We Initiate Coverage of PAB With No-Moat and Stable Moat Trend Ratings
We initiate coverage of Ping An Bank, or PAB, with no-moat and stable moat trend ratings and a fair value estimate of CNY 10 per share. PAB is the eighth-largest bank among nine listed joint-stock banks in China. We believe it does not benefit from cost advantage relative to its narrow-moat peers, as evidenced by its higher-than-peer funding costs and credit costs. We expect the bank to strengthen its cost advantage via continuing customer migration from its parent and increasing cross-sales to ...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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