报告名称：China Huarong Asset Management Co(02799.HK)First Take： 2015 in line strong DAM/i
报告类型：港股研究
报告日期：2016-03-18
研究机构：高盛高华
股票名称：中国华融
股票代码：02799
页数：6
简介：News
Huarong reported 2015 results, with NPAT up 36% yoy to Rmb14.5bn,+1%/-2% vs. GHe/Bloomberg consensus. PPOP beat GHe by 12% on solidrevenue growth of the core distressed asset management (DAM) business,better-than-expected investment income and rapid asset expansion in 2H.This was offset by higher impairment charges as Huarong continued tobuild up its provision buffer (especially for restructuring debts). GroupROE, down 1.8pp yoy post the H-share IPO, was still a solid 17.3%.
Analysis
Key trends in 2H15: 1) DAM segment delivered solid growth, betterbusiness mix and stable asset quality. DAM revenue rose +31% yoy on fastturnover of disposal debts (e.g., bank NPLs), a high base of restructuringdebts, and a modestly declining asset yield. Growth of distressed debtsbalance was largely driven by the acquisition of NPLs, which more thandoubled hoh to Rmb41.6 bn, or 33% of total distressed debts acquired in2H (1H: 17%); the acquisition for restructuring debts was largely flat qoq.Growth of restructuring debts balance slowed to 3% hoh (1H: +25% hoh).Asset quality trend of restructuring debts seems benign with the overdueratio down 0.4pp hoh to 3.4%; the provision ratio (LLR/restructuring debtsbalance) was up 1.5pp hoh to 8.8%. That said, real estate exposure rose to65.8% of total restructuring debts in 2H (1H: 62.6%). 2) Investment incomegrowth was resilient in 2H despite A-share correction, +34% hoh or 93%yoy (ex. DES-related income). We think this could reflect rapid expansion ofasset mgmt and investment segment, plus a high portion of fixed incomeinvestments (e.g., bonds, trust products, WMPs). 3) Apart from Rmb1.25bnin special dividends paid to shareholders pre-IPO, mgmt announced therewould be no other dividend payout, in order to retain capital for futuregrowth. Huarong’s CAR was 14.75% at end-2015 (regulatory min: 12.5%).
Implications
We await the analyst briefing for details, esp. on asset quality and futuregrowth/asset allocation strategy. Buy. No change to estimates or 12m SOTPTP of HK$4.1. Risks: Sharp GDP/property slowdown, increased competition

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