>> 招银国际-Far East Horizon (3360 HK) NIM expansion HoH in 2H22; sound asset quality-230317
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研究报告全文：MN17Mar2023CMBInternationalGlobalMarketsEquityResearchCompanyUpdateFarEastHorizon3360HKNIMexpansionHoHin2H22soundassetqualityTargetPriceHK1250FEHcontinuedtodeliverdouble-digitprofitgrowthinFY22withnetprofitsupPreviousTPHK125011YoYtranslatinginto12YoYgrowthin2H21Pre-provisionoperatingUpDownside866profitPPoPincreasedby6YoYinFY22andwasup7YoYin2H22TheCurrentPriceHK670decentearningsgrowthwasprimarilydrivenby1continualNIMexpansionagainstmacroheadwinds53bpsYoYto467inFY22and37bpsHoHtoChinaFinancials486in2H22onthebackofbothlowerfundingcostsandhigherassetyieldsGigiCHENCFAand2robustrevenuegrowthfromindustrialoperations16YoYAsset85239163739qualityremainedstablein2H22withNPLratioand30daysoverdueratiogigichencmbicomhkfurthertrendingdownHoHLookinginto2023weexpectthegrowthofinterest-earningassetswillresumepost-pandemicrestrictionsandtheNIMwillremainNikaMAhighgiventheincreasingsharesofinterest-earningassetsfrominnovative85239000805nikamacmbicomhkbusinessWereiterateBUYratingFinancialbusinessContinualNIMexpansionwithstableassetqualityStockDataBothassetyieldandfundingcostimprovedYoYinFY22andHoHin2H22MktCapHKmn289038Avg3mthstoHKmn68thanksto1higherpricingfornewcustomers2increasingcontributionfrom52wHighLowHK768521innovativebusinessieinclusivefinancebusinessandfactoringand3TotalIssuedSharesmn43140lowerinterestrateofdomesticfundingOnassetqualityfrontFEHrecordedSourceFactSet1bpsHoHsequentialimprovementinbothNPLratioand30daysoverdueShareholdingStructureratioin2H22whiletheprovisioncoverageratioedgedupto240TheSinochemGroup213Companyshortenedthedurationfornewassetsin2H22followingitsKongFanxing219prudentriskmanagementpolicieswhiletheassetliabilitydurationgapSourceHKExremainedminimalat10daysSharePerformanceIndustrialoperationsExpectHCDIPOin2023TherevenuecontributionAbsoluteRelativefromindustrialoperationexpandedto36inFY22vs34inFY21and1-mth-43463-mth10912437in2H22vs36in2H21ThemanagementtargetsIPOofHorizon6-mth153127ConstructionDevelopmentHCDin2023WebelievetheprogressinSourceFactSetcapitalizingitsindustrialoperationsegmentscouldpotentiallyunlockFEHs12-mthPricePerformancehiddenvalueValuationFEHistradingat05xPBVFY23Eand31xPEFY23Ewithover7dividendyieldandaROEof14Webelievethelong-termgrowthoutlookoftheCompanyremainsstableandtheimprovingmarginsandsoundassetqualitywillsupportsharepriceperformanceReiterateBUYEarningsSummaryYE31DecFY21AFY22AFY23EFY24EFY25ERevenueRMBmn3364436586426894937757032SourceFactSetYoYgrowth15887167157155RecentreportsOperatingprofitRMBmn11232119581341515490178661FarEastHorizonLimited3360HKYoYgrowth11165122155153Resumecoverage3Q21NIMexpansionandNetprofitRMBmn55126238688280839465improvingassetqualitylinkYoYgrowth23777991661642FarEastHorizonLimited3360HKFY21EPSReportedRMB136146159187219reviewSequentialimprovementinNIMandassetqualityin2H21linkYoYgrowth1347789175171ConsensusEPSRMBnana1641842023FarEastHorizonLimited3360HK1Q22reviewStableandsounddevelopmentunderPEx4340373127thefinanceindustrystrategylinkPBx06060505044FarEastHorizonLimited3360HKYield60748195111ContinualNIMexpansionin1H22linkROE1461411451541615FarEastHorizonLimited3360HKNIMNetgearing810825826824820expansioncontinuedin3Q22linkSourceCompanydataBloombergCMBIGMestimatesPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE1MOREREPORTSFROMBLOOMBERGRESPCMBRGOORhttpwwwcmbicomhk17Mar2023FinancialSummaryINCOMESTATEMENT2020A2021A2022A2023E2024E2025EYE31DecRMBmnRevenue290423364436586426894937757032Costofgoodssold140761643118128211612441728151Grossprofit149661721318458215282496028881Operatingexpenses4859598165008114947011015SGAexpense6212787872698482981111