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It is a pledge of great things! The brokerages were “scarred” by these 9 stocks, and the one-off provision was reduced by nearly 1 billion.

January 11, 2019 12:27
Author: Ying Lin
source: China Fund News

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Summary
[It is a pledge of great things! The brokerages were depreciated by the 9 stocks in one lump sum for nearly 1 billion. According to the preliminary statistics of the fund, in addition to the newly disclosed Taiping Securities, there are also Industrial Securities, Guohai Securities, Nanjing Securities, Western Securities in 2018. A number of brokers such as Zhongyuan Securities and Dongfang Securities issued an announcement on the impairment of assets. Among them, Industrial Securities has made a provision for asset impairment of up to 651 million yuan due to the simultaneous trampling of Changzhisheng and Zhonghong shares. (China Fund News)

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  PledgeBusiness thunderBrokerHow big is the impact? In the new year, Pacific Securities used a provision for impairment of assetsannouncementTell us the answer.

Yesterday evening, Pacific Securities issued a notice saying that it intends to make a single provision for asset impairment in 2018, amounting to 972 million yuan. And this number has exceeded its most recent fiscal year.Net profit10%.

It is worth noting that the amount of the stock, the stockPledged repoThe amount of provision for impairment of the trading business was 947 million yuan, accounting for 97.5%. It is enough to see that the pledge business violently makes Pacific Securities very "injured."

  Proposed provision for asset impairment is as high as 972 million

On the evening of January 10, Pacific Securities announced that it intends to make a single provision for asset impairment in 2018. After the company conducted asset impairment test on assets with signs of impairment on December 31, 2018, the assets were individually accrued. The amount of impairment provision was 972 million yuan.

The accrued assets are divided into two parts, namely, the financial assets for sale and the financial assets available for sale. Among them, the company pledges the nine stocks in the financial assets purchased for resale.RepoThe provision for impairment of assets in the transaction business totaled 947 million yuan, accounting for as much as 97.5%.

Which 9 stocks have made Pacific Securities so "injured"? Look at the list below and you will understand.

Business wins global, victory precision, contemporary oriental, Shengyun environmental protection, Zhongying Internet, Tianshen Entertainment, Midu Energy, beautiful ecology, *ST Xoceco.

All of these stocks have a common feature, that is, the stock price suffered a sharp drop last year. Come and feel it.

Among the nine stocks, the highest provision for asset impairment is the share of the company, and the provision for impairment of assets is 337 million yuan.

On August 15, last year, Shangyin Global terminated its major assets.ReorganizationRearResumption of tradingThen, after 8 consecutive downs, the stock price fell sharply. On December 28, 2018, the stock price closed at 6.58 yuan, from 22.22 yuan to 6.58 yuan. In more than four months, the stock price fell by as much as 70%.

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It is integrated into Fangda Yixian Hengsheng Equity Investment Partnership (Limited Partnership) and Jiangsu Longming Investment Co., Ltd. to pledge the shares of Shangyin Global. As of December 31, 2018, the financing scale was 764 million yuan. As the underlying securities continued to fall, the proportion of performance guarantee fell below the disposal line, triggering the pre-purchase clause stipulated in the agreement, and the merging party failed to fulfill the purchase repurchase obligation, which constituted a breach of contract. Pacific Securities stated that after the company estimated the recoverable amount of its pledged equity and other frozen assets, the difference between the book value and the estimated recoverable amount was recognized as the impairment loss. After calculation, the provision for impairment of assets was RMB 337 million.

In addition, Pacific Securities made provision for impairment of available-for-sale financial assets in a total of RMB 24.28 million, including the company’s asset management products “Heying No.1” and “Red Coral High-end Manufacturing” due to the decline in net worth. Investment losses and the objective impairment of the investment “16 environmental debt” due to a material breach of contract.

Then, 947 million yuan of provision for asset impairment on Pacific SecuritiesPerformanceHow much impact will it have?

