民生银行:2012年全年业绩预增34.5%

Minsheng bank: in 2012 the annual pre-performance by 34.5%

Minsheng bank in the whole year of 2012 belongs to the parent company shareholders realize net profit of 37.555 billion yuan, a year-on-year increase of 34.51%, the basic and same analysts' forecasts. Basic earnings per share 1.34 yuan, a year-on-year increase of 27.62%.

In the fourth quarter 2012 single quarter net profit of 8.745 billion yuan, a year-on-year increase of 33.8%.

According to the published other data, analysts' comments are as follows:

(1) from the company's operating income, the minsheng bank 2012 annual operating income is about 103.1 billion yuan, a year-on-year increase of 25.2% in the fourth quarter, then the business income of about 25.4 billion yuan, a 3 quarter chain fell by 3%. Analysts believe that, although the bank assets heavy pricing faster in the fourth quarter, by the influence of the rate cut is weak, but because of loan pricing power decline and the assets of the enlargement of scale, make four quarter spreads link there is still a certain decline;

2. Minsheng bank total assets at the end of 2012 to 3.21 trillion by the end of 2011, more than 44% growth, minsheng bank assets expansion speed faster than analysts' forecasts. The bank in 2012 at the end of the third quarter of the asset scale for 2.81 trillion, one quarter of asset scale growth reaches as high as 14%. Analysts say the assets expansion may be the main reason;

3. Minsheng bank by the end of 2012 the deposit amount is 1.93 trillion yuan by the end of 2011, more than 17% growth. The loan amount is 1.38 trillion yuan, increased by 15% than the end of 2011. Easy to see, at the end of the deposit-loan ratio pressure is 3 quarter moderate, but analysts say it was a number of factors, the bank in the deposit-loan ratio is still faced with great pressure.

4. The bank by the end of 2012 'bad loans is up to 0.76%, up 0.13% by the end of 2011, more than 2012 years at the end of the third quarter was 0.04% higher. Bad loans data is 0.77% of the defect rate prediction before analysts is basically the same. Analysts believe that the bank is expected by the end of 2012 the small micro enterprise loans defect rate might still have a low level (may be around 0.4%), with no obvious rise, but other small and medium-sized enterprise loan asset quality is still in under pressure.

Looking to the future, analysts believe that the bank in the asset structure adjustment, pushed by the performance of the 2013 growth may still slightly higher than the peers. Analysts expect the bank in the whole year of 2013 net profit growth of about 11%, 2013 1 quarter net profit growth is expected to reach 19%. But at the same time, analysts also see, the bank A share of stock is equivalent to 1.5 times the 2012 city net rate and 1.25 times expected 2013 pb, H share share price is equivalent to 1.47 times the 2012 city net rate and 1.21 times expected 2013 pb, valuation levels has been in the industry's high-end. In addition, analysts say, minsheng bank of small micro enterprise mode, not only to be increasingly competitive pressure by trade, and investment cost increase and pricing level may also decline in encroach on the bank of the original investment concept. Analysts maintain the minsheng bank's rating unchanged.