At present the market 3 city commercial bank stock who has the most investment value

From the Beijing commercial bank to be listed on the stock market, at present only 3 city commercial banks who shares the most investment!
Editor's theme:

"From the Beijing commercial bank will look at the stock market listing of IPO, 3 city commercial banks who shares the most investment value?

Data collection: 713318.2007 years published in September 8th

(data compiled reference)

The preliminary inquiry of IPO of Bank of Beijing yesterday formally completed and promotion work. In the preliminary inquiry at the beginning of September 3rd, the Bank of Beijing in Beijing, Shanghai, Shenzhen, Guangzhou four was pre roadshow, agencies around the world the enthusiastic response, the agencies to give two grade market of the Bank of Beijing reasonable lowest price is 13.4 yuan, the highest 26.5 yuan, CICC give the bank of Beijing estimates the minimum is 13.4 yuan, peace securities valuation of up to 26.5 yuan, a difference of nearly doubled. Shenyin Wanguo research is expected, reasonable market price after the listing of Bank of Beijing in 18 to 19.5 yuan (37 times the price earnings ratio)

The largest city commercial banks listed (introduces the basic situation of Beijing commercial bank)

The Bank of Beijing in August 27th will be allowed to succeed, the third listed city commercial banks. As of the end of 2006, Beijing bank's total assets reached 272970000000 yuan, 233100000000 yuan deposits, the loan balance of 129580000000 yuan. In Chinese banking industry ranked thirteenth in the country, city commercial bank after Bank of Shanghai ranked second, asset scale and the joint-stock banks to deep development. 2005 annual comprehensive competitiveness of city commercial banks in all fifth
The company's largest shareholder of Holland ING bank in this issue A shares before the shareholding ratio is 19.90%, achieve a single domestic banks with foreign shares ratio limit. In 2005, ING bank and the Bank of Beijing signed a subscription agreement, to 1.9 yuan per share subscription price of 19.9% shares, both sides also signed a "strategic partnership". In this issue A shares, ING bank pledged not to holdings of shares, the shares will be diluted to 16.07%.
Another foreign shareholder of International Finance Corporation (IFC) hold the equity of 5%, this also makes Beijing bank foreign equity ratio reached 24.9%, nearly 25% of the Chinese banks, foreign equity limit ratios. Second, the third largest shareholder is the Beijing state owned Assets Management Co., Ltd and Beijing energy investment group, the original holding respectively 12.89% and 7.4%. A shares issued this time, major shareholders will be diluted in proportion.

According to the prospectus, the Bank of Beijing will issue 1200000000 A shares. Among them, the placing of not more than 360000000 shares, the size of the issue of 30%; online issue of the number of not more than 840000000 shares, the size of the issue of 70%.

By the end of 2006 statements, Bank of Beijing, 1.96 yuan per share of net assets, earnings per share 0.43 yuan / share

Distribution is completed, the total share capital of the Bank of Beijing will rise to 6227000000, the first major shareholder ING bank shares dropped from 19.9% to 16.07%.

By the end of 2006, the Bank of Beijing in the Beijing area of RMB deposits, loans market share were 7.72% and 10.80%, respectively ranked fourth and third in fifteen Chinese funded commercial banks.

Locations: the Bank of Beijing currently has 123 branches in Beijing, the establishment of a branch in tianjin. 2007 is expected to open a branch in Shanghai and two Tianjin Branch branch.

Company business: focus on customers and real estate. has been the core business of the Bank of Beijing, contributed more than 60% of revenues and profits. From the source and application of fund, nearly 80% of the deposits from the public savings, while 91.6% of loans and discount to the enterprise.
From the loan type, a considerable proportion of Beijing Banking Company loans for fixed asset loans, the proportion reached 42.4%, the proportion is far higher than the same city commercial bank of Ningbo (15.6%).

