Weidai

Profit Statement 2016 2017 2018
Net Interest Income CNY mil 13.6 30.3 66.8
Net Fee Income CNY mil 1,761 3,297 3,687
Other Income CNY mil 0.130 248 226
Total Revenues CNY mil 1,775 3,576 3,980
Operating Profit CNY mil 537 1,099 1,461
Provisions CNY mil 145 484 752
Net Profit CNY mil 291 475 602
Balance Sheet 2016 2017 2018
Interbank Loans CNY mil 0 1,101 1,624
Customer Loans CNY mil 293 2,329 1,904
Debt Securities CNY mil 13.3 359 13.3
Total Assets CNY mil 2,105 6,268 6,316
Shareholders' Equity CNY mil 735 1,176 2,217
Interbank Borrowing CNY mil 0 200 0
Customer Deposits CNY mil 0 0 0
Issued Debt Securities CNY mil 0 0 0
Ratios 2016 2017 2018
ROE % 39.6 49.7 35.5
ROA % 13.8 11.3 9.56
Costs (As % Of Assets) % 58.8 59.2 40.0
Costs (As % Of Income) % 69.7 69.3 63.3
Net Interest Margin % 0.648 0.724 1.06
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil ... ... 652
Share Price (End Of Period) CNY ... ... 88.1
Price/Earnings (P/E) ... ... 7.46
Price/Book Value (P/BV) ... ... 2.02
Earnings Per Share (EPS) CNY 301 461 11.8
Book Value Per Share CNY 760 1,143 43.5

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summary Unit 2016 2017 2018
income statement      
Net Interest Income CNY mil 13.6    
Total Revenues CNY mil 1,775    
Operating Profit CNY mil 537    
Net Profit CNY mil 291    
balance sheet      
Interbank Loans CNY mil 0    
Customer Loans CNY mil 293    
Debt Securities CNY mil 13.3    
Total Assets CNY mil 2,105    
Shareholders' Equity CNY mil 735    
Interbank Borrowing CNY mil 0    
Customer Deposits CNY mil 0    
Issued Debt Securities CNY mil 0    
ratios      
ROE % 39.6    
ROA % 13.8    
Costs (As % Of Assets) % 58.8    
Costs (As % Of Income) % 69.7    
Net Interest Margin % 0.648    
Interest Income (As % Of Revenues) % 0.769    
Fee Income (As % Of Revenues) % 99.2    
Equity (As % Of Assets) % 34.9    
Loans (As % Assets) % 13.9    
valuation      
Market Capitalisation (End Of Period) USD mil ... ...  
Number Of Shares (Average) mil 0.968    
Share Price (End Of Period) CNY ... ...  
Earnings Per Share (EPS) CNY 301    
Book Value Per Share CNY 760    
Price/Earnings (P/E) ... ...  
Price/Book Value (P/BV) ... ...  
Earnings Per Share Growth % ...    
Book Value Per Share Growth % ...    
income statement Unit 2016 2017 2018
income statement      
Interest Income CNY mil 13.6    
Interest Cost CNY mil 0    
Net Interest Income CNY mil 13.6    
Net Fee Income CNY mil 1,761    
Other Income CNY mil 0.130    
Total Revenues CNY mil 1,775    
Operating Cost CNY mil 1,238    
Operating Profit CNY mil 537    
Provisions CNY mil 145    
Extra and Other Cost CNY mil -3.66    
Pre-Tax Profit CNY mil 396    
Tax CNY mil 105    
Minorities CNY mil 0    
Net Profit CNY mil 291    
growth rates      
Net Interest Income Growth % ...    
Net Fee Income Growth % ...    
Total Revenue Growth % ...    
Operating Cost Growth % ...    
Operating Profit Growth % ...    
Pre-Tax Profit Growth % ...    
Net Profit Growth % ...    
market share      
Market Share in Revenues % 0.038   ...
balance sheet Unit 2016 2017 2018
balance sheet      
Cash CNY mil 1,315    
Interbank Loans CNY mil 0    
Customer Loans CNY mil 293    
Debt Securities CNY mil 13.3    
Fixed Assets CNY mil 45.4    
Total Assets CNY mil 2,105    
Shareholders' Equity CNY mil 735    
Of Which Minority Interest CNY mil 0    
Liabilities CNY mil 1,370    
Interbank Borrowing CNY mil 0    
Customer Deposits CNY mil 0    
Issued Debt Securities CNY mil 0    
Other Liabilities CNY mil 1,370    
growth rates      
Customer Loan Growth % ...    
Total Asset Growth % ...    
Shareholders' Equity Growth % ...    
market share      
Market Share in Customer Loans % < 0.001    
Market Share in Total Assets % < 0.001    
Market Share in Customer Deposits % 0    
ratios Unit 2016 2017 2018
ratios      
ROE % 39.6    
ROA % 13.8    
Costs (As % Of Assets) % 58.8    
Costs (As % Of Income) % 69.7    
Net Interest Margin % 0.648    
Interest Spread % ...    
Asset Yield % 0.648    
Cost Of Liabilities % ...    
Interest Income (As % Of Revenues) % 0.769    
Fee Income (As % Of Revenues) % 99.2    
Other Income (As % Of Revenues) % 0.007    
Equity (As % Of Assets) % 34.9    
Loans (As % Assets) % 13.9    
Cost of Provisions (As % Of Loans) % 49.3    
other data Unit 2016 2017 2018
other data      
On-balance Sheet Loans RMB mil 293    

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Finance

Weidai has been growing its revenues and asset by 0% and 0% a year on average in the last 3 years. Its loans and deposits have grown by 0% and 0% 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 41.6% in the last three years with net profit growing 0% a year on average. In terms of operating efficiency, its cost to income ratio reached 63.3% in 2018, compared to 67.4% average in the last three years.

Equity represented 35.1% of total assets or 116% of loans at the end of 2018. Weidai's non-performing loans were of total loans while provisions covered some of NPLs at the end of 2018.

Valuation

Weidai stock traded at CNY 88.1 per share at the end of 2018 resulting in a market capitalization of USD 652 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 41.6% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 7.46x and price to book value (PBV) of 2.02x in 2018.

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