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Cabeza Howe

 
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  • First Internet Bancorp: Focus On Longer-Term Growth
     • Yesterday, 2:32 PM INBK 5 Comments

    Summary

    • Fourth quarter could be impacted by seasonality of purchase mortgage origination nationwide, partially offset by potential strength in refinancing activity.
    • Weak treasury yield and fast-growing residential mortgage loans might also pressure earning yield on new loans near term.
    • But these factors combined have only minimal impact and will not derail robust growth in the second half.
    • 2015 and 2016 are set out to be phenomenal years of growth and value creation.
  • First Internet Bancorp: Record Revenue And Net Income Are In Sight
    Editors' Pick • Sun, Sep. 28 INBK 6 Comments

    Summary

    • There are already early but clear signs of INBK gaining operating leverage.
    • Management has a long-term asset growth target of 25-30% and a near-term target of normalizing efficiency ratio (into low 60s or high 50s) by year-end and into early 2015.
    • Management’s philosophy and practice of “under-promise, over-deliver” means they are more than likely to hit both targets this year.
    • This means record revenue and net income coming in Q4. Besides, triple-digit EPS and net income growth and net interest income growth in the 30s are coming.
    • ROAE might come back up to 7-8% level in Q4 based on 25-30% asset growth, operating leverage, and other reasonable inputs.
  • First Internet Bancorp: On Track To Return To Growth And The Stock Is A No-Brainer
       • Fri, Aug. 1 INBK 15 Comments

    Summary

    • Q2 result featured a 63% sequential growth in net income. Book value increased to $21.25, while tangible book value increased to $20.19 per share.
    • Net loans grew by $100 million, or 74% year-over-year and 19% quarter-over-quarter.
    • The company will return to double-digit growth in both revenue and net income in 3Q14. In 4Q14, we might see 71% net income growth.
    • Stock is trading at 0.82x book value and 0.86x tangible book value. It is a no-brainer and one of the rare bargains in the entire market.
    • Insiders are buying shares again! This and return of growth in the second half of the year should serve as near-term catalysts for the stock in the next few months.
  • First Internet Bancorp: At Least 70% Upside By The End Of 2015
       • Fri, May. 30 INBK 24 Comments

    Summary

    • INBK is riding the secular online banking wave to rapidly grow deposit base as well as consumer and residential real estate loans.
    • INBK is rapidly growing commercial loans at the right time of business cycle. This will enable it to reap superior returns in the next few years.
    • INBK is well positioned for the rising-rate environment, with a huge base of variable rate loans, underutilized deposit base, and management track record in handling rising rate.
    • 3Q14 will be the inflection point when revenue and net income growth returns. It will be followed by gangbuster growth in 4Q14 and FY15.
    • INBK has at least 70% upside by the end of 2015. It is trading at below book value while growing at 10 times the rate of peers.
  • The Long-Term Bull Case For First Internet Bancorp
       • Sun, Mar. 9 INBK 14 Comments

    Summary

    • INBK's only subsidiary First Internet Bank of Indiana (FIB) has a proven record of operating excellence in its fifteen years of history.
    • FIB has entered a new stage of exponential growth in its core lending business. Only the growth is being masked by the transient mortgage banking weakness.
    • Underlying the new stage of growth is an expansion initiative that has unleashed a triple-digit growth in C&I loans and total net loans growth of 41%.
    • In a couple of quarters the phenomenal net interest income growth will present itself more clearly, once the mortgage banking weakness is less a drag.
    • Near-term and longer-term price targets for the stock is $31 and $51, respectively. Investors might have begun to realize INBK's real underlying growth.
  • Energy Recovery Inc.: Look For Better Second Half And 2015
       • Wed, Jan. 29 ERII 11 Comments
  • XPO Logistics 4Q12/FY12 Scorecard And Investing Outlook
    Mar. 4, 2013 XPO 7 Comments
  • XPO Logistics: Let The Insane Growth Begin
    Nov. 7, 2012 XPO 9 Comments
  • XPO: What The Acquisitions Tell You
    Oct. 31, 2012 XPO 3 Comments
  • 10 Reasons I'm Buying Apple Now
    Oct. 17, 2012 AAPL 59 Comments
  • XPO Logistics: Buy This High Growth Story On The Dip
    Editors' Pick • Sep. 25, 2012 XPO 42 Comments
  • Profiting From The Vera Bradley Sell-off
    Mar. 20, 2012 VRA 16 Comments
  • Shanda Games: No Reason to Fear CEO Shakeup
    Jan. 25, 2010 GAME, SNDA 3 Comments
  • Revealing the Shoddy Practices of China Sky One Medical
    Apr. 22, 2009 CSKI 9 Comments
  • Three Reasons to Heed China Sky One Medical's 10-K Filing Extension
    Apr. 7, 2009 CSKI 3 Comments
  • CYXI: A Growth Stock Trading Below Book Value
    Jun. 24, 2008 CYXI 12 Comments
  • China Gaming: Giant Interactive Cannot Be Ignored
    Editors' Pick • Dec. 24, 2007 GA 6 Comments
  • The Long Case for Giant Interactive
    Editors' Pick • Dec. 3, 2007 GA, SNDA, NTES 3 Comments
  • Investors Vote 'No Confidence' in TCM's Management
    Nov. 9, 2007 TCM 12 Comments
  • Tongjitang Chinese Medicines: Fighting Off Counterfeiters
    Nov. 8, 2007 TCM Comment!
  • 12 Reasons I Believe In TCM
    Editors' Pick • Oct. 29, 2007 TCM 7 Comments
  • Critical Moment for China Expert Technology
    Sep. 7, 2007 CXTI 4 Comments
  • China Yingxia: Private Placement, Smaller Franchises Dampen Bullishness
    Aug. 27, 2007 CYXI 1 Comment
  • CXTI: Solid Business At An Irrationally Low Price
    Aug. 14, 2007 CXTI 3 Comments
  • China Yingxia: Early Signs of Tremendous Growth
    Jul. 23, 2007 CYXI 2 Comments
  • China Yingxia International: The Next Chinese Microcap Champion?
    Jul. 10, 2007 CYXI 1 Comment
  • CGG Veritas: A Veritable Bargain
    Jun. 12, 2007 CGG 2 Comments
  • Chinese Industrial Waste Management: A Microcap Cash Cow
    May. 8, 2007 CIWT 5 Comments
  • Patterson-UTI Energy: Well Prepared for Lean Days Ahead
    Apr. 26, 2007 PTEN Comment!
  • China Medical Tech: Fishing for Growth
    Mar. 30, 2007 CMEDQ 2 Comments
  • Does Aspreva Pharmaceuticals' Valuation Even Matter?
    Mar. 19, 2007 ASPV 1 Comment
  • Will 2007 Be "The Year of Far East Energy"?
    Feb. 20, 2007 FEEC 3 Comments