WING HANG BANK LIMITED ( 永亨銀行 )
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- Clyde Hart
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1 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile: HONG KONG RESEARCH Analyst: Stanley Lau 17 th March 2006 WING HANG BANK LIMITED ( 永亨銀行 ) Sector : Banking Chairman and Chief Executive : Dr. Patrick Y. B. Fung HKSE Code : 0302 Market Price : HK$63.50 (16/03/2006) Deputy Chief Executive : Mr. Frank J. Wang Shares Issued : million Mkt. Cap. : HK$18, million 52 weeks Hi/Lo : HK$64.40 / HK$46.00 HSI : 15, (16/03/2006) Main Business : Banking and related financial services SUMMARY OF THE FINAL RESULTS FOR THE YEAR ENDED 31ST DECEMBER 2005 Final Results Highlights HK$ million Vs FY2004 (%) Vs 1H2005 (%) Net interest income 1, % Non-interest income % Total operating income 2, % Operating expenses (975.8) -5.5% Operating profit before impairment allowances 1, % Impairment losses and allowances (54.1) N/A Attributable profit 1, % Total loans 54, % +5.3% Total deposits 89, % +6.0% Total assets 104, % +5.4% EPS (HK$) HK$ % Final DPS (HK$) HK$ % Total DPS (HK$) HK$ % Selected Ratios FY2005 FY2004 1H2005 Net interest margin 1.88% 1.99% 1.86% Impaired loan ratio (NPL ratio for FY2004) 1.03% 1.68% 1.51% Impaired loan coverage (NPL coverage for 58.5% 75.5% 45.8% FY2004) Return on average assets 1.35% 1.29% 1.45% Return on average equity 17.1% 16.7% 18.5% Loan-deposit ratio 59.7% 58.3% 59.8% Cost-income ratio 37.2% 42.4% 36.4% Capital adequacy ratio 14.9% 15.7% 15.3% Average liquidity ratio 50.8% 49.1% 49.8% Solid FY2005 results Wing Hang Bank ( WHB ) reported a 15.6% y-o-y rise in net profit to a record HK$1.35 billion for the year ended 31/12/2005, benefiting from a surge in dealing income and the cost synergies following the complete integration of Chekiang First Bank. The result was in line with a consensus forecast of HK$1.34 billion. WHB's performance was less reliant on provision write-backs and property gains as that of other banks in Hong Kong. Higher net interest income despite lower NIM Net interest income was 3.9% y-o-y higher at HK$1.87 billion as a result of an increase in loan volumes that offset the impact from margin compression. Net interest margin narrowed 11 bps to 1.88% from 1.99% in FY2004, due to mortgage re-pricing and an increase in the cost of funding amid the higher interest rate environment. This report has been prepared solely for information purposes and we are not soliciting any action based upon it. Neither this document nor its contents shall be construed as an offer, invitation, advertisement, inducement or representation of any kind or form whatsoever. The information is based upon information which we consider reliable, but accuracy or completeness is not guaranteed. Opinions expressed herein are subject to change without notice. At time of this report, East Asia Securities Company Limited has no position in securities of the company or companies mentioned herein, while its group companies may from time to time have interests in securities of the company or companies mentioned herein.
