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02003 VCREDIT
RTNominal up2.210 +0.050 (+2.315%)
Research Report

14/02/2020 17:51

{I-bank focus}Goldman cuts VCredit (02003) to HK$8.1

[ET Net News Agency, 14 February 2020] Goldman Sachs cut its target price for VCredit
Holdings (02003) to HK$8.1 from HK$10.6 and maintained its "neutral" rating.
For fintech lenders, the research house sees limited impact from the coronavirus as a
majority of the lending activities is conducted online/through phone apps nationwide.
However, Goldman expects potential asset quality deterioration to come as a secondary
impact from the virus situation, whereby firms might see challenges in debt collections
when a majority of the teams (debt collection teams included) are now working remotely.
Goldman sees rising credit risks on VCredit's loan business amid the disrupted
collection efforts in this prolonged holiday season. As a result, it expects the company
to potentially tighten credit policy and slow down loan facilitation growth to manage
credit risks of its existing portfolio.
Goldman cut its 2020/21 EPS forecasts by 11%/6% on the back of rising asset quality
concerns post the virus outbreak. (KL)

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