The advantage of Nanjing Bank's share diversification valuation is not obvious

The change of major shareholder was approved by Nanjing Bank (601009, closing price 15.47 yuan) a few days ago announced that the former company's largest shareholder Nanjing state-owned Asset Management Holdings (group)　　The limited liability company will hold 245 million shares free of charge to Nanjing Zijin Investment Holding Limited liability company (hereinafter referred to as Zijin Company) to hold, Zijin company became the company's largest shareholder. Zijin Company's mission lies in the integration of Nanjing financial resources, is expected to promote the Nanjing Bank cross sales and comprehensive management of the development. At the beginning of the company's establishment, it was established that its development direction is to provide important support for Nanjing industrial upgrading and economic and social development by effectively integrating Nanjing financial resources, cultivating strong local financial market subjects, comprehensively improving financial innovation ability and service level, and becoming a financial platform to serve the needs of local economic development.　　In the future, Nanjing Bank is expected to share clients and network resources with Zijin's securities and trust companies, and promote the pace of cross-selling and business innovation. The ownership structure of Nanjing Bank is scattered, Zijin company has become the largest shareholder, but not absolute holding, BNP Paribas as a strategic investor holding 12.61% of the equity, the other top ten shareholders in addition to the new Hong Kong High Branch shareholding ratio is generally low, and there are repeated two-level market reduction behavior, participation in the company's management will be limited. Therefore, Haitong Securities is expected in the future Nanjing Bank in governance and management will form a Zijin group-led, BNP Paribas as an important participant in the structure.　　In addition, it is not ruled out that the future Zijin company will further improve the shareholding ratio and the possibility of further resource integration around the company under the conditions permitted by future policies, through the holding of shares held by other state-owned background shareholders. The future development of large space to actively participate in the development of coastal areas in Jiangsu Province, will bring more space for the company. "Jiangsu Coastal Area Development Plan" pointed out that in the new situation to accelerate the development of coastal areas in Jiangsu Province, for the Yangtze River Delta region industry optimization and upgrade and overall strength upgrade, improve the national coastal areas of productivity distribution, promote the development of the central and western regions, and strengthen China's exchanges and cooperation is of great significance.　　The implementation of the program needs financial support, Nanjing Bank as the only listed bank in the province, the Zijin company is expected to actively promote the Nanjing Bank to participate fully in the development of Jiangsu coastal areas, sharing the results of regional economic development. The bank's credit growth was strong in the first quarter, with no apparent advantage in valuations. Corporate asset and loan growth has accelerated overall this year, with total assets and loans growing by 19.88% and 28.61% in the first quarter respectively.　　Although non-performing loans in the second half of 2008 are on the rise, the pressure on asset quality in 2009 and 2010 is limited, given the rebound in liquidity and the dilution of the rapid growth of loans in the economy. It is estimated that the company's net profit for 2009 and 2010 will be 1.603 billion yuan and 1.966 billion yuan respectively, with an increase of 10.11% and 22.60 respectively.%, earnings per share are $0.87 and $1.07 respectively, at present, the company 2009 dynamic PB and PE are 2.16 times times and 17.46 times times respectively, the company's valuation level does not have a clear advantage, but given the higher loan growth this year and Zijin company after the integration of the future, the company's valuation level in the long term there is still room for improvement　。 Haitong Securities