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Research Report

16/09/2019 11:33

{I-bank focus}Goldman raises VCredit (02003) to HK$10.6

[ET Net News Agency, 16 September 2019] Goldman Sachs raised its target price for
VCredit Holdings (02003) to HK$10.6 from HK$9.3 and maintained its "neutral" rating.
The research house said VCredit's 1H revenue beat Goldman's estimate by 28%, but
adjusted NPAT missed by 24% on higher-than-expected FV (Fair Value) adjustment of loans.
Goldman revised VCredit's EPS estimates for 2019-21 down by 21-9%.
Average loan tenor shortened to 9 months (versus 13 months previously) as the product
mix shifted away from O2O (Online-to-Offline) credit products that are typically of longer
duration (average 38 months as of YE2018). This, together with the increased origination
volume, resulted in the higher-than-expected FV loss of Rmb1bn in 1H 2019. (KL)

Remark: Real time quote last updated: 28/02/2020 14:29
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