The five major banks collectively announced, medium-term dividends, and the value of quasi-fixed income was highlighted, and the bank ETF (512800) attracted 149 million yuan on the 3rd

Interface News

2024-04-30 10:39Posted on the official account of Beijing Jiemian News

On the evening of April 29, the first quarterly reports of the six major state-owned banks were all unveiled, and the data showed that the six major state-owned banks achieved a total profit of 351.759 billion yuan in the first quarter. In addition to the Bank of Communications, the net profit growth of the five major banks has slowed down, among which the revenue and net profit of the Industrial and Commercial Bank of China, the Agricultural Bank of China, the Construction Bank and the Bank of China both fell in the first quarter. In contrast to the slowdown in net profit growth, the six major banks have taken the initiative to slow down the growth rate of scale, strive to maintain stable asset quality, and seek a new balance between "volume, price and risk".

In addition, it is worth noting that Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank and Bank of Communications collectively disclosed relevant arrangements for interim profit distribution in 2024, and the proportion of total dividends to net profit attributable to shareholders of the parent company shall not be higher than 30%.

According to the previously disclosed annual report, the dividend level of the six major state-owned banks is stable, with a total proposed dividend amount of more than 410 billion yuan, of which the total dividend of Industrial and Commercial Bank of China and China Construction Bank exceeds 100 billion yuan.

Dongxing Securities believes that, on the whole, the downward expectation of revenue and earnings in the banking industry has been sufficient, and the implied non-performing rate of valuation is at a high level. Under the current downward trend of interest rates, the value of high dividend allocation in the sector is still prominent. We are optimistic about the high dividend allocation value of stable large state-owned banks and the increase in valuation premium under the high-growth logic of high-quality regional small banks.

Ping An Securities said that the continuous interest rate cuts and the increasingly serious "asset shortage" have a more significant negative impact on bank operations, and the further release of repricing pressure in the first quarter may lead to a further narrowing of the industry's interest rate spread, but at the level of stock allocation, the continuous decline in the risk-free interest rate has also made the value of the bank's fixed-income allocation based on high dividends further highlighted.

According to the data of the Shanghai Stock Exchange, the bank ETF (512800) has been absorbing gold in the past three consecutive days, with a total net inflow of 149 million yuan.

Image source: Wind

As of April 29, the PB of the CSI Bank Index was only 0.58 times, lower than 83% of the time range in the past 10 years, and the margin of safety and cost performance of the sector are sufficient. Driven by core elements of dividends such as low valuation, high dividends, and sustainability, it is expected to drive the recovery of bank valuations.

Image source: Wind

Investors who are optimistic about the valuation repair market of the banking sector, related products bank ETFs. The bank ETF passively tracks the CSI Bank Index, with 42 listed banks in the A-share market, nearly one-third of the positions of large state-owned banks such as Industrial and Commercial Bank of China, Bank of China, and Postal Savings Bank of China to capture the opportunity of "high dividends";

Source: Shanghai and Shenzhen Stock Exchanges.

Risk Warning: The bank ETF passively tracks the CSI Bank Index, which was released on 2013.12.31 on the base date of 2004.12.15. The composition of the index constituents will be adjusted in accordance with the rules of the index. The index constituents in this article are for illustration purposes only, and the individual stock descriptions are not intended as investment advice of any kind, nor do they represent the position information and trading trends of any fund under the manager. The risk level of the Fund assessed by the fund manager is R3-medium risk, which is suitable for investors with balanced (C3) and above. Any information appearing in this article (including but not limited to individual stocks, comments, forecasts, charts, indicators, theories, any form of expression, etc.) is for reference only, and investors shall be responsible for any investment behavior determined independently. In addition, any opinions, analysis and forecasts in this article do not constitute any form of investment advice to the reader, nor do they assume any responsibility for any direct or indirect losses arising from the use of the content of this article. Fund investment is risky, the past performance of the fund is not indicative of its future performance, and the performance of other funds managed by the fund manager does not constitute a guarantee of the performance of the fund, so fund investment should be cautious.

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