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PPDAI Group

PPDAI's price/earnings (P/E) fell 72.6% yoy to 3.19 in 2Q2019

By Helgi Analytics - October 3, 2019

PPDAI Group stock traded at USD 4.35 per share at the end second quarter of 2019 implying a market capitalization of USD 1,335 mil. Sin...

PPDAI's net interest income rose 979% yoy to CNY 195 mil in 2Q2019

By Helgi Analytics - October 3, 2019

PPDAI Group generated total banking revenues of CNY 1,562 mil in the second quarter of 2019, up 46.7% when compared to the same p...

PPDAI's net profit rose 8.89% yoy to CNY 661 mil in 2Q2019

By Helgi Analytics - October 3, 2019

PPDAI Group made a net profit of CNY 661 mil under revenues of CNY 1,562 mil in the second quarter of 2019, up 8.89% and 46.7...

Profit Statement Dec 2018 Mar 2019 Jun 2019
Net Interest Income CNY mil -9.41 133 195
Net Fee Income CNY mil 1,087 1,247 1,256
Other Income CNY mil 132 78.3 112
Total Revenues CNY mil 1,210 1,458 1,562
Operating Profit CNY mil 540 855 836
Provisions CNY mil 0.801 71.3 73.2
Net Profit CNY mil 774 703 661
Balance Sheet Dec 2018 Mar 2019 Jun 2019
Interbank Loans CNY mil 1,695 1,444 989
Customer Loans CNY mil 2,064 2,475 2,497
Total Assets CNY mil 13,143 15,155 16,496
Shareholders' Equity CNY mil 5,986 6,322 7,002
Interbank Borrowing CNY mil 4,724 5,380 5,853
Customer Deposits CNY mil 0 0 0
Issued Debt Securities CNY mil 1,506 2,141 2,630
Ratios Dec 2018 Mar 2019 Jun 2019
ROE % 54.9 45.7 39.7
ROA % 24.7 19.9 16.7
Costs (As % Of Assets) % 21.4 17.1 18.4
Costs (As % Of Income) % 55.4 41.4 46.5
Net Interest Margin % -0.301 3.77 4.92
NPLs (As % Of Loans) % 7.27 6.86 6.45
Valuation Dec 2018 Mar 2019 Jun 2019
Price/Earnings (P/E) 3.09 2.81 3.19
Price/Book Value (P/BV) 1.27 1.21 1.27
Dividend Yield % 0 0 0
Earnings Per Share (EPS) CNY 1.54 1.75 1.78
Book Value Per Share CNY 3.74 4.06 4.47
Dividend Per Share CNY 0 0 0

