Ping An Bank (A)

Ping An Bank is providing commercial banking services approved by Bank of China. Co is engaged in the offering of company loans, deposits, trade finance, company wealth management, and company intermediary services; providing personal loans, deposits, bank cards, personal wealth management services, and other personal intermediary services; local and foreign currency tradings; bond investments and other money market operations; and providing central management on non-performing assets, equity investments and nonclassifiable assets, liabilities, revenues and expenditures. As of Dec 31 2013, Co. had total assets of RMB1,891,741,000,000 and total deposits of RMB1,667,791,000,000.
  • Ticker000001
  • ISINCNE000000040
  • ExchangeShenzhen Stock Exchange
  • SectorBanks
  • CountryChina
UOB
Eric Wang Zhen ...
  • Jayson Kong

Banking - Large banks displayed resilience in earnings and asset quality; upgrade to MARKET WEIGHT

Larger banks (SOEs and JSBs) outperformed smaller ones (city banks and rural commercial banks) in asset quality and profit growth in 1Q20. Amid the current economic downturn, larger banks showed better NPL management ability while higher provisions offered protection from asset deterioration. Besides, larger banks showed a better ability to moderate NIM compression in the low interest environment. Upgrade the sector to MARKET WEIGHT; top pick is CCB (939 HK).

UOB
Eric Wang Zhen ...
  • Jayson Kong
  • Joyce Chan Pui Lai
  • Julia Pan Mengyao
  • Ken Lee
  • Nick Liu Sunliang
  • Shaun Tan
  • Ziv Ang Sze Champ

Greater China Daily: Tuesday, April 21, 2020

KEY HIGHLIGHTS Sector Property Gradually recovering from COVID-19 impact. Results Ping An Bank (000001 CH/BUY/Rmb12.99/Target: Rmb15.54) 1Q20: Growth and asset quality beat consensus but NIM compression in line; upgrade to BUY. Update Nexteer Automotive Group (1316 HK/SELL/HK$4.73/Target: HK$3.80) 1Q20 earnings risks remain high; downgrade from HOLD to SELL. XD Inc (2400 HK/NOT RATED/HK$21.10) Double-digit gaming revenue growth; EBIT missed consensus expectation TRADERS’ CORNER BOC Aviation (2588 HK): Trading Buy Range Kingsoft (3888 HK): Trading Buy Range

UOB
Eric Wang Zhen ...
  • Jayson Kong

Ping An Bank - 1Q20: Growth and asset quality beat consensus but NIM compression in line; upgrade to BUY

PAB achieved robust growth in 1Q20 as revenue and net profit rose 16.8% yoy and 14.8% yoy respectively. NIM compression was caused by declining lending rates. The improvement in asset quality was evident from its stable NPL ratio, lower special mention loan ratio and higher provision. Upgrade from HOLD to BUY with an unchanged target price of Rmb15.54.

UOB
Desmond Chong Chee Wai ...
  • Eric Wang Zhen
  • Jacquelyn Yow Hui Li
  • Jayson Kong
  • John Cheong Ming Chern
  • Ken Lee
  • Leow Huey Chuen
  • Llelleythan Tan Tan
  • Nick Liu Sunliang
  • Shaun Tan
  • Tanadech Rungsrithananon
  • Ziv Ang Sze Champ

Regional Morning Notes - Tuesday, April 21, 2020

GREATER CHINA Sector Property: Gradually recovering from COVID-19 impact. Results Ping An Bank (000001 CH/BUY/Rmb12.99/Target: Rmb15.54): 1Q20: Growth and asset quality beat consensus but NIM compression in line; upgrade to BUY. Update Nexteer Automotive Group (1316 HK/SELL/HK$4.73/Target: HK$3.80): 1Q20 earnings risks remain high; downgrade from HOLD to SELL. MALAYSIA Update IOI Corporation (IOI MK/HOLD/RM3.99/Target: RM3.90): 3QFY20 production below expectations; downgrade to HOLD with a lower target price of RM3.90. Press Metal Aluminium Holdings (PMAH MK/HOLD/RM3.95/Target: RM3.50): While...

UOB
Eric Wang Zhen ...
  • Jayson Kong

Banking - 2019 results review: In-line, but downbeat on NIM and NPL in 2020

We foresee an all-round deterioration in the sector’s fundamentals in 2020, expecting an 8bp NIM compression and at least 6bp increase in NPL ratio. Banks should raise more capital in 2020 to prepare for a potentially higher default rate. Default rate on credit card loans may increase while asset quality on SME loans should also deteriorate in 2021 and 2022 (due to loan moratorium). Maintain UNDERWEIGHT on the sector; top pick is China Merchants Bank (3968 HK).

