Page 59 - 凱基證券 年報

2010 Performance
Continuing its recovery in 2009, the TAIEX hit 8,457 points at
one point before falling to 7,032 points on the shrinking US
economy and sovereign debt crisis in Europe. In the second
half of 2010, US quantitative easing measures, huge cash
flow to emerging markets and the opening up of relations with
China fueled strong TAIEX turnover. Despite fickle sentiment,
KGI Securities posted outstanding results in 2010, thanks in
part to the merger of Taishin Securities. Net profits reached
NT$3.12bn, up 35% from 2009. EPS was NT$1.00 and
ROE 6.79%. KGI's net profits were second-highest among
peers. Regional deployment, spanning Hong Kong, Thailand
and Singapore, sustained overseas earnings contribution
at the high level of NT$0.7bn in 2010, accounting for 23%
of consolidated Group earnings. KGI Thailand increased its
brokerage market ranking from ninth to fourth last year. At KGI
Hong Kong, brokerage revenues were up 10.3% from 2009.
KGI Securities' banner performance in 2010 has cemented its
reputation as a regional player.
Breaking down results by business segment, the brokerage
division posted gross profits of NT$7.2bn in 2010, up
119.6% from 2009. After the merger with Taishin Securities,
on the back of expanded scale, talents and strong core
competitiveness, KGI Securities increased the number of
brokerage outlets to 88 in Taiwan, for market share of 8.02%.
This ranked KGI the second largest securities house in the
country. KGI Securities has benefited from the recovery of the
stock market since the second half of 2010. In addition, in the
margin loan and securities loan businesses, market share grew
113.11% and 89.59% from 2009, respectively, to reach 8.82%
and 9.88%.
KGI Securities' underwriting division contributed NT$544mn to
consolidated net operating revenues in 2010, up 86.3% from
NT$292mn in 2009. We attribute the robust growth to the
professionalism of employees and the impetus of competent
authorities for fund raising in the primary and secondary
markets, which increased demand. Last year, KGI Securities
led eight IPO deals, including TDR issuances, and 13 SPO
deals, including seasoned public offering and domestic
corporate bonds, for 21 deals in total. Total underwriting
value amounted to NT$17.7bn, ranking second in Taiwan's
underwriting market. In comparison to the underwriting
activities in 2009, the deal counts and underwritten volume
value respectively grew 425% and 111% in 2010. Counting
only the IPOs (including TDR issues), KGI's underwriting
market share climbed to 21.15% last year, for a contribution of
NT$12.3bn, the highest in Taiwan.
In regards to the proprietary trading business, due to the
severe fluctuations of the stock markets last year and given
the unique characteristics of the business, KGI's proprietary
trading team faced high market risk in 2010. However, the
team garnered strong returns on long-term investments,
which attests to KGI's stringent risk control system and strong
trading discipline. KGI has profited enormously, despite fickle
and bearish market sentiment, from the adoption of diverse
trading strategies to fit different markets.
In the fixed income business, KGI Securities ranked No.1 in
corporate bonds and bank debentures underwriting in 2010,
with a 20.23% market share. The business was supported by
steady economic recovery and improvement of businesses'
financials. KGI Securities also relied on precise interest rate
forecasts and credit rating know-how. In addition, in 2010,
the Company enjoyed the top leadership position in issuance
of local 100% principal-guaranteed structured products
(56.98% market share), interest rate swap trading (35.96%),
bond option trading (26%), credit derivatives trading (74%) and
convertible bond asset swap-credit (25.44%). These market
share numbers all represent No.1 rankings in the fixed income
industry in Taiwan last year.
KGI Securities enhanced its competiveness across the board
in 2010. The Company attributes its standout performance to
its dedicated workforce and the execution of carefully thought-
out, innovative strategies. With regional integration, sales
network expansion, insightful equity research and stringent
risk management, KGI Securities has maintained balanced
development among its various, diversified businesses.
Moreover, KGI Securities has, through its comprehensive sales
and services channels, been better able to provide customers
with a diversified product offering. These are the reasons that
KGI Securities can continue perform well even amidst market
volatility.
57 2010 年營運成果 2010 Performance