SPD Bank (600,000) 2019 Annual Results Express 重庆桑拿网 Commentary: Risks continue to be mitigated
In the past three years, the company’s balance sheet has been continuously adjusted, and the stability of the report has been improved; the stock risk in terms of asset quality is still being mitigated, and future provisions may still be withdrawn.
Matters: SPDB issued the 2019 performance report, and the annual (unaudited, the same below) operating income and net profit attributable to mothers increased year by year.
6% and 5.
36%, average ROE12.
3%, a decline of 0 per year.
Earnings growth is lower than market expectations.
The company’s net profit attributable to mothers increased by 5 in 2019.
36%, lower than the first three quarters and gradually exceeded the growth rate of 11.
Extending the scope of revenue growth improvement, the cumulative growth rate for each of the first three quarters / years is 15 respectively.
4% / 11.
6%; it is expected that the company reportedly increased its provisioning efforts in the fourth quarter.
The scale continued to expand steadily.
The company’s total assets in 2019 increased by 11.
37%, which is faster than the growth rate in 20182.
48% rebounded significantly, of which Q4 single quarter growth of 3.
The company has continued to adjust the balance sheet structure since 2017, including: ① Reducing dependence on interbank funds, and the proportion of interbank liabilities in 2019H19.
04% (down 8 from the end of 2016.
9 pcts); ② reduce non-standard investment, non-standard total assets in the 2019H table instead of 6.
99% (19 at the end of 2016.
07%) ③ Return to the loan business, and the new loans in 2017-2019H accounted for 118% of the total new assets.
9%, the 2019H earnings ratio rose to 54.
38% (45 at the end of 2016.
The structural adjustment will help enhance the stability of the balance sheet and the stabilization of future volume and price factors.
Clearing credit risk.
The company’s NPL ratio rebounded in the fourth quarter of 2019, and rose to 2 at the end of the year.
05% (up 29bps month-on-month), according to the company’s intensity of risk exposure at the end of the year; meanwhile, the difference in the growth rate of basic operating income and operating profit, we also increased provision for this company.
As of 2019Q3, the company’s “bad + attention rate” is still at 4.
A high level of 64% (A-share listed banks average 3 in 2019H.
88%), the risk exposure may still be maintained in the future, and incremental risk will focus on credit card and other fields.
In terms of provision, the provision coverage rate in 2019Q3 was 159.
11%, still below the average of 219 for listed banks.
Risk factors: The rapid growth of the macro economy is down, and asset quality worsens than expected.
Investment suggestion: After the company’s balance sheet has undergone structural adjustment for nearly three years, the stability of the statement has improved; the inventory risk in terms of asset quality is still being clarified, and the incremental risk is focused on credit card and other businesses. Provisions may still be in the futureCalculate demand.Maintain “Overweight” rating, and take into account that the company’s risks are still being cleared, and slightly lower the EPS forecast for common stock shareholders in 2020/21 to 2.
31 yuan (previous forecast 2).
49 yuan), currently sustainable corresponding to 0 in 2020.