2 Full-year loan growth of 10.6% Total loans grew 10.6% y-o-y to HK$54.40 billion, driven by growth in demand for property-related lending (+12.3% y-o-y), trade financing (+18.7% y-o-y) and loans outside Hong Kong mainly in WHB s China and Macau operations (+43.9% y-o-y). Meanwhile, total deposits increased by 7.6% y-o-y to HK$89.50 billion. As a result, the loan-to-deposit ratio rose slightly to 59.7% as of 31/12/2005 from 58.3% as of 31/12/2004. Dealing profits lifted non-interest income Non-interest income grew 18.1% y-o-y to HK$755.8 million, due primarily to a jump in treasury dealing profits to HK$93.6 million from HK$6.7 million in FY2004. Strong performance in loan commissions (+31.3% y-o-y) and wealth management business (+52.5% y-o-y) also contributed to the growth. Overall, the proportion of non-interest income to total operating income increased to 28.8% from 26.3% in FY2004. Cost-income ratio down to 37.2% Operating expenses dropped 5.5% y-o-y to HK$975.8 million, due to a decline in depreciation expenses and an absence of amortisation of goodwill. The cost-income ratio improved to 37.2% from 42.4% in FY2004, reflecting further extraction of cost synergies from the integration of Chekiang First Bank. Impaired loan coverage of 58.5% Gross impaired loans amounted to HK$560.1 million, or 1.03% of total loans (1H2005: 1.51%). As of 31/12/2005, impaired loan coverage was 58.5% (30/06/2005: 45.8%). The annualised charge-off rate for WHB s credit-card receivables retrieved to 1.50% from 2.46% in FY2004. More contribution from Macau Banco Weng Hang continued to perform well and contributed 15.6% to WHB s bottom-line profit (FY2004: 12.2%). The unit reported a net profit growth of 48.8% y-o-y to HK$211 million, due to improved organic growth and a reduction in the corporate tax rate to 12.0% from 15.75% in FY2004. Net interest income jumped 21.9% y-o-y, while non-interest income grew 24.5% y-o-y. Total loans and deposits grew 21.9% y-o-y and 27.6% y-o-y respectively. Solid financial position For FY2005, return on average assets and return on average equity reached 1.35% (FY2004: 1.29%) and 17.1% (FY2004: 16.7%) respectively. The capital adequacy ratio was 14.9% (FY2004: 15.7%), while average liquidity ratio stood at 50.8% (FY2004: 49.1%). Outlook & Prospects Business focus shift to higher margin sectors In the face of revived price competition in the residential mortgage sector, WHB continue shifting its focus to equipment leasing, consumer financing and loan business in Macau and China. WHB s loan volume in these sectors has achieved satisfactory growth in FY2005. However, most of the loan book of WHB in the PRC composed of lending to property project or other property related lending, which the People s Bank of China may have concerns. Active approach to strengthen its business Boosted by its successful takeover of Chekiang First Bank, WHB is taking an active approach to look for acquisition opportunities in Hong Kong, Macau and China. While the bank waits for potential targets, it has also mapped out plans for organic growth, including strengthening its presence in China by choosing Shenzhen as an operation hub and opening more sub-branches to get ready for further opening of the Mainland s banking market to foreign banks. In Macau, the bank aims to open 2 more branches in 2006 to bring its total outlets to 13. Given the fast-growing economies in China and Macau, WHB expects the 2 markets to contribute 25% to 30% of the bank s pre-tax profit in 3 years, from the current about 20%. Fully valued Having achieved a strong set of FY2005 results, we expect WHB to further benefit from a wider prime-hibor spread environment in 1H2006. Nonetheless, trading at 2.5x current P/B with ROAE of 17.1%, the stock seems fully valued compared with other local mid-cap banks. In addition, the 10% loan growth of WHB in FY2005 had already made its CAR down to 14.9% from 15.7% in FY04. Recommendation: Neutral 2
