热门:中弘股份吧 乐视网吧 攀钢钒钛吧
发表于 2018-09-29 17:26:14 股吧网页版
Looking for a stronger 2H 查看PDF原文

研报日期:2018-09-29

  建设银行(00939)

  Event

  In-line result. CCB reported EPS of Rmb0.59, up 7% yoy, and the result wasin-line with the consensus but slightly below our estimate. Although PPoPgrowth remained strong at 7% in 1H18, we expect net fee income to contractinto 2H18 because CCB started to reduce its WMPs. However, we expectmore growth in the loan book, especially micro-SMEs and consumer, andmore revenue contribution from credit cards to offset the weakness andsupport its PPoP growth in 2H18.

  Impact

  NIM could be under pressure. NIM declined to 2.33% in 2Q18 from 2.35% in1Q18, but was still higher than 2.29% in 2H17. As asset growth decelerated to0% qoq ( 5% yoy) in 2Q18, NII growth was flattish qoq but still up 10% yoy.Loan growth from credit cards ( 12% YTD) and mortgages ( 7% YTD) offsetthe weakness in the corporate sector ( 3% YTD). As such, loan growth slowedto 7.1% yoy in 2Q18 from 7.6% in 1Q18, but we expect more loan quotas to bereceived in 2H18. Deposit cost remained unchanged, but could rise if CCBdecides to grow more loans into 2H18.

  Fee income growth remained sluggish. Fee income growth was 1% yoybecause strong credit card fees ( 13% yoy; 3% hoh) offset the contraction inwealth mgmt.-related fees (-21% yoy; 22% hoh). Among them, WMP feesdeclined by 47% yoy because of rising price competition and reduced scales (-2% yoy; 8% hoh). As we believe it has started cutting the scale of WMPs, webelieve its fees could contract into 2H18. Notably, online transaction fees rose60% yoy and accounted for 10% of fees. Despite strong credit card growth,operating cost rose by only 6% yoy and the cost-income ratio remained stable.

  Asset quality remained benign. Provision cost rose by 10% yoy in 1H18, butwe expect less provision in 2H18. The migration of performing loans stayed atthe same low in 1H18, but it wrote off less NPLs in 1H18 (Rmb18bn in 1H18vs. Rmb27bn in 1H17) – the NPL ratio stayed flattish at 1.48% and the broadbased NPL ratio declined slightly to 4.30% in 1……[麦格理资本]
[点击查看PDF原文] 今日最新研究报告

提示:本文属于研究报告栏目,仅为机构或分析人士对一只股票的个人观点和看法,并非正式的新闻报道,本网不保证其真实性和客观性,一切有关该股的有效信息,以沪深交易所的公告为准,敬请投资者注意风险。
作者:您目前是匿名发表   登录 | 5秒注册 作者:,欢迎留言 退出 | 发表新主题
提示:用户在社区发表的所有资料、言论等仅代表个人观点,与本网站立场无关,不对您构成任何投资建议。用户应基于自己的独立判断,自行决定证券投资并承担相应风险。《跟帖评论自律管理承诺书》

研报日期:2018-09-29

  建设银行(00939)

  Event

  In-line result. CCB reported EPS of Rmb0.59, up 7% yoy, and the result wasin-line with the consensus but slightly below our estimate. Although PPoPgrowth remained strong at 7% in 1H18, we expect net fee income to contractinto 2H18 because CCB started to reduce its WMPs. However, we expectmore growth in the loan book, especially micro-SMEs and consumer, andmore revenue contribution from credit cards to offset the weakness andsupport its PPoP growth in 2H18.

  Impact

  NIM could be under pressure. NIM declined to 2.33% in 2Q18 from 2.35% in1Q18, but was still higher than 2.29% in 2H17. As asset growth decelerated to0% qoq ( 5% yoy) in 2Q18, NII growth was flattish qoq but still up 10% yoy.Loan growth from credit cards ( 12% YTD) and mortgages ( 7% YTD) offsetthe weakness in the corporate sector ( 3% YTD). As such, loan growth slowedto 7.1% yoy in 2Q18 from 7.6% in 1Q18, but we expect more loan quotas to bereceived in 2H18. Deposit cost remained unchanged, but could rise if CCBdecides to grow more loans into 2H18.

  Fee income growth remained sluggish. Fee income growth was 1% yoybecause strong credit card fees ( 13% yoy; 3% hoh) offset the contraction inwealth mgmt.-related fees (-21% yoy; 22% hoh). Among them, WMP feesdeclined by 47% yoy because of rising price competition and reduced scales (-2% yoy; 8% hoh). As we believe it has started cutting the scale of WMPs, webelieve its fees could contract into 2H18. Notably, online transaction fees rose60% yoy and accounted for 10% of fees. Despite strong credit card growth,operating cost rose by only 6% yoy and the cost-income ratio remained stable.

  Asset quality remained benign. Provision cost rose by 10% yoy in 1H18, butwe expect less provision in 2H18. The migration of performing loans stayed atthe same low in 1H18, but it wrote off less NPLs in 1H18 (Rmb18bn in 1H18vs. Rmb27bn in 1H17) – the NPL ratio stayed flattish at 1.48% and the broadbased NPL ratio declined slightly to 4.30% in 1……[麦格理资本]
[点击查看PDF原文] 今日最新研究报告

提示:本文属于研究报告栏目,仅为机构或分析人士对一只股票的个人观点和看法,并非正式的新闻报道,本网不保证其真实性和客观性,一切有关该股的有效信息,以沪深交易所的公告为准,敬请投资者注意风险。

扫一扫下载APP

扫一扫下载APP
信息网络传播视听节目许可证:0908328号 经营证券期货业务许可证编号:913101046312860336 违法和不良信息举报:021-34289898 举报邮箱:jubao@eastmoney.com
沪ICP证:沪B2-20070217 网站备案号:沪ICP备05006054号-11 沪公网安备 31010402000120号 版权所有:东方财富网 意见与建议:021-54509966/021-24099099