Hot stock to watch: Noah Holdings Limited (NYSE: NOAH)

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Noah Holdings Limited (NYSE: NOAH) stock rose over 3.7%  on 25th March, 2020 (as of 9:42 am GMT-4; Source: Google finance). For the wealth management business, the total number of registered clients as of December 31, 2019 was 293,760, which reflects a 12.9% increase from December 31, 2018. Total number of active clients during the fourth quarter of 2019 fell 4.3% to 4,512. Aggregate value of financial products distributed during the fourth quarter of 2019 was RMB13.2 billion (US$1.9 billion), which means the decline of 47.7% from the corresponding period in 2018, due to the fact that the Company is adjusting its product strategy and thus no longer offering single-counterparty credit products to clients since the last quarter. The Average transaction value per active client for the fourth quarter of 2019 was RMB2.9 million (US$0.4 million), which is a 45.3% decline from the corresponding period in 2018. The Coverage network in mainland China included 292 service centers covering 82 cities as of December 31, 2019, compared with 307 service centers covering 81 cities as of September 30, 2019, and 313 service centers covering 83 cities as of December 31, 2018. The change in service centers is mainly due to the consolidation of duplicate service centers in order to optimize costs and expenses.

The company in the fourth quarter of FY 19 has delivered 4.1% fall in the net revenues to RMB788.3 million (US$113.2 million). The revenue fell due to a decrease in single-counterparty credit products distributed in fourth quarter of 2019. Net revenues from recurring service fees for the fourth quarter of 2019 rose 2.9% to RMB306.4 million (US$44.0 million) due to the cumulative effect of financial products with recurring service fees previously distributed as well as more redemption of credit products. The company has reported 47.8% fall in the Non-GAAP net income attributable to Noah shareholders for the fourth quarter of 2019 to RMB116.5 million (US$16.7 million).

Furthermore, the company’s total assets under management fell 3.6% as of December 31, 2019 to RMB170.2 billion (US$24.5 billion), from September 30, 2019 on the back of the voluntary accelerated repayments of certain credit products and a 0.6% increase from December 31, 2018. The total amount of loans originated during the fourth quarter of 2019 had declined to RMB0.2 billion, compared with RMB4.2 billion in the corresponding period of 2018 as the Company reduced loan origination due to market changes.


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