SPD Bank (600,000) Quarterly Report Review: Fundamental Welcomes Reversal, Speed Up to Become Top Student
Event: On April 25, Shanghai Pudong Development Bank disclosed its quarterly report for 19 years.
8 billion, a year-on-year increase of +27.
0%; profit before provision 374.
1 billion, a year-on-year increase of +27.
7%; net profit attributable to mother 164.
6 billion, a year-on-year increase of +15.
1%; ROE is 13.
88% (annualized); NPL ratio 1.
88%, provision coverage ratio 160.
Opinion: Revenue growth has picked up rapidly, and the middle income has regained its strength. The revenue caliber has been fine-tuned since 19 years.
In 19Q1, the “other business costs” of the bid-ask spreads were adjusted to “investment gains and losses”, and the former had not been included in the revenue, so the local revenue decreased slightly, and the quarterly report has restatement for 1Q18.
Revenue and PPOP growth picked up significantly.
Under comparable calibers, revenue in 19Q1 was +27 year-on-year.
0%, basically the same as in 1Q16; 1Q19 PPOP increased by 27.
5%, a new high since 1Q16.
Due to 1Q18 revenue and PPOP exceeding the growth rate is limited to -8.
2% and -11.
2%, so this significant rebound is partly due to the low base effect.
Net interest income improved significantly.
The remote index income is included in other non-interest income. If the two are combined, the growth of net index income under the old caliber can be approximated: 1Q19 is close to 32.
1% (18 years is 7).
The midfielder regained its strength.
In 18 years, the trusteeship income (including financial management) decreased by 8.2 billion a year, and the bank card handling fee increased by 5.7 billion. Therefore, the local middle income YoY-14
4%; With the recovery of wealth management, 1Q19 net handling fee was 120 billion yuan, +13 year-on-year.
2%, an increase of 14 billion per year.
The growth rate of deposits has steadily picked up, and the loan-to-deposit ratio has dropped significantly.
Its growth rate was 1 from 16-17.
2%, gradually rising to 6 in 18 years.
2%, the growth rate reached 11 in the first half of 19Q1.
Entering 18 years, the growth rate of the current period is weak, and more continuous periodic extensions have been put on hold.
As a result, one is the gap in the interest rate of deposits.
1 from 17 years.
60% rose to 1 in 18 years.
The growth rate of time deposits in the first quarter of 19 continued to rise to 36.
5%, higher than 33 in the whole year of 18 years.
2%, the pressure on subsequent debt costs still exists.
However, the growth rate of the current period in 19Q1 also bottomed out, rising from -2 in 18Q3.
4% rebounded to 5 in 19Q1.
The follow-up deposit growth structure is expected to be more balanced.
In addition, the short-term SPD loan increase mainly relies on personal loans, and its personal loan yield is significantly higher than that of the counterparty, which is good for its wide spread.
Second, the loan-to-deposit ratio has dropped significantly.
19Q1 loan-to-deposit ratio of 102.
3%, down 7 from the end of 18 years.
7 pct, the growth of deposits has improved loan expansion 杭州桑拿论坛 and reduced liquidity risk.
With the support of deposits, loan growth remained stable, and investment growth picked up significantly.
The non-performing ratio decreased and provisions increased. The application for 50 billion convertible bonds has withdrawn the non-performing ratio1.
88%, a decrease of 4BP compared with the end of 18, and provision coverage ratio of 160.
1%, an increase of 5 from the end of 18 years.
At the end of 18, SPD’s non-performing ratio was still higher than 24BP of the other 7 stock banks, and lower than the average of the other 6 33.
This time, its difference with comparable peers is expected to narrow.
50 billion convertible bonds are on the way.
In April of 19, the CSRC has accepted the application materials of 50 billion convertible bonds, and the issuance may be 无锡夜网 completed within this year.
If it is issued and fully converted, based on the RWA at the end of 19Q1, it will increase the other Tier 1 capital by 1.
11 pct, space for capital constraints from 2.
26 pct expanded to 2.
58 pct, business expansion for 2-3 years is enough.
Investment advice: Fundamental changes in fundamentals, a significant decline in the loan-to-deposit ratio, a significant increase in net interest income, and a resurgence of middle income; a significant rise in deposit growth, and a significant decline in the loan-to-deposit ratio; convertible bond applications have been replaced.
It is expected that the growth rate of net profit attributable to mothers will be 9 in 19-21.
7% / 10.
1% / 11.
8%, corresponding to EPS of 2.
57 yuan, due to the sharp change in its fundamentals, the loan-to-deposit ratio has been significantly optimized, raising the target estimate to 1x 19-year PB, and the target price of 16.
94 yuan, upgrade to buy rating.
Risk Warning: Excessive reliance on regular precipitation expansion or pressure on interest margins; uncertainty in the macro environment strengthened