3 Appendix 1 I. Impairment allowances, Gross impaired loans, overdue and rescheduled advances of Wing Hang Bank As % of total customer advances Individual impairment allowances Collectively impairment allowances Gross impaired loans Overdue and rescheduled advances As of 31/12/ % 0.38% 1.03% 0.86% As of 30/06/ % 0.38% 1.51% 1.35% Specific provisions General provisions NPLs Overdue and rescheduled advances As of 31/12/ % 1.01% 1.68% 1.71% II. Comparison of Wing Hang Bank s loan book: 31/12/2005 Vs 31/12/2004 Loans-by industry 31 st Dec, 2005 Up/(down) 31 st Dec, 2004 HK$ million HK$ million Property related 10, % 9,155 Financial concerns % 632 Wholesale & retail trade % 975 Manufacturing 1, % 1,745 Transport & transport equipment 2, % 2,721 Residential mortgages, HOS/PSPS 15, % 15,491 Credit card % 359 Others 6, % 6,305 Trade finance 3, % 2,576 Share financing % 205 Stockbrokers % 244 Loans outside HK 12, % 8,781 54, % 49,189 ======== ======== III. Geographical breakdown of Wing Hang Bank s loan book As of 31/12/2005 As of 31/12/2004 HK$ million % HK$ million % Change Hong Kong 41, % 40, % +3.4% Macau 4, % 4, % +19.6% PRC 7, % 4, % +64.9% Others % % -20.0% 54, % 49, % +10.6% IV. Breakdown of non-interest income of Wing Hang Bank FY2005 FY2004 HK$ million % HK$ million % Change FX income % % -0.6% Bills commission % % -8.3% Loan commission % % +31.3% Insurance commission % % +7.8% Share brokerage % % -16.9% Credit Card commission % % +1.0% Wealth Management % % +52.5% Dealing Income % % times Other fee & income % % -5.8% Total non-interest income % % +18.1% 3
4 Appendix II Breakdown of loan book of Wing Hang Bank Stockbrokers 0.6% Share financing 0.5% Breakdown of loan book as of 31/12/2005 Total customer loan: HK$54,402 million Loans outside HK 23.2% Property related 18.9% Financial concerns 0.9% Wholesale & retail trade 1.5% Trade finance 5.6% Others 11.8% Credit card 0.7% Residential mortgages, HOS/PSPS 28.3% Manuf acturing 2.7% Transport & transport equipment 5.2% Breakdown of loan book as of 31/12/2004 Total customer advances: HK$49,189 million Stockbrokers 0.5% Share financing 0.4% Trade finance 5.2% Loans outside HK 17.9% Property related 18.6% Financial concerns 1.3% Wholesale & retail trade 2.0% Manuf acturing 3.5% Others 12.8% Credit card 0.7% Residential mortgages, HOS/PSPS 31.5% Transport & transport equipment 5.5% 4
5 Important Disclosure / Analyst Certification / Disclaimer This document is published by East Asia Securities Company Limited, a wholly-owned subsidiary of The Bank of East Asia, Limited (BEA). At time of this report, East Asia Securities Company Limited has no position in securities of the company or companies mentioned herein the report, while BEA and / its associated or affiliated companies may from time to time have interests in securities of the company or companies mentioned herein. The research analyst primarily responsible for the content of this report, in part or in whole certifies that the views on the companies and their securities mentioned in this report accurately reflect his/her personal views. The analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report. This report has been prepared solely for information purposes and has no intention whatsoever to solicit any action based upon it. Neither this report nor its contents shall be construed as an offer, invitation, advertisement, inducement or representation of any kind or form whatsoever. The information is based upon information, which East Asia Securities Company Limited considers reliable, but accuracy or completeness is not guaranteed. Opinions expressed herein are subject to change without notice. Any recommendation contained in this report does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This report is not to be taken in substitution for the exercise of judgment by respective readers of this report, who should obtain separate legal or financial advice. East Asia Securities Company Limited and / or The BEA Group accepts no liability whatsoever for any direct or consequential loss arising from any use of this report or further communication given in relation to this report. At time of this report, East Asia Securities Company Limited has no position in securities of the company or companies mentioned herein the report, while BEA along with its affiliates and/or persons associated with any of them may from time to time have interests in the securities mentioned in this report. BEA and its associates, its directors, and/or employees may have positions in, and may effect transactions in securities mentioned herein and may also perform or seek to perform broking, investment banking and other banking services for these companies. BEA and/or any of its affiliates may beneficially own a total of 1% or more of any class of common equity securities of the subject company or companies mentioned in this report and may, within the past 12 months, have received compensation and/or within the next 3 months seek to obtain compensation for investment banking services from the subject company or companies mentioned in the report. 5
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