Pacific Securities said in the announcement that this figure has exceeded 10% of its audited net profit for the most recent fiscal year. It will reduce the company's total profit for the year 2018 by RMB 972 million and reduce the net profit by RMB 729 million. However, the final data is subject to the 2018 annual report.

Let's look at a set of data. In 2017, Pacific Securities achieved a net profit of 116 million yuan. In 2018, in the general downturn in the first- and second-tier markets, the securities industry also suffered from the cold winter. The brokerage and investment banking businesses were hit hard. The company’s revenue fell sharply, and Pacific Securities was not spared. In the first three quarters of 2018, the company’s performance Turning losses, it was -1.777 billion yuan.

If the net profit of 729 million yuan is reduced this time, it will undoubtedly worsen the company.

However, perhaps the industry has long anticipated this, the upswing of assets of up to 972 million yuan has limited impact on the stock price of Pacific Securities. As of press time, the company's stock price reported 2.76 yuan, down 0.36%.

  Last year, many brokerage companies made provision for impairment

In 2018, due to market volatility, stock pledges were frequently violent, especially in the second half of the year, the frequency of occurrence was higher, and the "pit" was even larger.

According tofundIn preliminary statistics, in addition to the newly disclosed Taiping Securities, in 2018, a number of securities companies such as Industrial Securities, Guohai Securities, Nanjing Securities, Western Securities, Zhongyuan Securities, and Dongfang Securities issued an announcement on the impairment of accrued assets. Among them, Industrial Securities has made a provision for asset impairment of up to 651 million yuan due to the simultaneous trampling of Changzhisheng and Zhonghong shares.

Specifically, on February 28, 2018, Western Securities was on LeTV.shareholderThe pledge financing has a one-off provision of nearly 440 million yuan in asset impairment provision, which exceeds 30% of the company's 2017 audited returning net profit. On August 23 of the same year, Western Securities issued the “Report on Provision for Assets Depreciation in the First Half of 2018”, with a total provision of 175 million yuan for asset impairment.

Industrial Securities wants to be more "back". On the evening of December 28, Industrial Securities announced that the provision for impairment of assets for a single item in 2018 totaled RMB 651 million, of which RMB 608 million and the stock pledged repo of Changsheng Bio, Zhonghong, Jinzhou Cihang and Jinlong Electromechanical. Related to trading business.

Among them, Zhang Haohao, the vice chairman of Changsheng Biological, used the stock of Changsheng Bio as the pledge, and the current financing scale was RMB 630 million. Zhonghong Zhuoye Group uses Zhonghong shares as pledge, and the current financing scale of Industrial Securities is RMB 210 million.

At the same time, stepping on the two giants of Zhongshengsheng and Zhonghong shares has a great influence on Industrial Securities. In the announcement, the provision will reduce the company’s total profit in 2020 by 651 million yuan, reducing net profit. 4.88 billion yuan. It should be noted that the net profit of Industrial Securities in the first half of 2018 was only 687 million yuan, which is equivalent to 71% of the net profit in the first half of the year.

It is worth noting that after collecting statistics from recent years, the fund has found that the number of brokers who have made assets impairments last year has been counted, and it will be traced back to 2015. In the two years of 2017 and 2016, no brokers issued such announcements. In 2015, only one of China Merchants Securities issued such announcements.

It can be seen that the number of brokerages that made assets depreciation last year hit a new high in the past four years. However, in recent times, from the active assistance of local state-owned assets to the active coordination of regulatory agencies,Equity pledgeThe problem of the barrier lake has been highly valued and positive measures have been taken.

According to incomplete statistics, since the fourth quarter of 2018, more than 200 listed companies have issued announcements on the cancellation of equity pledge. According to data from China Securities Depository and Clearing Co., Ltd., as of the end of December last year, the market pledged market value of the whole market was 4.55 trillion yuan, a decrease of 16.78% compared with 5.47 trillion yuan in June last year. The issue of equity pledge has been alleviated.


(Article source: China Fund News)

                (Original title: It is a pledge to make a big deal! The brokerages are "potted" by these 9 stocks, with a one-time impairment of nearly 1 billion)

                (Editor: DF064)

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