Increasing FVE for PAB to Reflect Higher Retail Loan Growth Potential and Reduced Credit Costs
We increase our fair value estimate to CNY 12 from CNY 10 per share for Ping An Bank after its retail banking investor day on Nov. 6, which shed light on its promising growth in retail loans and significant improvement in risk management. Our new fair value estimate reflects higher loan-growth assumptions and slightly lower credit costs for the next two years. Given PAB’s aggressive loan portfolio optimization, we have increased our growth forecast for PAB’s three flagship retail loan products--...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.
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