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summary Unit Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
income statement                                    
Net Interest Income CNY mil ... ... ... ... ... ...           -13.2 38.6 18.1 -20.3 -9.41    
Total Revenues CNY mil                       899 955 1,065 1,084 1,210    
Operating Profit CNY mil ... ... ... ... ... ...           114 412 475 491 540    
Net Profit CNY mil ... ... ... ... ... ...           -507 439 607 649 774    
balance sheet                                    
Interbank Loans CNY mil ... ... ...   ... ... ...   ... ...   1,959 2,262 1,441 1,835 1,695    
Customer Loans CNY mil ... ... ...   ... ... ...   ... ...   1,153 1,325 2,043 2,003 2,064    
Total Assets CNY mil ... ... ...   ... ... ...   ... ...   8,604 9,159 10,178 11,908 13,143    
Shareholders' Equity CNY mil ... ... ...   ... ... ...   ... ...   3,682 4,261 4,830 5,289 5,986    
Interbank Borrowing CNY mil ... ... ...   ... ... ...   ... ...   3,177 3,522 3,938 4,725 4,724    
Customer Deposits CNY mil ... ... ...   ... ... ...         0 0 0 0 0    
Issued Debt Securities CNY mil ... ... ...   ... ... ...   ... ...   503 559 593 951 1,506    
ratios                                    
ROE % ... ... ... ... ... ... ...     ...   -67.1 44.2 53.4 51.3 54.9    
ROA % ... ... ... ... ... ... ...     ...   -26.2 19.8 25.1 23.5 24.7    
Costs (As % Of Assets) % ... ... ... ... ... ... ...     ...   40.6 24.5 24.4 21.5 21.4    
Costs (As % Of Income) % ... ... ... ... ... ...           87.4 56.9 55.4 54.7 55.4    
Net Interest Margin % ... ... ... ... ... ... ...     ...   -0.685 1.74 0.747 -0.736 -0.301    
Interest Income (As % Of Revenues) % ... ... ... ... ... ...           -1.47 4.04 1.69 -1.87 -0.778    
Fee Income (As % Of Revenues) % ... ... ... ... ... ...           94.3 88.8 90.0 87.4 89.9    
Equity (As % Of Assets) % ... ... ...   ... ... ...   ... ...   42.8 46.5 47.5 44.4 45.5    
Loans (As % Assets) % ... ... ...   ... ... ...   ... ...   13.4 14.5 20.1 16.8 15.7    
NPLs (As % Of Loans) %                       8.12 12.6 6.87 6.63 7.27    
valuation                                    
Market Capitalisation (End Of Period) USD mil ... ... ... ... ... ... ... ... ... ...   1,109 2,240 1,792 1,596 1,097    
Number Of Shares (Average) mil ... ... ...   ... ...           780 1,624 1,621 1,571 1,600    
Share Price (End Of Period) USD ... ... ... ... ... ... ... ... ... ...   7.11 7.45 5.95 5.38 3.66    
Earnings Per Share (EPS) CNY ... ... ...   ... ...           1.39 0.681 0.666 0.756 1.54    
Book Value Per Share CNY ... ... ...   ... ... ...   ... ...   4.72 2.62 2.98 3.37 3.74    
Dividend Per Share CNY ... ... ...   ... ...           0 0 0 0 0    
Price/Earnings (P/E) ... ... ... ... ... ... ... ... ... ...   6.67 14.3 11.6 9.27 3.09    
Price/Book Value (P/BV) ... ... ... ... ... ... ... ... ... ...   1.96 3.70 2.60 2.08 1.27    
Dividend Yield % ... ... ... ... ... ... ... ... ... ...   0 0 0 0 0    
Earnings Per Share Growth % ... ... ... ... ... ... ... ... ... ...   101 -48.4 -70.6 -72.9 11.1    
Book Value Per Share Growth % ... ... ... ... ... ... ...   ... ... ... 307 ... ... -5.34 -20.8    
income statement Unit Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
income statement                                    
Net Interest Income CNY mil ... ... ... ... ... ...           -13.2 38.6 18.1 -20.3 -9.41    
Net Fee Income CNY mil ... ... ... ... ... ...           847 848 959 948 1,087    
Other Income CNY mil ... ... ... ... ... ...           64.7 68.8 88.2 157 132    
Total Revenues CNY mil                       899 955 1,065 1,084 1,210    
Other Cost CNY mil ... ... ... ... ... ...           785 544 590 593 670    
Operating Cost CNY mil ... ... ... ... ... ...           785 544 590 593 670    
Operating Profit CNY mil ... ... ... ... ... ...           114 412 475 491 540    
Provisions CNY mil ... ... ... ... ... ...           705 -14.7 -89.1 34.9 0.801    
Extra and Other Cost CNY mil ... ... ... ... ... ...           -10.3 -106 -202 -286 -42.1    
Pre-Tax Profit CNY mil ... ... ... ... ... ...           -581 532 766 742 581    
Tax CNY mil ... ... ... ... ... ...           -74.1 94.6 158 92.2 -194    
Minorities CNY mil ... ... ... ... ... ...           -0.076 -1.48 1.24 0.207 0.417    
Net Profit CNY mil ... ... ... ... ... ...           -507 439 607 649 774    
growth rates                                    
Net Interest Income Growth % ... ... ... ... ... ... ... ... ... ...   -463 8,205 1,735 495 -28.9    
Net Fee Income Growth % ... ... ... ... ... ... ... ... ... ...   115 43.5 -0.824 -14.4 28.3    
Total Revenue Growth % ... ... ... ...               81.3 42.8 -0.057 -13.1 34.6    
Operating Cost Growth % ... ... ... ... ... ... ... ... ... ...   136 40.2 15.6 -11.2 -14.7    
Operating Profit Growth % ... ... ... ... ... ... ... ... ... ...   -30.3 46.4 -14.5 -15.3 375    
Pre-Tax Profit Growth % ... ... ... ... ... ... ... ... ... ...   -302 8.51 2.32 5.97 -200    
Net Profit Growth % ... ... ... ... ... ... ... ... ... ...   -291 5.34 -4.00 19.9 -253    
market share                                    
Market Share in Revenues %                       1.95 2.15 2.14 ... ... ... ...
Market Share in Net Profit % ... ... ... ... ... ...           ... 2.41 2.36 ... ... ... ...
balance sheet Unit Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
balance sheet                                    
Cash CNY mil ... ... ...   ... ... ...   ... ...   4,284 4,040 4,847 5,157 5,294    
