Yuanta Futures Co., Ltd. (6023) 2024 Q4 法說會簡報

Company Overview

Yuanta Futures Co., Ltd. is a leading futures broker in Taiwan, established in 1997 and listed in 2007. The company has 245 locations, including 5 futures branches, 147 Yuanta Securities branches, and 93 external branches. As of 2024, the company has 396 employees and a net worth of NT$15.92 billion.

Basic Information

• Company Name: 元大期貨股份有限公司 (Yuanta Futures Co., Ltd.)
• Stock Code: 6023
• Year Established: 1997
• Year Listed: 2007
• Number of Locations: 245
• Number of Employees: 396
• Net Worth (as of 2024/12/31): NT$15.92 billion
• Capital (as of 2024/12/31): NT$2.9 billion
• Memberships: 16 international exchange memberships
• ANC (Risk-Adjusted Net Capital): 50.6% (as of 2024/12/31)

Management Team & Investor Relations

• Spokesperson: 袁良慧 Karen Yuan
• Acting General Manager: 高毅瑞 Alan Kao
• Executive Vice President: 陳敬仁 Austin Chen
• Investor Relations Contact Person: 陳敬仁 執行副總經理 (Austin Chen, Executive Vice President)
• Investor Relations Email: YF_BOD@yuanta.com
• Contact Address: 104台北市中山區南京東路二段77號2(部分)、3、4、5樓
• Contact Phone: (02)2717-6000

Company Description & Vision

• Description: Deeply cultivated in the futures market for 27 years, Taiwan's leading brand in the futures industry.
• Goal: Asia International Class Futures Broker (亞洲國際級期貨商)
• Core Operating Philosophy (2025): 「創新前瞻 財富永續」 (Innovation & Foresight, Wealth & Sustainability)

Investments

• 元大期貨(香港) (Yuanta Futures (Hong Kong))
• 元大國際(新加坡)籌設中 (Yuanta International (Singapore) in preparation)
• 勝元期資訊清算中 (Sheng Yuan Futures Information Clearing in progress)

Global Presence & Strategy

• Yuanta Futures (Taiwan): Taiwan's leading futures broker, 16 international exchange memberships, commodity trading, customized options, LME Kaohsiung delivery warehouse
• Yuanta Futures Hong Kong: Exclusive Vietnamese products, connecting China, Korea, Malaysia, Thailand markets, Asia gold pricing center, mainland China secondary agent window, non-ferrous metals delivery
• Yuanta International (Singapore) (in preparation): Expand clearing business, moving towards large and medium-sized market access in Asia, expand commodity and foreign exchange businesses, base for Southeast Asian markets

Financial Highlights

Profitability Indicators

• Net Income After Tax: NT$2.167 billion (+17% YoY)
• ROE After Tax: 14.24%
• EPS After Tax: NT$7.47
• Dividend Payout: NT$4.80 (subject to formal approval by the shareholders' meeting)

Market Share

• Share of All Dedicated Futures Brokers' Net Income After Tax: 31.2%
• Share of All Dedicated Futures Brokers' Brokerage Fee Income: 25.3%
• Domestic Futures and Options Market Share: TOP 1, 20%
• International Futures and Options Market Share: TOP 1, 27%
• Client Margin Market Share: TOP 1, 33%
• Individual Stock Futures Market Share (Monthly Avg.): 24.6% (NO.1)
• Japan Futures Market Share: 25% (NO.1)

Financial Health

• ANC Ratio (as of 2024/12/31): 50.6%
• Capital Adequacy Ratio (as of 2024/12/31): 50.6%
• Capital Increase Overview:
  • Initial Capital: NT$2.323 billion (108.10)
  • Capital Increase 1: NT$0.177 billion -> Capital: NT$2.500 billion (109.03)
  • Capital Increase 2: NT$0.400 billion -> Capital: NT$2.900 billion (110.11)
  • Issuance of Subordinated Debt: NT$1.500 billion (113.12)
• Outlook: ANC will grow to nearly 60% after capital increase in 2025.

Recent Performance and Results

Operating Performance (2024)

• Various profitability indicators continuously reached new highs, with all data ranking first in the industry.
• Operating net profit continued to increase, ranking first in profitability across the market.
• Maintained a healthy capital adequacy ratio of 50.6% by the end of December 2024, even as margin deposits grew rapidly.

Market Trends (2024)

• Domestic Futures Market: Trading volume grew by 36.15%, Micro Taiwan Index Futures became a highlight product, accounting for 45.3% of domestic futures trading volume.
• Domestic Options Market: Trading volume grew by 9.92%, Taiwan Index Options dominated options trading volume, accounting for 99.8%.
• International Futures and Options Market: Trading volume grew by 5.59%, overseas markets dominated by US and Singapore exchanges.
• Micro-sized Products: Rising investment craze among the public, micro-sized contracts favored by investors.
• Individual Stock Futures: Trading volume accounted for 32.7% of total futures trading volume.
• Japan Futures: Trading volume grew by 156% compared to 2023, Yuanta Futures vigorously promoted Japan Futures, trading volume grew by 188%, firmly holding Market Share NO.1.

