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ID:8230647
大小:1.77 MB
页数:44页
时间:2018-03-11
《麦格理-中国-金融业-中国金融科技:主宰消费者金融》由会员上传分享,免费在线阅读,更多相关内容在行业资料-天天文库。
1、GREATERCHINAChinafintechPoisedtodominateconsumerfinanceChina’sfintechlendingsectorisbooming.Whilsttherewillinevitablybesetbacksfromtighterregulationsandmanyplayerswillfail,weareconvincedthatonlineofferingsareaformidablethreattobanks,inthevastlyunderpen
2、etratedconsumerfinancesegment.WeinitiatecoverageofthefintechlendingsectorwithapositiveviewandrecommendinvestorsbuyYirendaiandQudian.Ourtargetpriceimpliesaone-yearTSRof43%onYRDand32%onQD.Consumercreditsectorisunder-servedSummaryofrecommendationsHousehol
3、dleverageinChinaislowbecauseindividualsaversandborrowersarePriceMktcapADTPTStock(US$)(US$bn)(US$m)Rec(US$)TSRunder-servedbybanks.Thisispartlyduetoalackofconsumercreditrecords.YRDUS41.92.527OP6043%Withrisingadoptionofmobileinternet,fintechlendersarefill
4、ingthatgapwithQDUS27.28.4212OP3632%innovativesolutionsinvolvingshort-termcashadvancesandinstalmentloans.Note:Stockpricesasof13November2017.Source:MacquarieResearch,November2017Weprojectfintechloanswillregistera37%CAGRoverthenext5years.Whodoyouplantobor
5、rowfrom?BorroweracquisitionandretentionarekeysuccessfactorsFintechlendingcompaniesmakemoneybychargingfacilitationfeestoborrowersovertheirplatforms.However,despitelow-costonlinemodels,None16%Notcustomeracquisitioncostsarerisingandremainasignificanthurdl
6、e.Sounddecided31%customerretentionandrepeatbusinessisthereforevitaltoprofitability.BankLoansFundingstructureisacriticaldeterminant26%FintechLendingP2Premainsthepredominantfundingsource.Whilstweconsiderthismore27%expensiveandpronetomoreregulation,wethin
7、kstrongbrandslikeYirendaicanbenefitfromastickiercustomerrelationships.Bycontrast,non-P2Plenders,Source:TencentCDC,MacquarieResearch,Novemberespeciallywithproperlicences,aretappingintocheaperfundingsourcesfrom2017banks,trustsandeventhesecuritizationmark
8、et.Competitivelandscape:FintechlendingCreditriskmanagementyettobeprovenfocusingonmassmarketGivenlimitedpubliccreditrecords,fintechlendingplatformshaveutilisedLendersProductsunconventionaldatasourcessuchassocialmediaandonlineshoppingreco
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