Interbank Loans CNY mil ... ... ...   ... ... ...   ... ...   1,959 2,262 1,441 1,835 1,695    
Customer Loans CNY mil ... ... ...   ... ... ...   ... ...   1,153 1,325 2,043 2,003 2,064    
Total Assets CNY mil ... ... ...   ... ... ...   ... ...   8,604 9,159 10,178 11,908 13,143    
Shareholders' Equity CNY mil ... ... ...   ... ... ...   ... ...   3,682 4,261 4,830 5,289 5,986    
Liabilities CNY mil ... ... ...   ... ... ...   ... ...   4,921 4,899 5,348 6,618 7,157    
Interbank Borrowing CNY mil ... ... ...   ... ... ...   ... ...   3,177 3,522 3,938 4,725 4,724    
Customer Deposits CNY mil ... ... ...   ... ... ...         0 0 0 0 0    
Issued Debt Securities CNY mil ... ... ...   ... ... ...   ... ...   503 559 593 951 1,506    
Other Liabilities CNY mil ... ... ...   ... ... ...   ... ...   1,242 818 818 942 926    
growth rates                                    
Customer Loan Growth % ... ... ... ... ... ... ...   ... ... ... 302 ... ... 105 79.1    
Total Asset Growth % ... ... ... ... ... ... ...   ... ... ... 301 ... ... 73.4 52.8    
Shareholders' Equity Growth % ... ... ... ... ... ... ...   ... ... ... 377 ... ... 124 62.6    
market share                                    
Market Share in Customer Loans % ... ... ...   ... ... ...   ... ...   0.037 0.042 0.063 0.060 ... ... ...
Market Share in Total Assets % ... ... ...   ... ... ...   ... ...   0.122 0.124 0.136 0.156 ... ... ...
Market Share in Customer Deposits % ... ... ...   ... ... ...         0 0 0 0 ... ... ...
ratios Unit Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
ratios                                    
ROE % ... ... ... ... ... ... ...     ...   -67.1 44.2 53.4 51.3 54.9    
ROA % ... ... ... ... ... ... ...     ...   -26.2 19.8 25.1 23.5 24.7    
Costs (As % Of Assets) % ... ... ... ... ... ... ...     ...   40.6 24.5 24.4 21.5 21.4    
Costs (As % Of Income) % ... ... ... ... ... ...           87.4 56.9 55.4 54.7 55.4    
Net Interest Margin % ... ... ... ... ... ... ...     ...   -0.685 1.74 0.747 -0.736 -0.301    
Payout Ratio % ... ... ... ... ... ...           0 0 0 0 0    
Interest Income (As % Of Revenues) % ... ... ... ... ... ...           -1.47 4.04 1.69 -1.87 -0.778    
Fee Income (As % Of Revenues) % ... ... ... ... ... ...           94.3 88.8 90.0 87.4 89.9    
Other Income (As % Of Revenues) % ... ... ... ... ... ...           7.20 7.20 8.28 14.5 10.9    
Equity (As % Of Assets) % ... ... ...   ... ... ...   ... ...   42.8 46.5 47.5 44.4 45.5    
Loans (As % Assets) % ... ... ...   ... ... ...   ... ...   13.4 14.5 20.1 16.8 15.7    
NPLs (As % Of Loans) %                       8.12 12.6 6.87 6.63 7.27    
Cost of Provisions (As % Of Loans) % ... ... ... ... ... ... ...     ...   265 -4.74 -21.2 6.90 0.158    
other data Unit Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
other data                                    
Clients mil ... ... ... ... ... ... ...         65.4 71.4 78.1 83.9 88.9    
Total Loan Book RMB mil ... ... ... ... ... ... ... ... ... ... ... ... ... 3,723 4,113 5,654    
On-balance Sheet Loans RMB mil ... ... ... ... ... ... ...   ... ...   1,153 1,325 2,043 2,003 2,064    
Off-balance Sheet Loans RMB mil ... ... ... ... ... ... ... ... ... ... ... ... ... 1,680 2,110 3,590    
Off-balance Sheet Loans (As % of Total) % ... ... ... ... ... ... ... ... ... ... ... ... ... 54.9 48.7 36.5    
On-balance Sheet Loans (As % of Total) % ... ... ... ... ... ... ... ... ... ... ... ... ... 45.1 51.3 63.5    
Average Tenor months ... ... ... ... ... ... ... ... ... ...   ... ... ... ... ... ... ...
Average Ticket Size RMB ... ... ... ... ... ... ...         2,590 3,066 3,212 3,396 3,423    
Outstanding Loan per Borrower (Calculated) RMB ... ... ... ... ... ... ... ... ... ... ... ... ... 1,145 1,495 1,885    
Loan Facilitation Income (As % of Off BS Loans) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... 37.3 29.4    
Loss of Guarantee Liability (As % of off-BS Loans) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... 7.37 -7.33    
Cost of Risk (incl. Off BS Loans) % ... ... ... ... ... ... ... ... ... ... ... ... ... -9.57 3.56 0.066    
Equity (As % of Off- and On BS Loans) % ... ... ... ... ... ... ... ... ... ... ... ... ... 130 129 106    
90 day+ deliquency ratio % ... ... ... ...               4.19 8.01 4.61 3.37 4.23    
Revenue per Client RMB                       225 382 328 394 403    
Operating Profit per Client RMB ... ... ... ... ... ...           28.4 165 146 178 180    
Pre-Tax Profit per Client RMB ... ... ... ... ... ...           -145 213 235 270 194    
Loan Origination (Total) CNY mil                       17,567 12,349 16,761 14,771 17,617    
Loan Facilitation & Servicing Fee CNY mil                       620 621 753 708 837    
Processing and Servicing Cost CNY mil ... ... ... ... ... ...           296 247 235 226 278    
Provision for Credit Losses of Contract Assets and Service Fees Receivable CNY mil ... ... ... ... ... ...           705 -26.3 -94.7 34.9 -52.2    
Profit on Off-Balance Sheet Loans CNY mil ... ... ... ... ... ...           -381 400 613 447 612    
Volume of Off-Balance Sheet Loans CNY mil ... ... ... ... ... ... ... ... ... ... ... ... ... 1,680 2,110 3,590    
Profit on Off-Balance Sheet Loans (As % of Off-Balance Sheet Loans) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... 23.6 21.5    
Profit on Off-Balance Sheet Loans (As % of Pre-Tax Profit) CNY mil ... ... ... ... ... ...           0.656 0.752 0.800 0.602 1.05    

