兴业银行：“企金+银银”提升中长期竞争力

Societe generale: "gold + silver silver" enterprises promote the competitiveness of the medium and long term zhongyuan released on February 22, societe generale securities (18.92, 0.65, 3.56%) (601166) study, according to societe generale's competitiveness in the future is expected to continue to improve, reform gold line professional middle depends mostly on the business development to promote role, long-term bullish on silver and silver platform "financial portal" development prospects. Rise to the company's rating to "buy".

Societe generale is a company fundamentals are solid stability, ROE in the listed bank ranked first in the last three years. The company's management style, flexible, innovative ability, is good at grasp the market opportunity. At the same time the company is an enterprise with effective execution.

Trade business is the company's strengths, the silver silver platform on the company's long-term development has important strategic significance. Silver silver platform through the cooperation with the domestic small and medium-sized Banks, has physical network links more than twenty thousand, the number of state-owned big line. Company 11 years on this platform launched "portal", through the "financial portal" company can be rapid, low cost of its financing business to the county market. Although silver silver platform limited contribution to the short-term performance, but the business model and wealth management business is developing rapidly, and the county economy ascending trend conjunction, broad prospects for development, will help the company valuation.

Company is currently the reform of enterprise financial lines of specialization. This reform will establish a more effective incentive mechanism, arouse the endogenous driving force of the development of the business, at the same time also will improve the ability of professional service of business customers, so as to promote the competitiveness of the company.

Due to actively participate in the company with "round size" for the purpose of innovative trade business, if the future regulatory stringent regulatory measures, short-term performance could affect the company. Through the scene test, analysts think in the worst case, the company for 13 years PE valuation may rise to 7.4 times, belong to high level in the listed Banks, but given the short-term impact performance after the possibility of repair, the valuation levels did not significantly deviate from the rational range.

In 2012 and 2013 it is expected that the company diluted EPS 3.21 yuan and 2.90 yuan respectively, and the corresponding PE5.62 times, 6.22 times. In the future the competitiveness of the company is expected to continue to improve, rise to the company's rating to "buy".