Bocom International Chinese Huarong maintain long-term buy rating quickchm

Bocom international capital Chinese Huarong: maintain long-term buy rating to thousands of thousands of hot column stocks on the latest rating diagnosis simulated trading client Sina App: Live on-line blogger to guide Sina Hong Kong APP: real time market exclusive reference stocks also worth the investment? What’s the problem? Where is the future of the way out? Sina launched the "Hong Kong Hong Kong stocks as well as unattractive" discussion, with a rational and constructive attitude, welcome attention to Hong Kong stocks, concern of the capital market, Hong Kong stocks together for suggestions, seek the Hong Kong stock market tomorrow. Please to hkstock_biz@sina. Li Shanshan CFA, CFA Han Jianan, Renaissance: restructuring of assets provision reversal drive profit growth   2016 Chinese Huarong first half net profit attributable to shareholders of the parent company 11 billion 123 million yuan, an increase of 32.8%, better than we expected. The main operating expenses due to an increase of only 0.5%, asset impairment losses fell 68% (mainly due to the restructuring of non-performing assets provision reversal). The business point of view, the first half of the growth in revenues from asset management and investment business, non-performing assets and operating income fell 2.1%, mainly due to the size of the disposal of debt assets leads to a substantial decrease in net income on disposal of sharp decline. In the first half of the new non-performing asset acquisition costs 174 billion 900 million, an increase of 78.5%, of which the proportion of the financial sector accounted for more than the same period in, an increase of 11 percentage points. The disposal of non-performing assets yields overall steady decrease slightly. Disposal of assets within the project has been included in the rate of return of 16.2%, down by 0.8 percentage points. Reorganization of non-performing debt assets monthly average annual yield of 11.9%, down slightly by 1 percentage points. Debt assets ratio of 3.7 times, slightly up 0.4 times. The reorganization of non-performing asset impairment ratio is relatively stable, real estate accounted for more than half of the provision for expenses greatly reduced; the callback, the overall provision coverage level is still high; Huarong Xiangjiang bank non-performing rate increases. Asset management and investment business performance is good, growth came mainly from Huarong international. The company by accelerating the turnover to ensure disposal business internal rate of return, but the short-term memory capacity of non-performing assets disposal of average return rate overall downward trend, the speed of disposal of assets also affect the debt conversion slowed annualized rate of return, and the disposal of debt to equity asset disposal gains will be mainly in the economic recovery of honor. The reorganization of the company business, provision of adequate, the future is still the release provision covering the profit space. We adjusted 16-17 earnings forecast +3.8% -0.8%, the company expects 16-18 earnings growth of 31.1%, respectively, of 9.7% and 3.9%, the current dynamic PE and PB were up to 5.41 and 0.89 times. Maintain long-term buy rating to maintain the target price of HK $3.57. (both) to enter the Sina financial stocks] discussion相关的主题文章: