129771798772593560_45Pudong Development Bank Citigroup parabolic (600,000) contention banks mired in three circles bank stocks are expensive? Is cheaper?
This problem has plagued a share investor for two years. If your banks right now, whether it's price/earnings ratio is a book, are all a-share minimum; if you say cheap, but have a lot of money in the near future isFrantic selling. Discount selling Bank shares were big deals on March 19, Citi bank transfers to institutional investors through big deals by the Shanghai Pudong Development Bank (600,000, closed at $ 9.06) 506 million shares. At this point, the Shanghai Pudong Development Bank shares held by Citibank to zero. According to the current exchange rate
diablo 3 gold, the whole of the transaction revenueUs $ 668 million, Citibank-total after-tax profit of about us $ 349 million. This reporter has learned, not including Shanghai Pudong development this week, block trade platform has also appeared on bank stocks figure and sold without exception with a substantial discount. On March 21, China Everbright Bank (601,818) to $ 2.63 bulk transactions on the trading platform at 6.05 million shares, the day its lowestPrice is $ 2.91, discount rate close to 10%. The same day, the Bank of Beijing (601,169) has also two big trades, contract 837,000 shares, another 767,000 shares sold for $ 9.11, discount 9.26% day lowest price $ 10.04. China Construction Bank on the day (601,939) to $ 4.28Commodities trading platform is sold 1.498 million shares, compared with 9.51% lowest price discount rate. While selling have to buy to close, but suffered a discount "sale" of banks makes the market into confusion. Shanghai Pudong Development Bank, China Everbright Bank, Bank of Beijing has been in a decline in nearly three weeks, k-line had closed out the week of triple negative. As can be seen,Up to now, advantages of banking transactions remain in the buyer.
Citi to sell Shanghai Pudong Development Bank, has its own capital pressure considered; but other commodities trading platforms sold bank stocks were also big discount sale, what reason? Performance slowdown in growth is worth mentioning, as the weather warmed, Bank annual report publishedIn the climax. Apart from liquor, Bank a-shares are the most profitable and solid growth performance remains one of the few industries. Large ABC (601,288) net profit of 121.927 billion yuan, an increase of 28.51%, a day on an average $ 300 million earned. Industrial Bank (601,166), the Minsheng Bank (600,016) Net profits last year by $ 25.505 billion and $ respectively, up and 37.7%. One researcher noted that the banking sector: "high performance growth could not save the banks, the most fundamental reason is that, the market always suspected
tera power leveling, that rely on credit to promote achievement of high growth can be sustained for long. If monetary policy cannot really turnLoose, then the performance slow down when approaching.
"According to the figures released by the Central Bank, 1 ￣ in February of this year, total incremental new loans of 1.4488 trillion yuan, increased less than the same period in 2011 to $ 126.8 billion. These researchers point out that, although the published annual report of listed banks, banking business has grown rapidly in the middle of last year, but the interest incomeIs still the main source of performance in the banking sector. "Judging from the current situation, and stable spreads up the banking sector performance in the first two months of this year
diablo 3 power leveling, but if the decline in credit, will bring uncertainties to Bank a profit of the most reliable sources. "China Everbright securities (601,788) in Citi Holdings also said after the Shanghai Pudong development 2012 smooth banking fundamentals, but spreadsLink is likely to peak in the first quarter; intermediate business in high-growth is likely to slow under the base and regulatory restrictions. "Banking slowdown in profit growth in 2012 is expected to 19%, small and medium-sized banks ' earnings growth above 20%. "200 billion refinancing of large and there were dark clouds overhead hangs in the refinancing of the head pressure in the market, restricting bank stocksAn important reason.
Huge amount of refinancing, bring to market psychological fear, perhaps even more than the slower performance. According to media reports, the end of March, the CBRC will introduce the Bank of China (601,988) implementation of the guidance provided by the new Basel III regulatory standards, this has led to market or banks will face a new round of concern supplementary capital pressure. WhileEven now, some banks are suffering from bank capital adequacy problems. Minsheng Bank last year while earnings growth near 60%, but as of December 31, 2011, the livelihood of the core capital ratio is only 7.87%, well below the new standard 9.5%; Basic have poise to strike additional core capital through equity financing. According to the currently publishedProgramme has not yet completed implementation of equity finance of listed companies (including convertible bonds) totaling no more than $ 213.8 billion, with shares of common stock $ 116.6 billion (including $ 88 billion private placement), transfer $ 20 billion debt, shares of common stock to $ 77 billion. The researcher said, for investors, most upset is not a Bank and finance, should be "indefinitelyFinancing ":" Bank of communications (601,328) implemented until mid-2010 launch 1.5 years and financing. And again at a discount and financing, will also continue to dilute earnings per share and net assets per share. It can be said that now a capital-starved banks has fallen into an endless loop.
"Valuations where is the end? Then, low valuation--Biggest bright spot will make banks beyond the "desperate"? One investment banker said, sometimes, the valuation is a false proposition. "You could say that many a-share banks now have approximate net worth per share, earnings ratio of only several times, bottom is already history. But this is only ever a share compared to the closed market. If you take a look at overseas markets, a-share banks do notIs the lowest. United States Bank had risen at the beginning of a wave, but the book is only 0.4 times; Citi is about 0.5 times. Slower performance, and also facing refinancing under pressure, banks ' valuations lower highlights will be covered. "However, the low valuations and analysts began defensive banking sector as preferred. CITIC Securities (600,030) Pointed out that the 2011 and 2012 when a quarterly disclosure of the annual report, the banking sector is expected to see a short-term market, but lack of catalyst for rising. However low PB valuations will provide a good defense. "Optimization of valuation with a margin of safety (2012 estimated PB below or close to 1 time), higher earnings certainty, refinancing pressure smaller varieties. Recommended Shanghai Pudong Development BankBank, Minsheng Bank, CITIC Bank (601,998). ”
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