Report
EUR 88.49
For Business Accounts Only
According to iResearch, YX is the largest provider of delinquent credit card receivables recovery service in the PRC in terms of total value of receivables under collection, number of collection specialistes employed, and total commission for six months ended Jun 2019.
It has registered rapid growth in its delinquent receivables under collection, which have been nearly doubling every year. Furthermore, the company is one of the largest players in its segment and thus, is likely to continue to benefit from industry tailwinds which point towards a 25% CAGR in such assets over the next few years. However, revenue growth has been lagging portfolio growth. While gross profit and net profit growth has been lagging revenue growth. Thus, the company has been suffering from a compression in commission rates along with faster cost growth.
YX Asset Recovery Pre-IPO - Rapid portfolio growth has not led to commensurate earnings growth
YX Asset Recovery (YX), the biggest consumer debt restructuring specialist in China with a focus on long-date consumer delinquencies, plans to raise upto US$200m in its US ADR listing. YX represents seven of the 10 largest banks in China and some of the biggest online lenders.According to iResearch, YX is the largest provider of delinquent credit card receivables recovery service in the PRC in terms of total value of receivables under collection, number of collection specialistes employed, and total commission for six months ended Jun 2019.
It has registered rapid growth in its delinquent receivables under collection, which have been nearly doubling every year. Furthermore, the company is one of the largest players in its segment and thus, is likely to continue to benefit from industry tailwinds which point towards a 25% CAGR in such assets over the next few years. However, revenue growth has been lagging portfolio growth. While gross profit and net profit growth has been lagging revenue growth. Thus, the company has been suffering from a compression in commission rates along with faster cost growth.
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Sumeet Singh
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