Chailease Holding Co Ltd (中租控股), the nation’s top leasing services provider, yesterday said it expected stable growth in Southeast Asia, but would continue to focus on the main markets of Taiwan and China.
The company said that it would continue to work on increasing the contribution from Southeast Asian sales to 20 percent of overall revenue, without providing further details on its business units in the region.
“We are that concerned with tracking the sales contribution from ASEAN,” Chailease chairman Albert Chen (陳鳳龍) said in an earnings teleconference, noting that earnings were better in markets where the company has built up more experience.
Thailand, where the company has the longest history among Southeast Asian countries, is expected to see stable growth of 5 percent to 10 percent in sales annually.
Vietnam, where the company has established a solid foothold, should see 30 to 40 percent growth this year, in line with last year’s development, Chen said.
The company entered Malaysia only a year ago, so is too early to predict growth this year, Chen said, adding that the country has “immense potential.”
However, the mall size of the Cambodian market poses as a challenge for expansions, Chen said.
During the first half of this year, the company’s profits from ASEAN markets rose 9 percent year-on-year to NT$385 million (US$12.7 million), with earnings rising 5 percent last quarter from the previous quarter to NT$197 million, company data showed.
The company’s loan book in ASEAN last quarter posted a 12 percent annual rise, outpacing the 9 percent gain in Taiwan and 3 percent rise in China.
During the same period, the company saw the delinquency ratio ratio in the Taiwanese market improve from 4 percent to 3.7 percent, while Chinese operation’s delinquency ratio dropped from 4.7 percent to 4.2 percent.
The company reported that net income last quarter rose 14.94 percent annually and 1.66 percent quarterly to NT$2.19 billion. Earnings per share were NT$1.93.
Sales were NT$9.86 billion, up 3.11 percent annually and 5.18 percent quarter-on-quarter.
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