PSBC’s 2018 Net Profit Growth Slowed, Strong Growth Momentum and Solid Deposit Base Remained Intact
No-moat Postal Savings Bank of China’s, or PSBC’s, 2018 net profit growth of 9.8% was lower than our expectation for mid-single digit growth. We believe the slower bottom-line growth was primarily a result of increased credit costs in response to the regulator’s call for strict bad debt classification and prudent provision as the economy slowed, while core earning growth remained strong. Credit costs nearly doubled to 1.4% from 0.78% in 2017. We retain our HKD 5.50 fair value estimate. The stock...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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