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PPDAI's market capitalisation (end of period) rose 18.2% to USD 1,335 mil in 2Q2019

By Helgi Analytics - October 23, 2019

PPDAI Group stock traded at JPY 1,645 per share at the end of second quarter of 2019 implying a market capitalization of USD 3,477 mil. Over the last five years, the stock has depreciated by 36.4 implying an annual average growth of -8.65% In absolute ter...

PPDAI's share price (end of period) fell 26.9% yoy to USD 4.35 in 2Q2019

By Helgi Analytics - October 3, 2019

PPDAI Group stock traded at USD 4.35 per share at the end of second quarter of 2019 implying a market capitalization of USD 1,335 mil. Over the last five years, the stock has appreciated by % implying an annual average growth of 0 %. In absolute terms, the value of t...

PPDAI's equity (as % of assets) fell 10.5% yoy to 42.4% in 2Q2019

By Helgi Analytics - October 7, 2019

PPDAI Group's Equity reached 7.25% of total assets in the 2Q2019, up from 7.16% for the previous year. As a share of net customer loans, the ratio amounted to 13.9% at the end of the second quarter of 2019. ...

PPDAI's customer loans rose 22.2% yoy to CNY 287 mil in 2Q2019

By Helgi Analytics - October 3, 2019

PPDAI Group's customer loans reached CNY 287 mil in 2016-12-31, down 0% compared to the previous year. Chinese banking sector provided customer loans of CNY 116,601 bil in 2016-12-31, up 2.32% when compared to the last year. PPDAI Group accounted for 0.01...

PPDAI's customer deposits remain unchanged yoy at CNY 0 mil in 2Q2019

By Helgi Analytics - October 3, 2019

PPDAI Group's customer deposits reached CNY 0 mil in 2016-12-31, down 0% compared to the previous year. Chinese banking sector accepted customer deposits of CNY 71,030 bil in 2016-12-31, up 6.68% when compared to the last year. PPDAI Group accounted for 0...

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Finance

PPDAI Group has been growing its revenues and asset by 182% and 161% a year on average in the last 3 years. Its loans and deposits have grown by 161% and % a year during that time and loans to deposits ratio reached at the end of 2018. The company achieved an average return on equity of 65.4% in the last three years with net profit growing % a year on average. In terms of operating efficiency, its cost to income ratio reached 52.8% in 2018, compared to 63.6% average in the last three years.

Equity represented 45.5% of total assets or 290% of loans at the end of 2018. PPDAI Group's non-performing loans were 7.27% of total loans while provisions covered some of NPLs at the end of 2018.

Valuation

PPDAI Group stock traded at USD 3.66 per share at the end of 2018 resulting in a market capitalization of USD 1,097 mil. Over the previous three years, stock price rose by 0% or 0% a year on average. That’s compared to an average ROE of 65.4% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 3.09x and price to book value (PBV) of 1.27x in 2018.