Q1 2025 Chailease Holding Company Ltd Earnings Call Transcript
Key Points
- Chailease Holding Co Ltd (TPE:5871) achieved a 2% year-over-year increase in its consolidated credit portfolio, despite a challenging macro environment.
- ASEAN operations showed strong performance with a 6% year-over-year growth in the credit portfolio and a 44% increase in net profit due to fewer impairment losses.
- China's funding cost improved, benefiting from a decrease in the Loan Prime Rate (LPR), which helped maintain the interest spread and return profile.
- Taiwan's solar net assets grew by 9% year-over-year, indicating strong growth momentum in this segment.
- The company received a significant tax rebate of RMB 200 million in China, contributing to a 32% quarter-over-quarter increase in consolidated net profit.
- Consolidated revenue for the first quarter of 2025 decreased by 1% year-over-year and 2% quarter-over-quarter, primarily due to lower revenue in Taiwan and China.
- The consolidated net profit decreased due to reduced revenue and increased impairment losses, despite the tax rebate in China.
- China's credit portfolio decreased by 2% year-over-year and 3% quarter-over-quarter, reflecting a cautious approach in a challenging operating environment.
- The delinquency ratio increased in both Taiwan and China, with Taiwan's ratio rising to 3.1% and China's to 5.7%, indicating asset quality concerns.
- The cost-to-income ratio increased from 27% to 30% year-over-year, driven by a decrease in operating profit.
Welcome to the Chailease first quarter 2025 earnings release conference call. (Operator Instructions) And as a reminder, this conference is being recorded. For your information, a webcast replay will be available within an hour after the conference has finished.
Now I would like to turn the call over to Vic Wang, Project Vice President of the Chailease Holding. Mr. Wang, please go ahead.
Thank you. Hi. Good evening, everyone. I would like to welcome everyone to Chailease Holding's first quarter 2025 earnings conference call. With me this evening is Ms. Sharon Fan, Head of IR, and she will be open to your questions in the Q&A period. I will walk you through this quarter's earnings presentation, which is available for download on our corporate website under the IR section.
As a reminder, please refer to the disclaimer regarding forward-looking statements at the front of the presentation. The agenda we are going to cover for today on slide 3 includes management highlights,
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