There are still three weeks before the end of the year. How is the performance of Industrial Bank this year? What is the trend at the end of the year and the beginning of next year? Let us look ahead.
Industrial Bank is currently in a news vacuum period before the performance report. The latest news is the news of the third quarter performance briefing. Judging from the news disclosed at the third quarter performance briefing, although the first three quarters were affected by the epidemic and the real estate crisis, Industrial Bank’s The performance is basically in line with the management’s expectations, and the management is also satisfied. The management’s attention has been paid to Xingye’s interest rate spread and real estate asset quality, and forward-looking arrangements have been made. The interest rate spread should improve in the fourth quarter, and real estate risks will further increase. Resolve, specifically mentioning that the real estate risk assets that are expected to be resolved within the year exceed 10 billion, and the first three quarters are 4.5 billion, so it is expected that more than 5.5 billion risk assets will be classified as normal, so that the asset quality is expected to continue to improve in the fourth quarter, and the non-performing rate is expected to be 1.05 %, and the provision coverage ratio is around 270%.
In terms of revenue, the interest expense on deposits dropped significantly due to the adjustment of the listing interest rate of deposits on September 21. At the same time, the management reduced high-interest liabilities. At the same time, the loan structure is also tending to be optimized, so the interest income in the fourth quarter is expected to have a good increase. Due to the low base of last year, the handling fee and commission are expected to maintain a good growth in the fourth quarter. The level should not be a big problem. Calculated in this way, the operating income in the fourth quarter is expected to reach a record high and maintain a growth rate of 4% for the whole year. In terms of profit, the decline in credit costs has brought the profit growth rate in the fourth quarter to the highest quarter of the year. The annual profit is expected to reach 93.8 billion, with a growth rate of 13.4%. Earnings per share are 4.3 yuan. The dividend in 2022 is expected to exceed 1.2 yuan.
In terms of the market, northbound funds have re-entered the buying mode, but the strength is not strong, so the stock price trend is not safe, China Merchants Bank is doing well, financing is selling high and buying low, and doing T, but it seems to have turned yesterday, chasing up and buying nearly 300 million, maybe financing I think it is time to break through the 18 yuan platform here, who sold it? I guess it’s the bottom-hunting funds in the early stage. As for the active funds, don’t worry about them. They are basically trend investors, and they must be there when Xingye hits new highs.
After 8 months of baptism of the epidemic, Industrial Bank is still that excellent bank, or even better. The epidemic is over, but Industrial Bank, which fell down, has not returned to before the epidemic. There is no harm if there is no comparison. Take Vanke, which was the most damaged before, not only fully recovered the lost ground this year, but also increased by 9%. Let me ask a question. If you hold it for a long time, are you willing to hold Industrial Or Vanke? I believe everyone has their own answers. People have become accustomed to the underestimation of Xingye. Restoring Xingye’s reasonable valuation requires the efforts of all parties. Although accepting the status quo that Xingye has been undervalued for a long time, Xingye’s bright moment will definitely come. I believe that I will be there at that time. $Industrial Bank(SH601166)$ $Ping An Bank(SZ000001)$ $China Merchants Bank(SH600036)$
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