In the overall upward trend of the sector, we can pay attention to the stocks with slow valuation repair. At present, the logic of wide credit to promote the improvement of economic expectations is being deduced, and the banking sector may benefit as a whole. However, the repair steps of individual stock valuation have sequence, so it is necessary to make dynamic observation to facilitate the mining of undervalued values. This report is visually displayed with box diagram.
Which stocks are cheaper? Select the individual stocks Pb (LF) in the past period as the sample, and construct the interval with the average value ± 1 times the standard deviation; Draw a box diagram for visual comparison, and measure the relative undervaluation level with the relative position of the latest valuation in this range.
What’s so cheap that it doesn’t make sense? Find the latest disclosed statements of listed banks, characterize the performance with revenue growth and profit growth, and characterize the asset quality with non-performing rate and provision coverage. Draw box diagrams respectively for visual comparison.
The repair process of joint-stock banks and four major banks is backward. Select those stocks with slow valuation repair progress but excellent performance and asset quality data. They have great valuation repair potential and may be the object of subsequent mining of undervalued values. In terms of sectors, the valuation repair of joint-stock banks and the four major banks is slow, and the follow-up potential may be greater. Within the sector, you can pay attention to / add attention to:
Dahang: Agricultural Bank Of China Limited(601288) ;
Stock bank: Ping An Bank Co.Ltd(000001) , China Merchants Bank Co.Ltd(600036) , Industrial Bank Co.Ltd(601166) ;
City Commercial Bank: Bank Of Ningbo Co.Ltd(002142) , Bank Of Changsha Co.Ltd(601577) , Bank Of Nanjing Co.Ltd(601009) ;
Rural commercial banks: Jiangsu Changshu Rural Commercial Bank Co.Ltd(601128) , Wuxi Rural Commercial Bank Co.Ltd(600908) , Jiangsu Suzhou Rural Commercial Bank Co.Ltd(603323) .
Investment advice: focus on relatively undervalued stocks in the logical deduction of the main line
At present, the logic of broad credit to promote the improvement of economic expectations is being deduced. Tianliang social finance, 21q4 regulatory data and 21q4 goods policy report in January constitute multiple positive supports, and the banking sector may benefit as a whole. However, the repair steps of individual stock valuation have different steps. Based on the logic of this report, it is found that the repair progress of the four major banks and joint-stock banks is slow, and the follow-up potential may be large.
It is suggested to pay attention to: high-quality joint-stock banks Industrial Bank Co.Ltd(601166) , Ping An Bank Co.Ltd(000001) , China Merchants Bank Co.Ltd(600036) , and high expansion city commercial banks
\u3000\u3000 Bank Of Chengdu Co.Ltd(601838) 、 Bank Of Hangzhou Co.Ltd(600926) 、 Bank Of Ningbo Co.Ltd(002142) 、 Bank Of Jiangsu Co.Ltd(600919) ； Based on the logic of this report, new concerns can be added:
\u3000\u3000 Agricultural Bank Of China Limited(601288) 、 Bank Of Changsha Co.Ltd(601577) 、 Bank Of Nanjing Co.Ltd(601009) 、 Jiangsu Changshu Rural Commercial Bank Co.Ltd(601128) 、 Wuxi Rural Commercial Bank Co.Ltd(600908) 、 Jiangsu Suzhou Rural Commercial Bank Co.Ltd(603323) 。
Risk warning: bank operation risk; Decline in the quality of bank assets; Economic growth declined; The indicators and calculation methods are not comprehensive.
