兩段news(更新)

今日係scmp睇到兩段news

第一段係講citi三年內賣us$400b資產



Citigroup's (C) new chief executive, Vikram Pandit, plans to stick with a global banking model after months of intense review — but only after shrinking the company by about one-fifth first.

The three-year game plan, revealed Friday, includes getting rid of more businesses, mortgages, real estate operations and jobs.

The bank aims to shed $400 billion to $500 billion of its $2.2 trillion in assets and grow revenue 9% over the next few years as it tries to rebound from massive losses tied to deterioration in the credit markets.

第二段係講廣發行發rmb50億債券,並準備上市集資(可能有錯字,因為係手打)


Guangdong Development Bank, in which Citigroup holds a 20 per cent stake, yesterday said it was considering a listing after boosting its earnings and capital base.


"I think the market will give us a better value after this period of transformation and reform becomes more visible," Michael Zink, persident of the mid-sized lender, told reporters in Shanghai.


"After one or two years, a sustainable profit development, a sustainable improvement in our portfolio will give us a better value," he said, adding that the bank would list shares on stock market when "the moment is right".


The bank expects to incrase its net profit for this year by 60 per cent. It swung to a net profit of 2.7 billion yuan in 2007 after two years of losses.


Total assets were 437.5 billion yuan by the end of last year.


Guangdong Development Bank plans to issue a 5 billion yuan subordinated bond this year to bolster its capital, another senior executive said yesterday. The bond will raise the bank's capital adequacy ratio to 9 per cent, compared with 7.12 per cent at the end of 2007, said the executive.


The minimum regulatory requirement for the capital adequacy ratio is 8 per cent.


"We want to catch up with rivals such as Merchants Bank and Shanghai Pudong Developement Bank and if we want to win the competition in the market, we do need more capital to support rapid growth," the executive said.


The bank's executive added that the lender would in particular increase spending this year on information technology infrastructure and would seek to expand its consumer banking operations across the mainland.


係大陸網站,段news如下:


廣東發展銀行(GuangdongDevelopmentBank,簡稱：廣發銀行)行長辛邁豪(MichaelZink)週五表示，受各業務領域強勁增長推動，預計該行2008年淨利潤將較上年增長60%。

在連續虧損兩年之後，廣發銀行2007年扭虧為盈，淨利潤達到創紀錄的人民幣26.7億元。

在接受道瓊斯通訊社(DowJonesNewswires)採訪時，辛邁豪還表示，該行有望在6月底發行人民幣50億元的10年期次級債券。憑藉次級債券的發行，廣發銀行的資本充足率將由去年年底的7.12%提高至9%以上。

辛邁豪還表示，廣發銀行還希望將不良貸款率由去年底的4%降至約3%左右。

辛邁豪稱，未來幾年該行將履行其在去年發表的5年期戰略發展計劃中所作承諾，繼續把資產重組作為首要任務。該行在發展計劃中還承諾將提高分支機構的服務質量和全行信息技術水平。

辛邁豪在論及近期市場關於該行可能尋求在國內上市的猜測時表示，該行並不急於這樣做。

他表示，該行已與董事會就為未來發展籌集資金一事進行了非常深入的討論，董事會得出的結論是現階段上市時機尚不成熟。

他補充稱，在該行於今後一至兩年完成改革以後，市場對該行的估值或將更好。

廣發銀行於1988年成立，總共擁有約500家分支機構。花旗集團(CitigroupInc.,C)持有廣發銀行20%的股權。

現作評估:

net profit 2007 = 人民幣26.7億元

expected net profit 2008 = 人民幣26.7億元 x 1.6 = 42.72億元

假設給予20倍pe, 2008年終將值人民幣854.4億元

citi係2006年11月以人民幣56.7億元買入20%, 股份2008年終將值854.4 x 20% = 人民幣170.88億元

CAGR 約 68%......citi 管理值得一讚



我加多小小補充,2628都係持有20%(多謝讀者春子指正)

所以上述數字都可以apply落2628度

而根據2628 07年a股年報, 2628評估持有之20%只值: 人民幣61.65億元

170.88億相比61.65億元, 足足多100億......!!



同好多國內金融機構一樣,建立後勤中心係大勢所趨,同2318情況一樣

citi應該比2628更希望佢上到,所以會好努力做大佢(tier 1 & 2),有citi o甘落力,2628可以坐享其成

一至兩年後........好快就到......


_