A director sold 14,100 shares at 14.990CNY and

A director at Ping An Bank Co Ltd sold 14,100 shares at 14.990CNY and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The nam...

UOB
Eric Wang Zhen ...
  • Jayson Kong

Banking - Large banks displayed resilience in earnings and asset quality; upgrade to MARKET WEIGHT

Larger banks (SOEs and JSBs) outperformed smaller ones (city banks and rural commercial banks) in asset quality and profit growth in 1Q20. Amid the current economic downturn, larger banks showed better NPL management ability while higher provisions offered protection from asset deterioration. Besides, larger banks showed a better ability to moderate NIM compression in the low interest environment. Upgrade the sector to MARKET WEIGHT; top pick is CCB (939 HK).

UOB
Eric Wang Zhen ...
  • Jayson Kong
  • Joyce Chan Pui Lai
  • Julia Pan Mengyao
  • Ken Lee
  • Nick Liu Sunliang
  • Shaun Tan
  • Ziv Ang Sze Champ

Greater China Daily: Tuesday, April 21, 2020

KEY HIGHLIGHTS Sector Property Gradually recovering from COVID-19 impact. Results Ping An Bank (000001 CH/BUY/Rmb12.99/Target: Rmb15.54) 1Q20: Growth and asset quality beat consensus but NIM compression in line; upgrade to BUY. Update Nexteer Automotive Group (1316 HK/SELL/HK$4.73/Target: HK$3.80) 1Q20 earnings risks remain high; downgrade from HOLD to SELL. XD Inc (2400 HK/NOT RATED/HK$21.10) Double-digit gaming revenue growth; EBIT missed consensus expectation TRADERS’ CORNER BOC Aviation (2588 HK): Trading Buy Range Kingsoft (3888 HK): Trading Buy Range

UOB
Eric Wang Zhen ...
  • Jayson Kong

Ping An Bank - 1Q20: Growth and asset quality beat consensus but NIM compression in line; upgrade to BUY

PAB achieved robust growth in 1Q20 as revenue and net profit rose 16.8% yoy and 14.8% yoy respectively. NIM compression was caused by declining lending rates. The improvement in asset quality was evident from its stable NPL ratio, lower special mention loan ratio and higher provision. Upgrade from HOLD to BUY with an unchanged target price of Rmb15.54.

UOB
Desmond Chong Chee Wai ...
  • Eric Wang Zhen
  • Jacquelyn Yow Hui Li
  • Jayson Kong
  • John Cheong Ming Chern
  • Ken Lee
  • Leow Huey Chuen
  • Llelleythan Tan Tan
  • Nick Liu Sunliang
  • Shaun Tan
  • Tanadech Rungsrithananon
  • Ziv Ang Sze Champ

Regional Morning Notes - Tuesday, April 21, 2020

GREATER CHINA Sector Property: Gradually recovering from COVID-19 impact. Results Ping An Bank (000001 CH/BUY/Rmb12.99/Target: Rmb15.54): 1Q20: Growth and asset quality beat consensus but NIM compression in line; upgrade to BUY. Update Nexteer Automotive Group (1316 HK/SELL/HK$4.73/Target: HK$3.80): 1Q20 earnings risks remain high; downgrade from HOLD to SELL. MALAYSIA Update IOI Corporation (IOI MK/HOLD/RM3.99/Target: RM3.90): 3QFY20 production below expectations; downgrade to HOLD with a lower target price of RM3.90. Press Metal Aluminium Holdings (PMAH MK/HOLD/RM3.95/Target: RM3.50): While...

UOB
Eric Wang Zhen ...
  • Jayson Kong

Banking - 2019 results review: In-line, but downbeat on NIM and NPL in 2020

We foresee an all-round deterioration in the sector’s fundamentals in 2020, expecting an 8bp NIM compression and at least 6bp increase in NPL ratio. Banks should raise more capital in 2020 to prepare for a potentially higher default rate. Default rate on credit card loans may increase while asset quality on SME loans should also deteriorate in 2021 and 2022 (due to loan moratorium). Maintain UNDERWEIGHT on the sector; top pick is China Merchants Bank (3968 HK).

For PING AN BANK CTD., the environment deterioration entails a downgrade to Neutral

PING AN BANK CTD. (CN), a company active in the Money Center Banks industry, now shows a lower overall rating. The independent financial analyst theScreener just confirmed the fundamental rating of 3 stars out of 4, as well as the stock market behaviour of the title as moderately risky. However, environmental deterioration penalises the general evaluation, which is downgraded to Neutral. As of the analysis date December 24, 2019, the closing price was CNY 16.40 and its expected value was estimated at CNY 15.98.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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