22B	18.61	―	2.85%	-2.59%	24.94%
TW:2890	66Neutral	TWD 644.31B	16.12	―	2.53%	30.53%	55.89%
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:2889	55Neutral	TWD 57.76B	13.10	―	3.13%	65.79%	174.93%
TW:2883	52Neutral	TWD 597.51B	11.62	―	2.79%	31.98%	143.59%

* General Sector Average

Performance Comparison

TW:2890 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2890	SinoPac Financial Holdings Co., Ltd.	42.80	17.43	68.73%
TW:2883	KGI Financial Holding Co., Ltd.	35.90	20.29	130.05%
TW:2884	E.SUN Financial Holding Co., Ltd.	47.60	18.72	64.84%
TW:2885	Yuanta Financial Holding Co. Ltd.	71.20	38.18	115.65%
TW:2889	IBF Financial Holdings Co., Ltd.	15.95	0.68	4.49%
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

SinoPac Financial Holdings Co., Ltd. AI Stock Analysis