Event:
1, Agricultural Bank of China announced on January 7 from the date of approval by the Board within two years of not more than 50 billion yuan subordinated debt issue, supplementary capital; 2, Minsheng Bank Bulletin 8 given by 21.5 billion to supplement core capital to meet the development needs of the next 3 years; 3, 8, Industrial Bank Bulletin Board through the issuance of subordinated debt is not more than 15 billion supplementary capital, issue valid until June 30, 2012.
Comments:
1. Round of financing is different from 10 years, the equity financing needs of small banks; 2. Differences in regulation to promote the bank reserve ratio to replenish capital, non-public offering to reduce market pressure; 3. Dahon core of state-owned higher supplementary capital less affected.
investment advice and risk warning in 2011, the bank's credit growth slow slightly over 10 years, the credit tightening is conducive to enhance the bargaining power of banks, thus promoting the interest margin improved. Incremental credit in early 2011 is expected to remain higher than the monthly average, there may be recycled after the Spring Festival of liquidity requirements. Underestimate the value of the current banking stocks provided a higher margin of safety, relative income is more determined. We believe that valuations in the industry for 11 years a quarter of the second half is expected to usher in opportunities for repair, maintenance industry Bank and China Everbright Bank.
risk warning area, there is a higher stage of economic recovery, uncertainty, and the resulting policy risks and downside risks to asset quality continued to be concerned about; In addition, there is way less than the expected interest rate risk.
(This article Source: GF Securities)
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