Sweet find here. Strong financials and miss-priced to the sector. Targeting 17+
Total loan origination volume was RMB58,905 million, representing an increase of 21.8% from RMB48,378 million in the same period of 2019. Loan origination volume under capital-light model within Platform Services was RMB14,616 million, an increase of 282.3% from RMB3,823 million in the same period of 2019.
Total outstanding loan balance was RMB78,480 million as of June 30, 2020, an increase of 28.0% from RMB61,289 million as of June 30, 2019. Outstanding loan balance under capital-light model within Platform Services was RMB18,840 million as of June 30, 2020, an increase of 438.9% from RMB3,496 million as of June 30, 2019.
The weighted average tenor of loans originated in the second quarter of 2020 was approximately 8.54 months, compared with 7.76 months in the same period of 2019, and 8.18 months in the first quarter of 2020.
Cumulative registered users was 148.98 million, an increase of 36.3% from 109.28 million as of June 30, 2019, and an increase of 5.2% from 141.63 million as of March 31, 2020.
Users with approved credit lines was 27.71 million as of June 30, 2020, an increase of 44.1% from 19.23 million as of June 30, 2019, and an increase of 6.1% from 26.11 million as of March 31, 2020.
Cumulative borrowers with successful drawdown, including repeat borrowers was 17.77 million as of June 30, 2020, an increase of 41.7% from 12.54 million as of June 30, 2019, and an increase of 5.7% from 16.81 million as of March 31, 2020.
90 day+ delinquency ratio was 2.82% as of June 30, 2020.
The percentage of funding from financial institutions in the second quarter of 2020 was 98%.
Repeat borrower contribution was 86.4%.
Total net revenue increased by 50.0% to RMB3,340.1 million (US$472.8 million) from RMB2,226.9 million in the same period of 2019.
Income from operations increased by 19.7% to RMB993.2 million (US$140.6 million) from RMB829.6 million in the same period of 2019.
Non-GAAP income from operations increased by 17.2% to RMB1,058.9 million (US$149.9 million) from RMB903.2 million in the same period of 2019.
Operating margin was 29.7%. Non-GAAP operating margin was 31.7%.
Net income increased by 41.8% to RMB876.5 million (US$124.1 million) from RMB618.2 million in the same period of 2019.
Non-GAAP net income increased by 36.2% to RMB942.1 million (US$133.4 million) from RMB691.7 million in the same period of 2019.
Net income margin was 26.2%. Non-GAAP net income margin was 28.2%.
Total loan origination volume was RMB58,905 million, representing an increase of 21.8% from RMB48,378 million in the same period of 2019. Loan origination volume under capital-light model within Platform Services was RMB14,616 million, an increase of 282.3% from RMB3,823 million in the same period of 2019.
Total outstanding loan balance was RMB78,480 million as of June 30, 2020, an increase of 28.0% from RMB61,289 million as of June 30, 2019. Outstanding loan balance under capital-light model within Platform Services was RMB18,840 million as of June 30, 2020, an increase of 438.9% from RMB3,496 million as of June 30, 2019.
The weighted average tenor of loans originated in the second quarter of 2020 was approximately 8.54 months, compared with 7.76 months in the same period of 2019, and 8.18 months in the first quarter of 2020.
Cumulative registered users was 148.98 million, an increase of 36.3% from 109.28 million as of June 30, 2019, and an increase of 5.2% from 141.63 million as of March 31, 2020.
Users with approved credit lines was 27.71 million as of June 30, 2020, an increase of 44.1% from 19.23 million as of June 30, 2019, and an increase of 6.1% from 26.11 million as of March 31, 2020.
Cumulative borrowers with successful drawdown, including repeat borrowers was 17.77 million as of June 30, 2020, an increase of 41.7% from 12.54 million as of June 30, 2019, and an increase of 5.7% from 16.81 million as of March 31, 2020.
90 day+ delinquency ratio was 2.82% as of June 30, 2020.
The percentage of funding from financial institutions in the second quarter of 2020 was 98%.
Repeat borrower contribution was 86.4%.
Total net revenue increased by 50.0% to RMB3,340.1 million (US$472.8 million) from RMB2,226.9 million in the same period of 2019.
Income from operations increased by 19.7% to RMB993.2 million (US$140.6 million) from RMB829.6 million in the same period of 2019.
Non-GAAP income from operations increased by 17.2% to RMB1,058.9 million (US$149.9 million) from RMB903.2 million in the same period of 2019.
Operating margin was 29.7%. Non-GAAP operating margin was 31.7%.
Net income increased by 41.8% to RMB876.5 million (US$124.1 million) from RMB618.2 million in the same period of 2019.
Non-GAAP net income increased by 36.2% to RMB942.1 million (US$133.4 million) from RMB691.7 million in the same period of 2019.
Net income margin was 26.2%. Non-GAAP net income margin was 28.2%.
Comment:
Longed at 12.32
Comment:
Stopped out at 12.32 this morning