来源:招商银行 小编:朱岳 发布时间:2013年03月11日
内容导读: 公司2012年营业收入1134亿元,同比增长18%,归属于母公司净利润453亿元,同比增长25%,业绩略超我们的预期。
China merchants bank: performance is better than expected, looking forward to quadratic transformation accelerated
Investment point:
Performance is slightly more than expected in 2012
Company in 2012 operating income of 113.4 billion yuan, up 18% from a year earlier, attributable to the parent company net profit of 45.3 billion yuan, up 25% from a year earlier, performance is a little more than we expected.
Account recovery growth
Company assets totaled 3.4082 trillion yuan, up 22%, year-on-year growth of 8%, 4 quarterly loan growth of 6% month-on-month, is predicted to grow faster than trade in assets loan growth, but growth is slower than other Banks.
Deposits totaled 25.326 quadrillion yuan, up 14%, year-on-year growth of 5%, deposit growth is restored, will help to optimize the debt structure, decrease the cost of debt.
Net interest margins estimated flat, 13 in the first quarter of spreads pressure is bigger
Company's fourth quarter revenue was 28.2 billion yuan, with the flat in the third quarter. Is expected in the fourth quarter net interest margins remained stable, but 13 years since the mortgage pricing in the first quarter, net interest margins fell month-on-month.
Bad increase slightly, in the fourth quarter compress costs
12 years of defective rate is 0.61%, rose by 2 basis points, consistent with the last quarter before the trend. Fourth quarter revenue expenditure down 7.51% year on year, a 13.48% month-on-month rise, we think that in the fourth quarter revenue expenditure growth is less related to cost control provision for smooth and set aside.
Valuation and investment advice:
Merchants bank retail business still stay ahead, we believe that the debt while the advantage with market-oriented interest rate will be difficult to expand, the asset side due to high risk tolerance control difficult to obtain pricing, so the company's high valuation gradually to the market average return, future valuations can accelerate the ascension of the secondary transformation. 13 years, we expect the company earnings per share 2.33 yuan, net assets per share 11.31 yuan, corresponding to the PE and PB valuation of 5.60 times and 1.16 times respectively, outperform rating.
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