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(1) OBU Market share - NIM
Offshore lending remains the relative strong growth area due to USD funding cost remaining relatively low compared to CNY and ASEAN currencies funding rates. We believe the structural trend is that USD lending will continue to show better growth than TWD domestic lending. Since June, the USD 3M Libor rate has dropped 11 bps to 0.35%, making the USD even more attractive for borrowing. Large-cap banks (Mega and Chinatrust) have a better franchise to fund USD loan demand.
We expect solid franchises and sufficient capital will help large caps outperform. FX lending in USD (RMB in the future) will also likely widen the gap between large franchise/capital efficient players and small franchise/capital deficient players.
Offshore lending remains the relative strong growth area due to USD funding cost remaining relatively low compared to CNY and ASEAN currencies funding rates. We believe the structural trend is that USD lending will continue to show better growth than TWD domestic lending. Since June, the USD 3M Libor rate has dropped 11 bps to 0.35%, making the USD even more attractive for borrowing. Large-cap banks (Mega and Chinatrust) have a better franchise to fund USD loan demand.
We expect solid franchises and sufficient capital will help large caps outperform. FX lending in USD (RMB in the future) will also likely widen the gap between large franchise/capital efficient players and small franchise/capital deficient players.
(2) DBU lending - NIM
Corporate loan demand should slow in 3Q12 due to weakening global demand for Taiwan exporters. 
(3) Trading play - Fee Income
Chinatrust valuation remains attractive as it is trading at one standard deviation below its long term average.
(4) Regulation restriction
Tier I Ratio(legal minimum is 8.65%) or Life RBC ratio(legal minimum is 200%). As bank’s tier 1 capital dropped to 8.65%, Bank will need to raise equity as relatively better banking sub is also in need of common equity.
(5) Insurance - FPY(保費收入)
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