\u3000\u3000 Bank Of Qingdao Co.Ltd(002948) (002948)
Event: according to the announcement of the company on February 11, the allotment of a + H shares of the company was successfully completed.
The allotment of a + H shares: 1. A total of 1.311 billion shares were issued, accounting for 22.5% of the total share capital after issuance. Among them, 782 million A-Shares and 529 million H shares were issued. 2. The total amount of funds raised was 4.196 billion yuan. Among them, the total amount of funds raised by A-share allotment is RMB 2.502 billion, and the total amount of funds raised by H-share allotment is RMB 1.695 billion. 3. The discount rate of A-Shares is 32%, which is lower than the average value of allotment discount of historical banks. The placing price of A-Shares is 3.20 yuan / share, and that of H shares is 3.92 yuan / share, which is 31.6% lower than the closing price of 4.68 yuan / share on 2021 / 12 / 29 (the day when the placing price is announced), slightly lower than the historical placing discount rate of 35.3% of a shares.
The top three shareholders have increased their holdings, reflecting the major shareholders’ confidence in the future development of the company. The top three shareholders of this allotment increased their holdings of 907 million a + H shares in total, of which the foreign shareholder Intesa Sanpaolo Bank of Italy increased its holdings of 394 million H shares, with an increase ratio of 3.65% and 17.5% after the increase; Meanwhile, Qingdao Guoxin group increased its holdings of 1.61% a + H shares in total, and the shareholding ratio reached 14.99% after the increase.
The impact of share allotment on core financial indicators: 1. The core tier 1 capital adequacy ratio increased by 1.44 percentage points. After the allotment, the core tier 1 capital adequacy ratio will increase by 1.44 percentage points to 9.79%. 2. The allotment completed the dilution of roe by 1.71%. According to the calculation that the net profit of 2022e increased by 17.1% year-on-year, the return on net assets of 2022e will be slightly diluted by 1.71 percentage points. Roe is diluted in the short term, but in the medium and long term, capital consolidation ensures the company’s sustainable profitability. 3. Impact on other financial indicators: after the allotment, BVPs and EPS changed by -0.62 and -0.17 yuan / share respectively compared with that before the issuance. The current share price corresponds to the increase of Pb to 0.79x and PE to 7.22x in 2022.
Investment suggestion: the company currently has 2021e and 2022epb0 79X/0.71X； PE6. 55x / 5.60x (City Commercial Bank pb0.86x / 0.77x; pe7.39x / 6.53x). Based in Qingdao and rooted in Shandong, the company has a high-quality and diversified shareholder structure. Senior executives are selected through market-oriented employment, and have deep industry awareness and market-oriented management concept. With the steady progress of the company’s “interface bank” strategy, the asset liability structure is continuously optimized, and the performance has a good foundation for development. The company’s share allotment landed, and the previous share price repression factors were removed. It is suggested to maintain positive attention.
Risk tip: the macro economy is facing downward pressure, and the bank performance is lower than expected.
