Shanghai the first to buy Far East horizon 总裁的狼吻

Shanghai: the first to buy Far East horizon hot column capital flows thousands of thousands of stocks the latest Rating Rating diagnosis simulated trading client Sina Hong Kong contest fiery recruitment: 300 thousand bonus to you   Sina Level2:A shares in Hong Kong stocks level2 ten market stalls Kanpan speed real-time look at the mechanism of   cards; monitoring the Stock Trading: the accuracy rate of 86% measure of asset quality control, revenue and profit steady growth in net interest margin contraction amplitude slowed sharply: the following reasons why we expect the company’s net profit margin will decline in 2016 slowed sharply:   1) the currencies effect, we expect 2016 PBOC up to cut interest rates 2 times, and will not easily cut interest rates before the RMB exchange rate stability; 2) cut interest rates 5 times in 2015, especially in the second half of the 3 interest rate cuts on effect of debt to reduce the cost of the more in 2016 Began to appear; 3) the customer structure adjustment has been basically completed, the next customer structure change to affect the rate of return will be reduced; 4) the company actively promote fixed rate assets ratio to match assets and liabilities of interest rate exposure, there are some short-term pressure on Asset Pricing in the end, the long term rate cut cycle in the net the company spreads stable. Controllable asset quality:   from the customer scale, serve the company’s customers are bank credit, not for the poor ability to resist risks SMEs; from the customer’s industry, the company is not involved in energy, commodities, iron and steel, cement and other industries the biggest risk exposure. At present, the company has the highest proportion of NPL transportation and packaging plate, the company has set up a full-time asset disposal team. For the less dangerous medical sector, the company has achieved a rapid growth in its average loan balance at 1H2015; we expect that the company has the ability to continuously improve customer structure by relying on the company’s excellent execution and strong cross marketing capabilities. It is estimated that the company’s bad rate will be below 1.2% in 2016 and 2017, and the provision coverage will be maintained above 200%. Income and profits will maintain steady growth:   due to macroeconomic constraints and the company’s pursuit of stability strategy, it is expected that in and 2017, the company’s asset size growth will slow down to about 20% and 18%. The company’s revenue growth will be slightly lower than the asset growth, mainly due to the decline in yield. Net profit growth will be slightly lower than income growth, mainly due to the decline in gross profit margins, and provision costs increased, but it is expected that net profit growth will remain at around 15%. The main reason for the decrease in the gross profit margin is the increase in the asset liability ratio and the narrowing of the net interest margin. Adjust the target price to HK $7.6, buy rating: we believe that the stability of the company’s operation is strong, industrial operations (hospital and school operations) plate is a potential growth pole. Based on the company’s net profit rate of 1.1 times in 2015, the company’s target price is HK $7.6, corresponding to 8.9 times the 2016 P / E ratio (risk factors: macroeconomic deterioration exceeded expectations) into the Sina Financial shares 第一上海:给予远东宏信买入评级 热点栏目 资金流向 千股千评 个股诊断 最新评级 模拟交易 客户端 新浪港股大赛火热招募:30万奖金等你来  新浪财经Level2:A股极速看盘 港股level2十档行情 实时翻看机构底牌   监控涨停股:准确率达86%测一测    资产质量可控,收入及利润保持稳定增长   净利差缩幅大幅趋缓:基于以下几点理由,我们预计公司2016年净利差降幅将大幅趋缓: 1)受汇市影响,我们预计2016年PBOC最多降息2次,并且在人民币汇率稳定之前不会轻易降息;2)2015年的5次降息,特别是下半年的3次降息对负债成本降低的效应更多在2016年开始显现;3)客户结构调整已基本完成,未来客户结构变化对收益率影响将减小;4)公司积极提升固息类资产比例,目的在于匹配资产和负债对利率变化的敞口,短期对资产端定价有一定压力,长期来讲在降息周期内可稳定公司净利差。   资产质量可控: 从客户规模看,公司所服务的客户均获银行授信,并非为抵御风险能力较差的SMEs;从客户所在行业看,公司并未涉足能源,大宗商品,钢铁,水泥等风险暴露最大的产业。对于目前公司NPL比例最高的交通及包装板块,公司已成立专职的资产处置团队。对于风险较小的医疗板块,公司于1H2015实现了对其平均贷款余额的较快增长;我们预计依靠公司出色的执行力和强大的交叉营销能力,公司有能力持续改善客户结构。预计2016及2017年,公司不良率将在1.2%以下,拨备覆盖率保持在200%以上。   收入及利润将保持稳定增长: 由于宏观因素制约及公司追求稳定性的策略,预计2016及2017年公司资产规模增速将趋缓至20%和18%左右。公司收入增速将略低于资产增速,主要原因在于收益率的下降。公司净利增速又将略低于收入增长,主要原因为毛利率下降,和拨备费用增加;但预计净利增速仍将保持在15%左右。毛利率下降主要原因为资产负债率的提高,和净利差收窄。   调整目标价至7.6港元,买入评级:我们相信公司运营的稳定性较强,产业运营(医院及学校运营)板块是潜在增长极。我们基于公司2015年1.1倍的市净率给予公司目标价7.6港元,对应2016年市盈率8.9倍(风险因素:宏观经济恶化超预期) 进入【新浪财经股吧】讨论相关的主题文章:

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