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FINS3630 Assignment
FINS3630 - Bank Financial Management
15 Pages • Essays / Projects • Year: Pre-2021
1. SDB’ financial performance 1) Asset quality a. How does SDB’s NPL ratio compare with that of the industry peers? Do you think the NPL number SDB reported is likely to be too high or too low? Why? b. How does SDB’s actual LLR levels compare with the would-be LLR levels implied by the industry average and by SDB’s own reserve ratio guidelines? What are the implications of this? How would this affect the capital adequacy of SDB? 2) Earnings capability a. What are the time trends of SDB’s key earnings measures? How do they compare with that of its industry peers? b. How does SDB’s overall financial performance compare with that of its industry peers? Which factors mainly drive these differences? 3) Capital adequacy a. How has SDB’s capital ratios changed over time? What explain these changes? b. Is SDB well capitalized? What are the implications of this for the value of the stake Newbridge will have in SDB? How would this affect the price Newbridge should pay for its stake? 2. Is the valuation of 1.6 times book value that Newbridge pays appropriate? What is an appropriate valuation range? The following is a list of things that you should consider when making your judgement. 1) Newbridge gets non-tradable legal person shares but it gets a significant controlling stake and the right to appoint the CEO and eight of the fifteen board members. 2) Four Chinese banks had received investments from foreign banks or investors since 1999. Their multiples can provide some guidance but, at the same time, each deal has their specific characteristics. 3) The valuation multiples in Exhibit 13.
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