332Others13531898769368341317Operatingprofit101061123211958134151549017866Othergainslosses259912191533195521252313Pre-taxprofit75081001310425114601336415553Incometax247537853716408547645544Minorityinterest2332221243268294Others455384250250250250Netprofit5033622867097375860110009Netdividends116414421832205724162829BALANCESHEET2020A2021A2022A2023E2024E2025EYE31DecRMBmnCurrentassets145068162802174917181599200782220581Cashequivalents118771565915904163811687217379Accountreceivables122921133600148967163952180373198389Inventories397559466466466466Prepayment290447753458413048835727STbankdeposits347542403227638250404800FinancialassetsatFVTPL316632701433159117661960Othercurrentassets3286991461146114611461Non-currentassets154859173078172077197183216992237666PPE168722453125082362874087344861InvestmentinJVsassos729178208577900694569929Intangibles497286868686Goodwill2032374271271271271FinancialassetsatFVTPL6177949079258796976410838Othernon-currentassets122438130791130137142738156542171682Totalassets299927335880346994378782417774458247Currentliabilities129335156793152452167144184645202536Short-termborrowings103931122694123455134566148023161345Accountpayables231043068626967303623420238546Taxpayable176521721858204422492473Othercurrentliabilities5351241172172172172Non-currentliabilities125324126033142102154638169670184716Long-termborrowings98361104185124155135329148861162259Bondpayables292433213718371837183718Obligationsunderfinanceleases583443362362362362Deferredincome10641465605665732805Othernon-currentliabilities223931661813262145641599617571Totalliabilities254660282826294554321783354315387252Sharecapital103971304313052130521305213052Retainedearnings219232610230673356814165848650Otherreserves180023781522662693739Totalshareholdersequity341194152345247493955540362442Minorityinterest267040174112452349765473Totalequityandliabilities299927335880346994378782417774458247PLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE217Mar2023GROWTH2020A2021A2022A2023E2024E2025EYE31DecRevenue8115887167157155Grossprofit4415072166159157Operatingprofit10711165122155153Netprofit422377799166164PROFITABILITY2020A2021A2022A2023E2024E2025EYE31DecGrossprofitmargin515512505504505506Operatingmargin348334327314314313ReturnonequityROE157165155156164170GEARINGLIQUIDITYACTIVITIES2020A2021A2022A2023E2024E2025EYE31DecNetdebttoequityx716462626159Currentratiox111011111111VALUATION2020A2021A2022A2023E2024E2025EYE31DecPE494340373127PB070606050504Divyield5260748195111SourceCompanydataCMBIGMestimatesNoteThecalculationofnetcashincludesfinancialassetsPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE317Mar2023DisclosuresDisclaimersAnalystCertificationTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheanalystcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatanalystinthisreportBesidestheanalystconfirmsthatneithertheanalystnorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportCMBIGMRatingsBUYStockwithpotentialreturnofover15overnext12monthsHOLDStockwithpotentialreturnof15to-10overnext12monthsSELLStockwithpotentiallossofover10overnext12monthsNOTRATEDStockisnotratedbyCMBIGMOUTPERFORMIndustryexpectedtooutperformtherelevantbroadmarketbenchmarkovernext12monthsMARKET-PERFORMIndustryexpectedtoperformin-linewiththerelevantbroadmarketbenchmarkovernext12monthsUNDERPERFORMIndustryexpectedtounderperformtherelevantbroadmarketbenchmarkovernext12monthsCMBInternationalGlobalMarketsLimitedAddress45FChampionTower3GardenRoadHongKongTel85239000888Fax85239000800CMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBISwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereportPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE4
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