Source of this article: Times Finance Author: Gao Wenxun
5 institutions jointly researched, only asked two questions in an hour?
On the morning of October 27, Bank of Xiamen (601187. SH) disclosed the Investor Relations Activity Record Form. On October 25, Zhongtai Securities and other 5 institutions investigated Xiamen Bank, including the chairman, president and other management.
But curiously, the Bank of Xiamen's investor relations activity record sheet shows that the five institutions only asked 2 questions. Is it that the institution did not mention it, or is the Bank of Xiamen "perfunctory"?
"It's not that we don't let it be mentioned, it's that they don't." On October 27, a person from the securities department of Xiamen Bank told Times Finance that the research time of the day was relatively late, and the guests explained more time, "We also asked the institution more questions at that time, but they asked two questions." ”
The first anniversary of the listing of Bank of Xiamen (Source: Figureworm Creative)
<h5>The one-hour survey asked only two questions</h5>
Bank of Xiamen's "Investor Relations Activity Record Table" shows that the time of this survey is 17:00-18:00 on October 25, and the disclosure time of Bank of Xiamen's 2021 third quarter report is 16:45, which means that the research activity began after the disclosure of the third quarter report.
On October 27, a person from the securities department of Xiamen Bank told Times Finance that since some of the company's restricted shares were to be listed and circulated on October 27, "in order to let investors know more about Xiamen Bank and some subsequent situations, we organized an offline research activity for the first anniversary of the listing." ”
Judging from the information disclosed, Xiamen Bank attaches great importance to this activity, and Chairman Wu Shiqun, President Wu Xinhao, Chairman Zhang Yonghuan, Vice President Li Zhaohui, Vice President Liu Yongbin, Vice President and Secretary of the Board of Directors Chen Rongrong, Vice President Zhuang Haibo, Vice President and Chief Information Officer Zheng Chengman, Vice President and Chief Risk Officer Xie Tonghua and leaders of relevant departments all participated in the survey.
The participating institutions are Zhongtai Securities, Everbright Securities, Hui Tianfu Fund, BOC Fund and Tianhong Fund.
According to the above-mentioned "Investor Relations Activity Record Table", the institution asked two questions, one is, "What is the first time the company's stock is lifted on October 27 this year?" What is the impact on the company's share price? The second is, "What is your bank's main strategy in terms of large retail transformation?" ”
Source Xiamen Bank Announcement
This is a bit less than 10 research questions from other listed companies.
"At the beginning of this event, the invited guests were speaking, and the time for the guests' speeches was originally stipulated, but the guests may have been too happy, and the time was relatively late, so the institution did not ask too many questions." The above-mentioned xiamen bank securities department told Times Finance that the arrangement is to let the institution and the shareholders freely communicate and ask questions, "It may be too late, the institution only raised two questions, not that we do not let us mention, but they did not mention." ”
Judging from the "Investor Relations Activity Record Table", when Answering "What is the main strategy for the transformation of large retail", Bank of Xiamen made an "official" reply from the aspects of operation management, product innovation, marketing team, and channel construction.
<h5>709 million shares are coming</h5>
According to the data, Xiamen Bank was listed on the Shanghai Stock Exchange on October 27, 2020, and the company's largest shareholder was the Xiamen Municipal Finance Bureau, with a shareholding ratio of 18.19%; the second largest shareholder was Taiwan Fubon Financial Holdings, with a shareholding ratio of 17.95%; there were 4 shareholders with more than 5% of the total shareholding ratio of 53.74%, and the total shareholding ratio of the top 10 shareholders was 73.85%, and the equity structure was stable.
According to the announcement disclosed by Bank of Xiamen, on October 27, 2021, a total of 709 million shares of the company's shares were lifted for the first time, accounting for 26.86% of the total share capital, involving a total of 2422 shareholders. After the lifting of the ban, the proportion of the company's outstanding shares will rise from the previous 10% to 36.86%.
Times Finance noted that there are 2 listed companies among the shareholders of Xiamen Bank's restricted shares listed and circulating, namely Foshan Lighting (000541.SZ), which holds 109.714176 million shares, and Jiangsu Sainty (600287.SH), which holds 49.856 million shares.
