Price target NT$28.00 Shr price, close (Oct 17, 2006) NT$26.00 Mkt cap, curr (mn) NT$184,161 52-Week Range NT$27.00-20.13 ROE (06e) (%) (6.4) Sh out, basic, per-end (06e) (mn) 7,960 S'hldr eqty (06e) (mn) NT$96,339 What's New: The Taipei prosecutor’s office has detained Chinatrust’s ex-CFO, Perry Chang, and has barred Chang, Vice-Chairman Jeffrey Koo, Jr. , General Counsel and Compliance Officer Y.D. Deng, and Financial Investment Division Vice President Sean Lin from leaving Taiwan, according to local press reports. Jeffrey Koo, Jr. is currently abroad. The prosecutor’s office’s actions are related to Chinatrust’s purchase of Mega Financial shares using offshore entities in the form of structured products. This purchase has already been investigated by Taiwan’s Financial Supervisory Commission, which penalized Chinatrust in July. At that time, Jeffrey Koo, Jr. agreed to step down as Chairman of Chinatrust Bank, and Perry Chang agreed to step down from the CFO position. In this sense, the prosecutors’ recent actions can be said to be tied to actions that are not new news. Please see our July 21, 2006, note entitled “Chinatrust Needs to Reduce Mega Shareholdings” for more details regarding our analyses of the FSC’s actions in July. Implications: Fundamentally, we do not see a material negative impact on the operations of Chinatrust due to the Taipei prosecutor’s actions. There could be substantial negative impact on a personal basis for the individual executives identified by the prosecutor’s office, and the prosecutor’s actions may cause volatility in Chinatrust’s shares from a sentiment perspective. However, we remain positive on the outlook for Chinatrust shares and retain our Overweight rating. We would use any material negative impact on Chinatrust’s share price to accumulate shares. 中国信托没有实质的负面消息，只有管理阶层的问题， 股价也许会因此而波动，但基於稳健的基本面， MorganStanley认为逢低买进。 -- http://www.wretch.cc/blog/magpower it's not about money, it's about life. --

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