民生银行业绩快报点评:第四季度资产大幅增长

Minsheng bank performance express comment on: the fourth quarter growth assets

Events:

Minsheng bank (600016) published in 2012 performance express: in 2012, belongs to the owner of the parent company net profit for 37.555 billion yuan, a year-on-year increase of 34.51%; Operating income for 103.09 billion yuan, up by 25.16%; Basic earnings per share 1.34 yuan, increased by 27.62% year-on-year. Bad loans 0.76%, more ShangNianMo rise and bp. Comment on:

1, the growth performance than expected

Annual net profit growth belongs to 34.51%, earnings per share 1.34 yuan, higher than the market consensus forecasts, also higher than we expected.

The fourth quarter operating income of about 26.511 billion yuan, link grew by 5.2%, the fourth quarter revenue in the first three quarters, expected net interest income and non-interest income are better growth.

2, the fourth quarter growth assets 44%, a quarterly report have super expected

The company's assets scale up to 3.21 trillion, with 2011 growth of 44% in the fourth quarter link growth 14.3%; From the assets structure look, by the end of the loan balance a year-on-year increase of 15%, and industry growth level quite, the fourth quarter loan link rose by only 2.5%, indicating that the fourth quarter of the company asset growth is part of the assets, the company a quarterly report have super expected.

3, increase the level of returns on capital

The weighted average rate of return on net assets from 2011 23.95% to 25.24%, up 1.29%, the company has 12 years especially the fourth quarter growth asset scale, improve the leverage ratio, the average rate of return on net assets is the main reason for the increase.

4, defect rate rise and bp

The company by the end of the defect rate 0.76%, compared to the previous quarter rose at the end of the year 4 bp, rise and bp. Four quarters this year respectively link up 4 bp, 2 bp, 3 bp, 4 bp. By the end of the non-performing loan balance 10.488 billion, is at the end of the third quarter rose about 790 million. From bad generation case, the bad formation rate is between two over one thousand and three over one thousand, considering the characteristics of new loans to small micro enterprise is given priority to, this ratio is still in the range, the interest rate can still cover risk. The expected future company by strengthening the cancel after verification non-performing loans dynamics, thus fraction defective is expected to maintain the stability of the level.

5, market performance and investment rating

Bank shares since December in a wave in rise considerably, "all bank index greatly run to win the market. Minsheng bank in December or 25%, or 11.6% in January to the present, in the plate in the lead. The company currently trading at 6.55 times, 1.53 times in 2012, PE, PB, valuation listed Banks in a higher level, in view of the company strong earnings growth ability, we remain positive about the livelihood of the people development model, we maintain recommended rating.