On October 27, a person from Foshan Lighting Securities Department told Times Finance that the company has not yet reduced its holdings in Xiamen Bank, "the follow-up processing needs to ask the leader." ”
In response to the institution's question on the impact of the lifting of the ban on stock prices, the above-mentioned "Investor Relations Activity Record Table" replied that "the company's stock price trend is affected by many factors such as fluctuations in the broader market index, secondary market conditions, capital flows, etc. The company will always uphold the concept of 'prudent operation and steady development' and implement the bank's new three-year strategic plan - 'focus on small and medium-sized enterprises, deep ploughing in Haixi, and integrating both sides of the strait. The goal of creating a leading value integrated financial service provider is to actively connect with the capital market and strive to repay the society and shareholders with more beautiful results. ”
On the morning of October 27, Bank of Xiamen set the lowest price since its listing of 7.15 yuan in the intraday.
As the stock price hit a new low, Xiamen Bank's stock bar was full of "complaints".
Image source: Stock bar screenshot
The above-mentioned xiamen bank securities department believes that the reason for the record low share price on October 27 "may be affected by the lifting of the ban." ”
<h5>Some funds began to ambush and increase positions</h5>
On the evening of October 25, Xiamen Bank disclosed the third quarter report of 2021, and the first three quarters achieved operating income of 3.86 billion yuan, an increase of 3.1% year-on-year; and achieved a net profit attributable to the mother of 1.51 billion yuan, an increase of 20.6% year-on-year. Among them, in the third quarter, the operating income was 1.440 billion yuan, an increase of 40.13% year-on-year; the net profit attributable to the mother was 442 million yuan, an increase of 45.68% year-on-year.
It is worth noting that compared with the first half of this year, xiamen bank's operating income fell by 10.89% year-on-year, and the revenue growth rate in the first three quarters has turned from negative to positive.
Moreover, the growth rate of its attributable net profit has also increased significantly.
According to the research report of CITIC Construction Investment Securities, the performance of Xiamen Bank exceeded expectations. "The NPL ratio was flat quarter-over-quarter at 0.92% Q/Q and the provision coverage ratio improved 5.3pct quarter-on-quarter to 370.2%. The asset quality was in line with our expectations. The positive growth rate of revenue was mainly due to the impact of investment income and other high fair value bases in the first half of last year, and the impact gradually faded in the third quarter, driving the decline in other non-interest income to narrow significantly. ”
However, the secondary market seems to be "invisible" to the changes in the performance of Xiamen Bank.
Since its listing on October 27, 2020, Bank of Xiamen's share price has fallen to a minimum of 7.15 yuan, which is close to the issue price of 6.71 yuan. The decline this year has reached 44.64%, compared with the highest price of 15.48 yuan created on December 3 last year.
Xiamen Bank's stock price trend in the past year since its listing (source Dongcai screenshot)
However, compared with the performance of the secondary market, the institutional view of Xiamen Bank has changed positively.
Compared with the shareholder structure in the first half of this year, two new funds have been added to the top ten outstanding shareholders of Bank of Xiamen, namely the Tianhong CSI 500 Index Fund, which holds 3,270,900 shares, and the Southern Financial Thematic Fund, which holds 2,619,240 shares, respectively, ranking the first and second largest circulating shareholders of Xiamen Bank.
The China Securities 500 ETF, Huabao China Securities Bank ETF and Tianhong China Securities Bank ETF, which originally held Xiamen Bank, also increased their positions slightly in the third quarter of this year. As of September 30, the three ETFs ranked as the 6th, 7th and 9th largest outstanding shareholders of Bank of Xiamen with 1,945,700 shares, 1,339,600 shares and 1,084,500 shares respectively.
On the one hand, institutional investors are increasing their holdings, and on the other hand, the stock price of Xiamen Bank has fallen and fallen, which shows that the divergence of the market on Xiamen Bank is still obvious.
In this regard, the research report of CITIC Construction Investment Securities expects that The revenue of Bank of Xiamen in 2021/2022 will increase by 7.4%/21.0% year-on-year, and the net profit attributable to the mother will increase by 20.6%/21.0% year-on-year, giving a "buy" rating.
"The company has noticed the trend in the stock, and for now, we feel that there is still market sentiment, and we need to observe it." The above-mentioned Xiamen Bank person said so.
As of the close of trading on October 27, Xiamen Bank closed at 7.16 yuan, down 3.37%.