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QD

Qudian

09:31
12/01/17
12/01
09:31
12/01/17
09:31

Qudian endorses Notice of Regulations issued by People's Bank of China

Qudian announced its endorsement of the Notice of Regulations issued by People's Bank of China on December 1, 2017, which clearly lays out certain additional rules and regulations in relation to the operation of a cash loan business in China. The Company believes the Notice of Regulations is very timely and highly effective, and it will promote a healthy environment for credit services offered in China. Qudian has always and will continue to fully embrace these regulatory changes and is committed to be in full compliance with these additional rules and regulations. As a socially responsible Fintech company, Qudian has been and will continue to proactively embrace regulatory changes. Under regulators' guidance and supervision, Qudian endeavors to further optimize its product and service offerings, enhance education and protection of its credit users, and promote the healthy and sustainable development of the industry, together with the efforts of other players in the industry. Min Luo, Founder, Chairman and CEO of Qudian, commented, "With clearly stated regulatory guidance, we are confident in adopting these requirements and it allows us the opportunity to operate our business in a healthier industry environment." The company also announced it will increase its share repurchase program to up to $300M worth of its outstanding American Depositary Shares representing its Class A ordinary shares within the next twelve months. The increase of the repurchase program demonstrates the Board and management team's confidence in the company's future.

QD Qudian

11/21/17
STFL
11/21/17
NO CHANGE
Target $35
STFL
Buy
Stifel says regulation headlines misinterpreted, buy Qudian shares
Stifel analyst John Davis recommends buying shares of Qudian on today's weakness after Bloomberg reported that Chinese authorities are suspending online small-loan company approvals. The stock in morning trading is down 13% to $17.43. After speaking to management, Davis believes the regulation referred to in the Bloomberg story would only apply to new companies attempting to enter the small loan marketplace. Qudian, which is already licensed in China, would not be subject to the proposed regulation, the analyst tells investors in a research note. He believes that if anything, the regulation would create a competitive advantage for Qudian, as it creates a significant barrier to entry. Davis has a Buy rating on the shares with a $35 price target.
11/24/17
SBSH
11/24/17
NO CHANGE
Target $38.79
SBSH
Buy
Qudian user growth to see limited impact from new rules, says Citi
Citi analyst Daphne Poon believes Alipay's new annualized rate cap of 24% will have a limited impact on Qudian's user growth. The analyst sees pressure on new user growth being "relatively limited" given Qudian's "strong brand recognition, large existing user base, and strong consumption scenario." Poon believes the company enjoys stronger borrower engagement ability than peers. The analyst does, however, see more potential for an earnings hit from the lower APR on loans facilitated via Alipay, especially for first time borrowers. If 20% of Qudian's loan volume is originated from Alipay and subject to the 24% APR cap, it will lower Qudian's 2018 earnings net profit after tax by 10%, the analyst tells investors in a research note. Poon keeps a Buy rating on Qudian with a $38.79 price target.
11/24/17
MACQ
11/24/17
NO CHANGE
Target $24
MACQ
Outperform
Qudian price target lowered to $24 from $36 at Macquarie
Macquarie analyst Dexter Hsu lowered his price target for Qudian shares to $24 after Ant Financial asked the company and its peers to cap the annual percentage rate at 24%, below the 34% charged by Qudian, from the end of this month if they would like to stay in the ecosystem. While Alipay still accounts for two-thirds of Qudian's loans facilitated, the impact could be smaller than expected since the company has been directing users to its own app, where the annual percentage rate will stay at 36%, Hsu tells investors in a research note. Nonetheless, he cut his 2017, 2018, 2019 and 2020 earnings estimates by 8%, 23%, 32% and 39%, respectively. The analyst keeps an Outperform rating on Qudian shares.
11/27/17
STFL
11/27/17
NO CHANGE
Target $19
STFL
Buy
Qudian price target lowered to $19 from $35 at Stifel
Stifel analyst John Davis estimates Alipay's recently announced rate cap could result in as much as a 25% earnings hit to Qudian, but he also believes in that context that the more than 50% correction in the stock is overdone. Headlines about a data leak/breach are unconfirmed, added Davis, who cut his price target on Qudian shares to $19 from $35 but maintains a Buy rating on the stock.

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