平安银行：估值修复和价值重新发现的双轮驱动

Pingan bank: valuation repair and value rediscovery of two wheel drive

By January 2013 and day closing, pingan bank to harden price closing, continue to bring up bank plate, started from December, 2012, by January 2013 and day, pingan bank has risen by 64.61% during, citic bank index has risen 39.59%, Shanghai and shenzhen 300 index has risen 23.94%, pingan bank greatly run to win the market and industry index.

Expected to improve and promote the peace of funds is the main cause of the rise in bank shares, one of the improvement of the expected mainly includes interest-earning assets expansion, net carry back amplitude better than expected and asset quality improvement. Peace for Banks, we think that the improvement of the quality of assets, especially for the large positive good effect, because the low due to base peace bank in wenzhou district risk exposure in a more centralized state, so the market for pingan bank asset quality concerns have been present state.

In addition, we think that this round of pingan bank shares than trade is the main reason of the specific management; The original shenzhen development bank and the original peace after the merger, faced with the problem of fault management, last November, pingan bank the new chairman and line ChangSunJianYi and ShaoPing in place, in January, ZhaoJiChen, SunXian lang and ZhangJinShun three deputy President takes place, and the three deputy governors are used in the people's livelihood bank manager, pingan bank new management after clear, the market for pingan bank two wheel integration, cross sales and double drive questions and themes of continuous implementation and integration effect to produce a clear confidence, also drive the epicycle pingan bank rise rapidly.

Further deep reason is that, as the first one on the market the power-and-power union bank merger case, plus big shareholders peace group's strong support, the bank cross sales potential is tremendous, at present already in credit card and intermediate business preliminary revealed.

Because of pingan bank future will enter the integrated effect of continuous play period, the growth will be gradually released, and may gradually going higher, the universal bank shares will steadily falling growth situation is different, so pingan bank valuation level should be higher than Banks, if according to 12 years static p/e ratio 10-12 times computation, pingan bank target price can reach 25 to 30 yuan interval, continue to maintain recommended rating.

Risk is mainly two integrated effect of the uncertainty of the play.