UBS has lowered its price target for Chailease Holding to NT$106 from NT$110 while maintaining a Sell rating. The company reported a 5% year-over-year earnings decline for Q1 2025 and a 7% decline for the first four months, with a more significant drop when excluding a tax rebate. Despite a slight improvement in monthly earnings run rate, credit costs remain high in China, and portfolio growth is sluggish, particularly in loans.