Good risk management to continue; positive on net fee income growth
​IB announced 1H16 earnings results with growth of 6.1% YoY, largely in line with our/market’s estimate of 5.8%/6%. We continue to like IB due to its better than peers’ risk mgmt and investment banking and internet business growth. We believe the stock is attractive with a 16/17 P/B of 0.9x/0.8x and a 4.4%/5.0% dividend yield for 2016/17F
Industrial Bank is a commercial bank engaged in accepting public deposits; issuing loans and financial bonds; handling domestic and international settlements and notes acceptance and discounting; issuing, cashing and underwriting government bonds; government and financial bonds trading; interbank borrowings; trading and acting as trading agent for foreign currency; providing bank card, letter of credit, guarantee and safe deposit services; and acting as agent for collection, payment and insurance business. As of Dec 31 2007, Co. had total assets of RMB851,335,000,000 and total deposits of RMB506,371,000,000.
Yuanta is a Taiwan-headquartered brokerage with a growing presence in Asia, especially across Greater China. Our team of 140+ provides cutting-edge analysis on key sectors, spread across offices in Taiwan, Hong Kong, Shanghai (A-Share), Seoul and Jakarta. With an ever-expanding coverage universe of 400+ companies, we provide in depth analysis with unique local color to investors. Consistently being voted the Best Investment Consulting Firm in Taiwan in the AsiaMoney broker poll is evidence of our strength. We target providing an extensive range of research, from small, to mid-sized, to large cap. We bring you the big, well-covered names, as well as going off the beaten track to research the less-familiar companies.
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