新华汇富研究

Core Insights - AEON Credit's (900 HK) 3Q26 performance was robust, with a record high in loan size and continuous improvement in asset quality, meeting expectations with a revenue growth of 3.8% year-on-year to HK$460.9 million [1][2] - The company effectively controlled sales expenses, resulting in a 1 percentage point year-on-year reduction in operating expense ratio to 45%, and a net profit increase of 13.5% year-on-year to HK$119.1 million [1][3] - The total customer loans and receivables reached HK$7.7 billion, reflecting a quarterly growth of 3%, driven by successful marketing strategies [2][3] Financial Performance Summary - Revenue for 3Q26 was HK$460.9 million, with net interest income increasing by 5% to HK$354.9 million, and fees and commissions rising by 7% to HK$39.8 million [2][6] - Operating profit before impairment grew by 7% to HK$237.3 million, while impairment losses decreased by 4.6% year-on-year to HK$99.3 million, indicating improved asset quality [3][6] - The net profit margin for 3Q26 was 25.84%, up from 23.62% in the previous year, showcasing effective cost management and revenue growth [2][6] Market Strategy and Outlook - AEON Credit's marketing strategies, including competitive cashback offers and a diversified product range, are attracting younger customers, contributing to healthy loan growth [2][5] - The "One AEON" points platform launched in the first half of 2026 is expected to enhance customer loyalty and increase credit card spending at partner merchants [2][5] - The company maintains revenue forecasts for FY26-28 at HK$1.88 billion, HK$1.97 billion, and HK$2.00 billion respectively, with projected earnings per share of HK$1.17, HK$1.30, and HK$1.34 [5][6]