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QD

Qudian

$6.30

0.05 (0.80%)

, YRD

Yirendai

$20.29

2.05 (11.24%)

14:13
08/29/18
08/29
14:13
08/29/18
14:13

Needham sees tough environment for China's online lenders, cuts Qudian to Hold

As previously reported, Needham analyst Mayank Tandon downgraded Qudian (QD) to Hold from Buy, stating that data points from the company's Q2 earnings call further highlight the tough environment that Chinese online lenders are facing. While Qudian doesn't have the same degree of person-to-person exposure that Yirendai (YRD) does, he still expects it to face tougherfunding, credit, and regulation challenges, Tandon tells investors. Tandon is also skeptical of Qudian's assertion that the expiration of its agreement with Ant Financial won't weigh on results.

QD

Qudian

$6.30

0.05 (0.80%)

YRD

Yirendai

$20.29

2.05 (11.24%)

  • 10

    Sep

QD Qudian
$6.30

0.05 (0.80%)

05/22/18
NEED
05/22/18
NO CHANGE
Target $13
NEED
Buy
Qudian price target lowered to $13 from $20 at Needham
Needham analyst Mayank Tandon lowered his price target on Qudian to $13 to reflect the slump in shares after its Q1 results. The analyst believes however that the sell off, which is "likely related to the softness in the core cash business and the departure of two directors, appears overdone" given that the fundamentals of the business remain "intact". Tandon keeps his Buy rating on Qudian, noting that its auto financing business is ramping up and offsetting the cash credit performance with the sale of over 6.6K cars so far, which is "largely on track" with his estimates.
08/23/18
BERN
08/23/18
DOWNGRADE
BERN
Market Perform
Qudian downgraded to Market Perform from Outperform at Bernstein
B
08/27/18
MACQ
08/27/18
DOWNGRADE
Target $6
MACQ
Neutral
Qudian downgraded to Neutral from Outperform at Macquarie
Macquarie analyst Dexter Hsu downgraded Qudian to Neutral and cut his price target for the shares to $6 from $20. The analyst sees less visibility with the company and Ant Financial deciding to end their partnership.
08/29/18
NEED
08/29/18
DOWNGRADE
NEED
Hold
Qudian downgraded to Hold from Buy at Needham
YRD Yirendai
$20.29

2.05 (11.24%)

05/29/18
NEED
05/29/18
NO CHANGE
Target $35
NEED
Buy
Yirendai price target lowered to $35 from $50 at Needham
Needham analyst Mayank Tandon lowered his price target on Yirendai to $35 after its "mixed" results, saying that while loan volume grew despite the challenging macro conditions, profitability was weighed down by a provision expense. The analyst cites a rise in loan delinquency industry-wide impacting the wider than expected provision loss. Tandon keeps his Buy rating longer term, noting that the company can still perform with "strengthening competitive position, continued execution, and momentum in online channels", but warns that macro conditions and regulatory uncertainty will produce headwinds for the remainder of the year.
06/25/18
MSCO
06/25/18
DOWNGRADE
MSCO
Equal Weight
Yirendai downgraded to Equal Weight from Overweight at Morgan Stanley
08/29/18
NEED
08/29/18
DOWNGRADE
NEED
Hold
Yirendai downgraded to Hold from Buy at Needham
08/29/18
NEED
08/29/18
DOWNGRADE
NEED
Hold
Yirendai downgraded to Hold from Buy at Needham
Needham analyst Mayank Tandon downgraded Yirendai to Hold from Buy after the company reported "soft" Q2 results with both EPS and revenue missing the firm's estimates. Additionally, Yirendai stopped giving guidance and suspended its dividend, citing "uncertainty stemming from a challenging operating environment for online lenders in China." These disappointing results and the lack of clarity going forward are the catalysts for Tandon's downgrade of the shares to Hold.

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