The weak individual business: business compared with other more personal business development, the Bank of Beijing. Its assets ratio and proportion of income is very low compared with the same industry, and with the rapid development of other business in recent years has been showing a downward trend. In order to expand the development of personal business, personal business department of Bank of Beijing from the ING bank hired foreign executives responsible for the company

High quality management: in numerous personal financial services in Beijing, the bank's financial leading service in the business. 07 years, the Bank of Beijing has issued a total of the foreign currency financial products more than 240 products in 30, and the China "bank financial products" evaluation, comprehensive score of second after the RMB financial products of Bank of Beijing following the China Everbright Bank ranking.

The low quality of the car loan: from loan, auto loan occupies an important has been in the Beijing bank personal loans accounted for more than 04 years, has reached 31%, 04-05 years, because the car prices fell sharply, car loan guarantee insurance close and personal credit system is not perfect automobile consumption, domestic loan default rate rose rapidly after the start, the large contraction of the loan bank by assets loss. The Bank of Beijing has experienced a similar situation, the balance of the car consumption loans began to decline from 2004, at the end of 2007 3 amounted to 1320000000 yuan, only 2004 by the end of 1/4. Due to the sharp decline in Beijing banks in the housing mortgage loans and other personal loans growth fail to offset the car consumption loans, personal loans have been declining in the past three years.

Beijing bank asset quality is relatively poor in the listed banks, in the middle level. As of March 31, 2007, the non-performing loan ratio was 3.34%, provision for coverage of the 87.46%. In the listed banks just below the ICBC, BOC and deep development

Beijing bank non-performing loans are mainly concentrated in the trade, real estate, leasing and business service industry and car consumption loans. The trade balance of non-performing loans accounted for the highest, the balance of bad loans of the 40.1% companies, the non-performing loan ratio is as high as 20.7%, another non-performing loan balance of higher profession is the real estate industry, this was mainly due to the company in the industry has been relatively high proportion of loans. The current real estate non-performing loan ratio was 3.95%, compared with other industries is high. In addition, although the Bank of Beijing has contracted business of automobile consumption loans, but up to 37% of the original rate of bad loans accumulated in the business of non-performing loan balance is 490000000 yuan.

'with the Nanjing firm, is part of the data of Ningbo Commercial Bank statistics.'

Beijing bank profitability in the middle level in the listed banks, from net profit index, in 2006 to achieve the fully diluted ROE21.75%, ROA0.78%. Compared with the prior to the listing of city commercial banks, Bank of Beijing's ROE in the middle level, above the Bank of Ningbo 19.78%, below the Bank of Nanjing.
From the interest margin, net interest margin and net interest rate and other indicators, Beijing bank is only at the position of the downstream industry, from pre provision ROA Bank of Beijing still can row at the middle position.
In addition, the Beijing bank bond investment focus on financial institutions creditor's rights, so the actual tax rate and has been listed on the two firms to the city compared to the high side, 30.6% to 06 years. 07-08 years, the company maintained about 30% cost income ratio under the premise of the Bank of Beijing, is expected to achieve a net profit of 30% and 50% growth, ROA steadily reached 0.83% and 1.05% respectively.

Company risk:

(1) due to the lack of network covering the whole country, the Bank of Beijing in some areas will be more difficult to match with national bank. The company is lack of features become one of the . risk
(2) the city commercial bank as the business mainly concentrated in the Beijing area, one of the most important risk is the risk of the Bank of Beijing region. Especially in the real estate industry accounts for the loan structure is relatively high, may make the Bank of Beijing in the economic problems are more serious impact.
(3) trade loans, auto loans and other issues left over by history high non-performing loans rate might make Beijing bank asset quality deteriorates risk. In addition, the Bank of Beijing in recent years there have been many cases of illegal lending, embezzlement, fraud cases, internal risk control and operation aspects also need to arouse the attention of investors.
(4) a high proportion of financing the rapid ROE diluted also need to cause the attention of investors. The company is expected to take 4 to 5 years time will be promoted to the level before the ROE financing. The lower ROE levels will have a negative impact on the valuation of companies.

Compared with the Bank of Ningbo, Bank of Beijing shares higher staff ratio, has been basically formed full ownership. As of 2007 July, the number of employees of the natural person shareholders registered up to 4215 people, accounting for about the total number of employees of the Bank of Beijing's 95%.