Consolidated Balance Sheet (as of 2024/12/31 vs. 2023/12/31)

• Total Assets: NT$164,222,933 thousand (2024) vs. NT$112,637,446 thousand (2023)
• Total Liabilities & Equity: NT$164,222,933 thousand (2024) vs. NT$112,637,446 thousand (2023)

Consolidated Income Statement (Year 2024 vs. Year 2023)

• Total Revenue: NT$4,013,452 thousand (2024) vs. NT$3,436,053 thousand (2023)
• Total Expenses: (NT$4,740,458) thousand (2024) vs. (NT$3,834,217) thousand (2023)
• Operating Profit: (NT$727,006) thousand (2024) vs. (NT$398,164) thousand (2023)
• Profit Before Tax: NT$2,720,644 thousand (2024) vs. NT$2,286,740 thousand (2023)
• Net Profit for the Period: NT$2,166,896 thousand (2024) vs. NT$1,852,719 thousand (2023)

Future Outlook and Guidance

Operational Outlook

• Business Aspect: Adhere to risk control and compliance core, focus on core business growth.
• International Layout: Layout in Southeast Asia, actively establish Singapore subsidiary.
• Service Aspect: Continuous upgrade of IT investment, digital optimization of service processes.
• Sustainable Development: Emphasize the effectiveness of sustainability promotion, build sustainability DNA from top-down.

Market Opportunities & Risks

• Global Market Opportunities: Japanese government policies driving stock market growth, long-term bullish outlook for Japanese stocks, breaking deflation and entering economic positive cycle in Japan.
• Global Market Risks: Trump Tariff War, FED Rate Cut Pace, Middle East Geopolitical Crisis, escalating US-China Conflict, Cross-Strait Relations Tension, China's Economic Downturn.

Strategic Initiatives and Plans

Advantageous Services

• Complete Global Layout: 16 international exchange memberships, collaboration between Taiwan and Hong Kong subsidiaries to meet Asian trader needs.
• Innovative Differentiation: Leading digital trading platform, software and hardware equipment, innovative products for leveraged transaction dealers.
• Risk Management: Professional team awarded "Outstanding Risk Management" by Golden Goblet Award, comprehensively establish risk awareness and care for client profits and losses.
• Talent Development: Continuously expand business team, systematic training to establish compliance and fair treatment DNA.
• Service Excellence: Only listed futures broker recognized by the Financial Supervisory Commission, selected as one of the top 25% futures brokers in the fair treatment assessment.

International Business Expansion

• Step 1: Taiwan New Market Access, become an SGX clearing member to provide new market clearing and trading services.
• Step 2: Expand Overseas Institutional Business, based on new market business, expand to other overseas markets.

Digital Transformation & Customer Experience

• Smart Trading Pioneer: Actively investing in digital service upgrades, leading peers into the era of smart trading.
• Innovative Digital Trading Platform: Strong in-house development team, providing a complete financial management platform.
• Digital Optimization of Customer Experience and Workflow: Introduce digitalization and automation tools, simplify operations, reduce manual operation risks and time.

Risk Control & Compliance

• Strengthen internal risk control mechanisms, strictly implement compliance.
• Yuanta Futures continues to uphold the philosophy of compliance, has been ranked in the top 5% of listed companies in corporate governance evaluations for 10 consecutive years.

Friendly Financial Services

• Protect elderly and mobility-impaired clients, optimize official website services to implement inclusive finance.
• Barrier-Free Facilities and Elderly Care Services: All 5 branches have barrier-free facilities and dedicated staff for assistance.
• Official Website Services: Established a financial friendly service zone, newly revised anti-fraud zone.

Products, Services & Technology

Products & Services

• Futures Brokerage
• Futures Consulting
• Futures Proprietary Trading
• Futures Proprietary Trading - Leveraged Transaction Dealer
• Commodity Trading
• Customized Options
• LME Kaohsiung Delivery Warehouse
• New Market Clearing and Trading Services
• International Broker Recruitment Program
• Comprehensive Hedging Solutions for Institutional Clients
• Innovative Products for Leveraged Transaction Dealers
• Financial Friendly Service Zone
• Anti-Fraud Zone
• Barrier-Free Facilities and Elderly Care Services
• Account Opening Guide for Vulnerable and Special Clients

Technology Platforms, Software & Systems

• Digital Trading Platform
• Risk Management System
• 投資先生 (Investment Master)
• 期貨精靈 (Futures Genie)
• ITRADER 新一代電子交易平台 (ITRADER New Generation Electronic Trading Platform)
• 元大MoneyWin (Yuanta MoneyWin)
• Smart Conditional Orders
• K-line - Draw Line Order Entry
• Tablet Account Opening
• Digital Data Storage
• OCR (Optical Character Recognition) System
• CRM (Customer Relationship Management) System
• Smart Customer Service
• E-counter

Technical Specifications & Concepts

• ANC (Risk-Adjusted Net Capital): A key financial metric for futures firms.
• B+S (Bilateral Calculation): Method for calculating trading volume (Buy + Sell).
• Micro Taiwan Index Futures: A specific futures product on TAIFEX.
• Micro NQ100 Futures: A specific futures product on CME.
• Mini NQ100 Futures: A specific futures product on CME.
• Micro Euro: A specific futures product on CME.
• Micro SP Index: A specific futures product on CME.
• Micro Russell 2000: A specific futures product on CME.
• Individual Stock Futures: Futures contracts on individual stocks.
• Night Session Trading: Extended trading hours for futures and options.
• CFD (Contract for Difference): A type of derivative trading.
• ISO10002:2018: International standard for complaint management systems.
• Invention Patents: Yuanta Futures holds 2 invention patents related to information processing devices and methods (No. 1758633 and No. 1729682).

Disclaimers and Footnotes

• General Disclaimer: This document is provided by Yuanta Futures Co., Ltd., except for financial statement data, other information is not audited or reviewed by accountants or independent experts.
• Data Source Footnotes: Various pages, data time period is as of December 31, 2024.
• Copyright: Belongs to the Company, no reproduction, transmission, or unauthorized use without written consent.